Italy

none3noAccording to recent official statistics from the Italian Ministry of Infrastructure and Transport (2012–2013), gross fixed investment in the Italian transport sector represented 8.3 to 9.9 per cent of the total economy between 2000 and 2013. A globalised sector such as air transport will be influenced by the general European trend of the gradual decline of the national flag carrier (in Italy, this would be Alitalia), entailing that fewer and fewer public funds are invested and more private capital enters the sector. Moreover, traditional carriers are losing ground to foreign low-cost carriers and also face increased competition from high-speed trains on some critical national routes. With respect to shipping, Italy is traditionally known for its family shipping businesses, its few listed companies and analysts, and a very traditional approach to financing. Shipping represents a major branch of Italy’s maritime economy, which in turn plays a key role in the national economy: the turnover of the sector was around €40 billion. Currently, shipping is almost exclusively financed by private capital in Italy. In all, around 40 operators dominate the market; the main three of these control 50 per cent of it, while the top 10 account for more than 80 per cent of the sector. Finally, regarding the railway sector, Italy’s national railway company FS, formerly a public agency, became a limited company in 1992. The rail market was also liberalised but Trenitalia, wholly-owned by FS, remains the major Italian rail carrier of passengers and goods. The public sector has in fact financed rail transportation in Italy with considerable investment. This explains the state’s vested interest in the profitable functioning of the rail market; in the past few years, the relative percentage invested in railways – especially in high-speed trains – has increased. Nonetheless, the first private company recently entered the rail market in Italy.noneMasutti, Anna; Perrella Claudio; Nisi PietroMasutti, Anna; Perrella Claudio; Nisi Pietr