Italian Minister Urso announced 7.8 billion euros in funds for the fashion industry

«Total resources exceeding 7.8 billion euros, including 4 billion euros for the ‘Transition Plan 5.0’, will be allocated for business investment» Adolfo Urso, italian minister for enterprises and Made in Italy, said yesterday during the Table on Fashion held in Rome’s Palazzo Piacentini, explaining the contents planned within the measures of the national resilience and recovery plan (NRRP)/REPowerEU. The meeting was attended by deputy minister of enterprises and Made in Italy Valentino Valentini and undersecretary of State to the ministry of culture Lucia Borgonzoni. «This meeting confirms the Government’s commitment to our sector. I found it constructive» Carlo Capasa, president of the national chamber of italian fashion (cnmi), said to MFF.

Attendees included representatives from the supply chain, trade unions, local authorities, and institutions. This meeting succeeded the one held on January 23 (see MFF of January 25), which addressed critical concerns and contributions from the previous session. The primary topic discussed were investment, measures to support the sector, brand protection and enhancement, the fight against counterfeiting, and sustainability. The minister explained that out of a total of 7.8 billion euros, 4 billion euros has already been allocated, while the remaining funding will consist of 1.5 billion euros from tax credits for renewable energy production, 2 billion euros for development contracts and environmental sustainability measures, and 320 million euros for the new Sabatini green law. The new measures to support investment in the sector have been included in the Made in Italy Bill (see MFF of May 31), approved on May 31 and now under parliamentary review. These measures aim to improve access to credit for businesses in the sector. Apart from the investments already laid out for companies in the sector in the transition plan 5.0, the Made in Italy Bill also includes further provisions for the development and protection of Italian fashion, including measures for the recognition of brands linked to the territory and the use of blockchain.

The chapter on environmental sustainability is crucial, with a particular emphasis on the Italian recycling and reuse supply chain. The Minister highlighted that Europe produces approximately 7 million tons of textile waste, only 30-35% of which is collected. According to estimates, the recycling industry could bring significant profits, with a total market size of 6-8 billion euros and an additional 15,000 direct jobs by 2030. The Ministry aims to define a regulatory framework for extended producer responsibility to support the supply chain development, consortia operation, and innovative collection, reuse, and recycling projects. (All rights reserved)