Italy plans to widen special powers over strategic sectors

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Italy plans to extend the special powers it has to shield key industries from unwanted foreign interest, a senior government official said on Saturday, adding that the measures would apply to investors from other European Union nations.

FILE PHOTO: Riccardo Fraccaro arrives at Quirinale Presidential Palace, before being sworn in as Italy's undersecretary to the prime minister, in Rome, Italy September 5, 2019. REUTERS/Ciro de Luca

“The legislation will also apply to transactions within the European Union,” said Fraccaro, a prominent member of the ruling 5-Star Movement. “It’s clear that at this time it’s necessary to include under state protection those industries that are fundamental for the country’s development, and widen its scope at a European level,” Fraccaro said. “Our priority is safeguarding national interest form any speculative aim.”

 

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