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.
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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