Dalmine (Bergamo)

Business chief calls for Fiat to reinvest

Confindustria head hopes carmakers 'remain in Italy'

Business chief calls for Fiat to reinvest

(ANSA) - Dalmine (Bergamo), October 1 - Italy needs a strong investment presence from automaker Fiat, Giorgio Squinzi, president of Italy's industrial employers' association Confindustria, said Monday. "I do not know the intentions of (Fiat CEO Sergio) Marchionne and Fiat, but I hope that ultimately, they can be a part of the investment (profile) in our country," said Squinzi. He said he tried to be cautious when speaking of Fiat because the company is no longer a member of Confindustria, which was meeting in Bergamo province on Monday. But, Squinzi added, it's important to the national economy to have a major automotive corporation in Italy. Fiat has played that role in Italy's past, "and I hope it will continue this way". Marchionne triggered enormous controversy recently when he warned that Fiat, which has suffered a major drop in European auto sales, would scale back its investment plans in Italy. Due to these market conditions, he said, Fiat must drop its Fabbrica Italia plan to invest some 20 billion euros in facilities in Italy by 2014.

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