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Finance and science, Milan attracts capitals from all over the world
06 December, La Repubblica
Even the Financial Times has bet on Milan, telling how “the financial capital of Italy” is shining again. Not only. That “show of power and wealth”, wrote the newspaper, “was not only seen for the first time in a traditionally very discreet city”, but also “the sign of the relaunch of post-Brexit Europe. There was the conviction that the exit of London would have attracted here the international finance. But, as admitted by the Mayor Beppe Sala, the presence of Goldman Sachs doesn’t compensate the loss of Ema. Still, this may be the first piece of a wider economic and financial picture: summoned by the tax incentives planned by the Government to attract “human capital” in Milan, other international companies and banks may move here, or at least this is the hope of the City of Milan. The magnet has already worked in other parts. Starting from a giant such as Starbucks that decided to land in Italy in Piazza Cordusio, to the manifestations of interest of pharmaceutical companies aiming at the ex-Expo area, till Ibm and Bayer.
There are big companies that have already settled in Milan. Like Amazon, that has just opened its new headquarters in Monte Grappa. There are those who will open soon. Because 2018 will be the year of Starbucks, which is building its biggest shop in Europe in the former Post building. It will be the year of Apple, which is transforming an old cinema into a megastore designed by Norman Foster.
Big international brands. Considerable foreign investments. Like those that are moving the real estate sector. It’s the case of a company such as LendLease, with a project for 50 billion dollars all over the world and 12 thousand employees, that decided to add Milan to its global map spanning from London and Los Angeles to Sidney and Singapore. The multinational will carry forward the requalification project of Santa Giulia, as well as the reconversion plan for the science district in the former Expo area. “At the moment – explains Andrea Ruckstuhl from LendLease – Milan ticks all the boxes to be considered among the big European cities”. Then, all the hopes and ambitions are directed here. Like in the one million Sq m surface in Rho-Pero that is going to be transformed into a laboratory, between research and self-driving cars. Something that will help the city forgetting the grief for Ema, according to the Minister Maurizio Martina. “The post-Expo project is more important”, according to the Government. With Ema went to Amsterdam, Milan is intentioned to attract the big pharmaceuticals companies. And if the manifestations of interest for Arexpo will translate into contracts, the dream might come true. With the arrival of giants such as Bayer, Novartis, Sanofi, Glaxo, Celgeni. Besides other international technology companies like Abb, Bosch and Ibm.
Still, there is potential for the after-Brexit. For instance, for the start-ups that decide to leave London, there are cities that are thriving at the moment. “From Berlin to Dublin”, says Doris Messina from the management of the group Sella. Still, Milan too could be the right candidate if” it will be capable of simplifying, making easy for companies to settle there”. Also because “this is the financial city of Italy and innovation starts from here”. They’ve been the first to believe in this. SellaLab, the bank’s innovative platform, and the smart working space Copernico have recently opened in Isola the Fintech district. A hub gathering start-ups, entrepreneurs, institutions, financial companies, investors and universities. Following the model of London and Paris, the objective is to attract investments and speed up the growth of the financial and technology sectors. For the moment, they have collected about thirty companies. “The fact of having one single location to refer to – explains Messina – has already started to attract international companies”. There is already Moneyfarm, the digital company managing savings born in Milan with a second office in London. What will happen when London will exit the Union?
Source: La Repubblica
Translator: Cristina Ambrosi