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Analysis and Trends- Italy’s Ambassador Durante Mangoni, at “Italian Business Integrity Day” event : IBID is a courageous country brand initiative that highlights a new, innovative and sustainable business model – Brief

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In this context will be emphasized the link between the advantage of reputation and the competitive advantage of society, the development of public-private partnership in the multi-stakeholder perspective, the impact of integrity practices on attracting investment, and alignment with international standards of integrity and anti-corruption established within the United Nations and the G20, including those stemming from the OECD Convention on Combating the Corruption of Foreign Officials in International Trade Transactions.

” After the previous events hosted from 2017 until today in Oslo, Paris, Washington, Vienna, San Paolo, London, Abu Dhabi and Berlin, Italian Business Integrity Day arrived in Bucharest, given the strategic importance of Romania for the Italian productive system.

Romania is also the 13th largest market for Italian exports, with a market share of 1.6% between January and November 2021 and is Italy’s 15th largest supplier, also with a market share of 1.6% over the same period.

Italy’s Ambassador in Bucharest, Alfredo M. Durante Mangoni, said on Tuesday that there is an economic advantage to integrity, the rule of law and transparency.

He spoke at the opening of “Italian Business Integrity Day” (IBID), an event organized by the Italian diplomatic mission in Bucharest.

According to the ambassador, IBID is a courageous country brand initiative that highlights a new, innovative and sustainable business model.

Ambassador Durante Mangoni stressed the importance of measures to prevent corruption and manage the risks of corruption. “Anticorruption is an integral part of corporate governance”, he added.

“Reputation is also a competitive advantage. Today, competition is based on sustainability standards. Sustainability includes integrity and anti-corruption measures”, the ambassador said.

He also pointed out the importance of cooperation between countries on these issues.

“The sharing of experiences is important, in the context in which both Romania and Italy face the challenge of the adequate and correct use of funds from the national recovery and resilience plans. It is important for Romania, with a view to joining the Organization for Economic Co-operation and Development, where anti-corruption and integrity standards play an important role”, said Alfredo M. Durante Mangoni, according to Agerpres.

According to the Italian Embassy in Bucharest, the first edition of IBID in Romania aims to illustrate the best practices of Italian companies, the concrete experience of their organizational models for preventing corruption.

Another goal is to emphasize that today, for a multinational society, integrity, corruption prevention and compliance have become essential components of its governance, part of its market strategy.

In this context will be emphasized the link between the advantage of reputation and the competitive advantage of society, the development of public-private partnership in the multi-stakeholder perspective, the impact of integrity practices on attracting investment, and alignment with international standards of integrity and anti-corruption established  within the United Nations and the G20, including those stemming from the OECD Convention on Combating the Corruption of Foreign Officials in International Trade Transactions. “These issues are also particularly relevant in the context of Romania’s approach to the OECD,” a reads a release issued by the Italian Embassy in Bucharest.

The event aims also to assess issues that are currently relevant and of particular interest at the implementation level, such as due diligence on third parties in relation to personal data protection, legal liability, information protection and automation of internal controls through the use of systems of  artificial intelligence. The initiative aims to promote the active participation of companies involved in defining tools and controls to prevent the risks of corruption in the use of the resources of the National Recovery and Resilience Plan (NRPP) to which they have access.

The first edition of IBID in Romania, according to the Italian Ambassador to Bucharest Alfredo Durante Mangoni, intends to “offer a sustainable model of society and to present the reputation and economic advantages of integrity, transparency and the rule of law to prevent the risks of corruption and other illegal actions in the activity of companies, including from the perspective of PNRR. “We therefore intend to propose, through the experience of Italian companies, a new and different way of performing, strongly oriented towards the best global ESG standards and accountability to shareholders, consumers, public opinion”.

This is an extremely current topic in Bucharest, as confirmed by the Quaestor of the Romanian Chamber of Deputies George Cristian Tuţă: “The exchange of ideas and solutions presented at the first edition of the Business Integrity – Italian Experience forum are steps we are taking to innovate in the manner we do business. In addition to profit and economics, integrity is an ingredient of success that should not be overlooked. We need investment, and the attractiveness of a country in this area is also measured by the credibility we can offer. And the credibility of the business environment is also built by integrity. We can replicate the good practices that have already been applied in our activity. I want to thank the Italian partners for opening this forum, which I hope will become a tradition in the future. ”

After the previous events hosted from 2017 until today in Oslo, Paris, Washington, Vienna, San Paolo, London, Abu Dhabi and Berlin, Italian Business Integrity Day arrived in Bucharest, given the strategic importance of Romania for the Italian productive system. Italy is Romania’s second largest trading partner, representing an important market for goods (with a share of 10.5%) and Romania’s second largest supplier with a share of 8.8% in the first 11 months of last year. Romania is also the 13th largest market for Italian exports, with a market share of 1.6% between January and November 2021 and is Italy’s 15th largest supplier, also with a market share of 1.6% over the same period.

Romania  is home to more than 23,000 active Italian companies, covering all sectors, from traditional manufacturing to agro-industrial to energy and defense.

Bilateral trade was about 15.4 billion euros last year and the stock of Italian investments in Romania amounted to about 9 billion euros in 2020.

During the IBID proceedings, there were scheduled speeches of the Italian Ambassador to Romania Alfredo Durante Mangoni, the President of the Senate Florin Cîțu, the President of the Chamber of Deputies Marcel Ciolacu, the Minister of Entrepreneurship and Tourism Daniel Cadariu, the Quaestor of the Chamber of Deputies George Cristian Tuță, OECD members, Romanian Business Association and Transparency International Italia, as well as compliance officers from the port of Genoa and Autostrade per l’Italia, Falck Renewables, Enel Group, Ernest and Young, Leonardo.

The event was attended by members of the Romanian Government and representatives of public administrations (Ministry of Foreign Affairs, Ministry of Internal Affairs, Ministry of Justice and Ministry of Entrepreneurship and Tourism), exponents of professional associations, Romanian companies, both private and public, media and civil society , as well as of the Embassies present in Bucharest.

 

Photo: Facebook/Ambasciata d’Italia a Bucarest

 

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