Italy's state-owned fund Fondo Strategico Italiano (FSI) is seeking out investments in the country's food sector in co-operation with the Italian Ministry of Agriculture, Food and Forestry.
FSI signed a memorandum of understanding with the Istituto per lo Sviluppo Agroalimentare, which is 100% owned by the Italian Agriculture Ministry, a spokesperson for the group confirmed. "The MoU is aimed at promoting and developing co-investments in the food sector. Investments will be carried out under the terms and conditions which will be defined on a case by case basis. The co-operation between FSI and ISA further recognises the relevance of the sector, which is strategic for the Italian economy," the spokesperson said.
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The Italian food sector generates revenue of more than EUR260bn (US$286.4bn), accounting for 17% of Italian GDP and has 3.3m employees. In 2014, according to government figures, Italian food export amounted to around EUR34bn.
Istituto per lo Sviluppo Agroalimentare, which is 100% owned by Italian Ministry of Agricultural, Food and Forestry policies
Through IQMIIC, a JV between FSI and Qatar Holding, the investment fund already holds a 28.4% interest in Inalca, a European meat processor. "The company has a strong presence in foreign markets, especially in Russia and several African countries. Investment proceeds will be mainly used to fund organic growth, acquisitions and Inalca’s plan to become a global leader in Made in Italy food distribution abroad," the spokesperson explained.
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