Good morning everyone,
my thanks to President Agnelli and to all the representatives of Confimi Industria member companies for the invitation. I am of course sorry that I am unable to be there with you in person, but I nevertheless wanted to send you my greetings and my contribution.

You represent the world of Italian manufacturing, which is largely made up of small and medium-sized enterprises. You are, in fact, the history of our industry and the driving force behind our nation being the second largest manufacturing power in Europe. You represent that winning combination of family and industry that is unique to Italy and means excellence, tradition, innovation, and prosperity for our regions. You bring added value to the entire nation, and are a heritage to be protected and valued, at a time of great transformation and momentous change in terms of how we produce, how we work and how we invest. I believe the Government’s role must be to support small and medium-sized enterprises in the challenges of our time, providing them with the means to fully unleash their potential. I am thinking of the focus on labour productivity, the need to guarantee generational change and the priority of ensuring an adequate supply of skilled workers. I am thinking of the cutting of red tape and the goal of building a state that is an ally to businesses, not a hindrance or an enemy.

So know that the Government is by your side on these and many other challenges. We have shown this over the last two years and we are of course committed to doing so over the coming years too, starting with the new budget law, which is based on common sense and pragmatism, focusing the available resources on supporting companies that create jobs and hire people, and on boosting the purchasing power of households.

We have, in fact, put a stop to citizens’ money being thrown out of the window or being spent on things of secondary importance or that are even useless if not counterproductive, and we have lowered taxes despite the far-from-easy public finance situation we inherited.

We have made the tax wedge cut structural in nature, we have extended the non-contribution benefit for working mothers with at least two children to also include the self-employed, and we have confirmed the tax relief on productivity bonuses and fringe benefits. We have also confirmed the super labour cost deduction of 120% for new hires, and have chosen to provide fresh financing for the ‘Nuova Sabatini’, taking the total of this fund to EUR 607 million for 2025 and increasing resources up until 2029.

And where have we found the money to do all of this, considering we don’t have much? Some comes from the new relationship we have built between taxpayers and the tax authorities, as this has allowed us to increase the money coming into the State’s purse. Part of the money comes from spending cuts by ministries and another part from banks and insurance companies. Until now, no one had been brave enough to do this and it marks a significant innovation compared to the past.

Dear President Agnelli, dearest entrepreneurs, the great Italian Adriano Olivetti used to say that factories cannot just look at their profit index; they must distribute wealth, as well as culture, services and democracy. As he said, he designed the factory for people, not the other way around. This is an extraordinary lesson, which you have made your own, because every day you embody a completely unique way of doing business. Businesses that create social value and generate wealth in the areas in which they operate, allowing our identity to always keep in step with the times and to project itself into the future. And for this, we can only say thank you.

I wish you all the best with this General Assembly and with your work.

[Courtesy translation]