Milano is the center of the Italian pharmaceuticals industry and Italy is one of the world’s largest exporters of pharmaceuticals per capita. Pharma exports accounted for 6.3% of the total in 2019. In the last quarter of 2019, Lombardy alone exported 2.3 bn euros of pharma products. Milano and its region are at the top rankings for European health and life sciences investment, and the 4th largest recipient region in Europe.
Since the hosting of the World Expo Milano 2015, themed “Feeding the Planet, Energy for Life” Milano was appointed world capital of food: the City is a major hub for Italy’s agri-food and functional foods industry recording the highest turnover in the food and beverage sector per person employed (516,000 euros/person in 2018). Lombardy is also the Italian Region with the highest number (33%) of startups in the sector of Foodtech, with 53% of the total funding obtained by this sector. Milano has developed a mature Fintech ecosystem, within an already established, strong network of financial institutions which make Milano one of the global financial capitals: 45% of the Italian Fintech companies are in fact located in Milan, that hosts more than 50,000 financial services employees.
Finally, the Milano stands out as one of the European cities with the greatest fashion culture, being one of the 4 World Fashion Capital. In the city, there are over 13,000 companies operating in the sector with 100,000 people employed and a turnover exceeding 20 bn euros in 2019.
The Italian Government implemented an extremely favourable tax regime reform, with the aim of boosting investments and innovation. The reform encompasses, among the others, a reduction of Corporate taxes to 22.5% and a tax exemption for young and innovative startups.