Italy is the world’s sixth largest manufacturing country, characterised by a smaller number of global multinational corporations than other economies of comparable size and a large number of dynamic small and medium-sized enterprises, notoriously clustered in several industrial districts, which are the backbone of the Italian industry. This has produced a manufacturing sector often focused on the export of niche market and luxury products, that if on one side is less capable to compete on the quantity, on the other side is more capable of facing the competition from China and other emerging Asian economies based on lower labour costs, with higher quality products. Italy was the world’s 7th largest exporter in 2016. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. Its largest EU trade partners, in order of market share, are Germany (12.9%), France (11.4%), and Spain (7.4%).
Italy is part of a monetary union, the Eurozone and of the EU single market. Italy has a strong cooperative sector, with the largest share of the population (4.5%) employed by a cooperative in the EU.
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EPCM (Engineering, Procurement, and Construction Management) is a special form of contracting arrangement for projects within the infrastructure, mining, resources and industries.
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In an EPCM arrangement, the client selects a contractor who provides “management services” for the whole project on behalf of the client.
The EPCM contractor coordinates all the design, procurement and construction work and ensures that the whole project is completed as required, within the budget and in time. The EPCM contractor may or may not undertake actual site work.
Difference between EPC and EPCM are clarified by the following statement of Jonathan Hosie in the cited paper:
“The acronym ‘EPCM’ is also encountered frequently on international projects, but this is very different from EPC.
EPCM is a services-only contract, under which the contractor performs engineering, procurement and construction management services.”