STORY: Now is right time for Italy's SMEs to tap into China market, says IUAD president
DATELINE: Sept. 22, 2023
LENGTH: 00:03:13
LOCATION: Rome
CATEGORY: ECONOMY

SHOTLIST:
1. various of the Institute of Universal Art and Design (IUAD) and Michele Lettieri, IUAD president 
2. SOUNDBITE 1 (Italian): MICHELE LETTIERI, President of IUAD
3. SOUNDBITE 2 (Italian): MICHELE LETTIERI, President of IUAD
4. various of fashion shows and IUAD 

STORYLINE:

Now is the time for Italy's small and medium enterprises (SMEs) to seize the rising opportunities to develop and thrive in China, Michele Lettieri, president of the Institute of Universal Art and Design (IUAD), told Xinhua in a recent interview.

"We have for many years been considering relations towards the East, particularly with China," he said. Lettieri is the son of the founder of IUAD, which was established over 50 years ago.

After the first partnership agreement with Zhengzhou University 17 years ago, IUAD now has four cooperation projects with Chinese institutes to encourage youth exchange and design training.
   
Looking forward, Lettieri said he plans to open a new branch in China with some Chinese partners to offer specific training courses tailored for local students.
   
He said IUAD has rich experience in teaming up with Italian and Chinese partners, and he was impressed with China's rapid development over these years.
   
In the past years, the Italian companies that have prospered in China were active mainly in the luxury sector, he noted. However, there is a huge "unsatisfied demand" for high-quality Italian products that are not luxury brands.

SOUNDBITE 1 (Italian): MICHELE LETTIERI, President of IUAD
"I think now is the time for company development. Let me say in the past years the companies which have developed are mainly the luxury companies."
Now is the time to match supply and demand even for a product that is nonetheless of high quality but not considered luxury, which tends to be made by medium-small companies that do not have the capacity to expand into China due to inability in language, organization, logistics, and economic power."
  
"Economically speaking, these small firms can create new business as they are the most dynamic force of the economy," he said, noting that "Italian craftsmanship and creativity come from the diversity of many small artisans."
   
In Lettieri's view, Chinese youths who study in Italy and learn about local entrepreneurship can play a significant role in helping "made in Italy" products arrive in China.
   
SOUNDBITE 3 (Italian): MICHELE LETTIERI, President of IUAD
"There is a vacuum and in my opinion there is a great demand unsatisfied. Italian companies don't know how to get to China, though. And no one, however, comes to take them by the hand. But if not, these small businesses will never get there. Without the support of these young people.
That is why it is also interesting for young people to come and study in Italy and learn about entrepreneurship and the fabric. Real entrepreneurship. Because, I will allow myself and expand on this, Italian craftsmanship and creativity is given by the diversity of many small artisans, it is not given by the luxury brand."

The number of pre-registered Chinese students at Italian universities jumped from 3,549 in 2021 to 4,726 in 2022, with those applying for art majors standing at 1,948 last year, Uni-Italia, an official organization to promote Italian higher education abroad, said.
   
Noting that Italian and Chinese trade cooperation has been fruitful, Lettieri said that cooperation with Italian firms can help Chinese companies explore the third party market, while the China market has also been attractive for Italian enterprises.
   
In the past five years, the volume of bilateral trade soared from 50 billion U.S. dollars to nearly 80 billion U.S. dollars, while Italy's exports to China jumped about 30 percent, official data showed.
   
"I believe the momentum will maintain, just like what has happened over the past decades," he said. 

Xinhua News Agency correspondents reporting from Rome.
(XHTV)