Aboard Marine One, President Barack Obama looks out over the central valley of California with Rep. Jim Costa and Senators Dianne Feinstein and Barbara Boxer as they fly to an event in Firebaugh, Calif., Feb. 14, 2014. (Official White House Photo by Pete Souza)

President Obama in Italy, U.S. Worth 2% of GDP

Saturday, February 1, 2014 Editorial Staff Business

FLORENCE, ITALY– Regarding the balance of trade and tourism besides the expenditure of American students in Italy, the business relations between USA and Italy amount to over 28 billion Euros. Our country is the first international destination requested by customers of United States tour operators, and after the United Kingdom, the second favorite destination for study abroad programs.

Just a few weeks before President of the United States Barack Obama, scheduled for March 27, 2014, a study of Unioncamere Toscana estimate the impact of the relationships with the United States in different Italian regions, according to a composite index that includes both economic and social components. The index gives the first place Lazio, followed by Tuscany and Lombardy, Veneto, Emilia Romagna, Campania and Sicily.

Rome, Florence and Venice have a strong attraction in terms of quality of life, artistic and cultural heritage. Thanks to the driving force of the three capitals Lazio, Tuscany and Veneto are the preferred regions by those who want to spend some time in Italy. The Italian dream provides the three regions over 3 million arrivals in official structures per year (72% of American travelers in Italy) and more than eight million bookings, with an estimated expenditure of over 600 million Euros in Lazio, 300 million Euros in Tuscany and 200 million Euros in Veneto. Next on the list of favorite tourist destination is of Campania, with (7.5%).

President Barack Obama works on his State of the Union address with Director of Speechwriting Cody Keenan in the Oval Office, Jan. 22, 2014. (Official White House Photo by Pete Souza) - CC — President Barack Obama works on his State of the Union address with Director of Speechwriting Cody Keenan in the Oval Office, Jan. 22, 2014. (Official White House Photo by Pete Souza) – CC

Lazio and Tuscany represent a cultural status symbol for American students as well, who prefer the Humanities and Social Sciences in Italy. Considering enrollment in the both U.S. universities and Italian public universities there are more than 80% of U.S. studying abroad students studying abroad in the two regions. In view of short-stay periods (the average between the various study programs amounts to one and a half months) spending levels are particularly high: more than 19 million Euros per year in Lazio and almost 14 million in Tuscany.

Despite the crisis, the United States remain the top trading partner among the non-EU countries. Those coming to Italy for business undoubtedly choose Lombardy, which is the first place region of travel in Italy for a number of American entrepreneurs (23% of total). The total value of trade flows between the US and Lombardy is € 6.5 billion, followed by Emilia Romagna (4 billion) and Veneto (3.3 billion). According to the latest census report Lombardy is the second region as well, between Lazio and Tuscany, for the number of residents (16% of the total).

Americans who run a business in Italy choose Lazio (14%), Sicily (11.5%), Campania and Tuscany (9%). If the main activities carried out in Italy are related to trade, U.S. entrepreneurs prefer the natural heritage of Sicily, Campania and Tuscany to launch activities related to agriculture and agri-food industry.