Investment Policy Monitor
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The Investment Policy Monitor provides the international investment community with up-to-date, country-specific information on recent policy developments affecting foreign direct investment (FDI).
Through its ongoing monitoring of investment policy changes, UNCTAD delivers cutting-edge and forward-looking contributions to investment policy discourse. The Monitor also supports evidence-based policymaking aimed at ensuring that foreign investment contributes to sustainable development. The Monitor also informs the analysis of global and regional investment policy trends featured in the World Investment Report, the Investment Policy Monitor publications and the joint UNCTAD-OECD Reports on G20 Investment Measures.
UNCTAD has tracked changes in national policies affecting FDI on an annual basis since 1992. Over time, the methodology has been revised to enhance the quality and consistency of reporting. The most recent revision, completed in 2024, further refined the monitoring framework and applied the updated classification to policy measures dating back to 2012.
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UNCTAD Investment Policy Monitor The UNCTAD Investment Policy Monitor database compiles official measures affecting FDI adopted by United Nations Member States. These encompass measures explicitly targeting foreign investment (FDI-specific), as well as general investment measures that have a clear impact on such investment (FDI-related).
The measures are either reported directly to UNCTAD by Member States through annual surveys or identified by UNCTAD researchers through publicly accessible sources (such as government websites and specialized policy databases).
The classification of measures as more or less favourable to investors is based solely on their potential impact on investors. The type of measures included in each category are described below. This classification does not reflect any value judgement by UNCTAD on the merit or suitability of the measure.
Classification of the nature of measures
More favourable to investors
Liberalization: includes privatization; lifting of entry restrictions (e.g. opening of sectors to FDI) and entry conditions (e.g. minimum capital requirement); removal (total or partial) of FDI screening or approval mechanisms; lifting of foreign exchange restrictions; liberalization of land access.
Facilitation: includes streamlining of investment procedures (e.g. one-stop shops); greater transparency of investment-related laws and procedures (e.g. information portals); introduction by IPAs and other entities of new services to assist investors (e.g. linkages programmes, investor visa facilitation or alternative dispute resolution mechanisms).
Promotion: includes establishment of IPAs or other institutions with a remit as investment promoters and expansion of their mandate; adoption of investment promotion strategy and plans; introduction of PPPs, auctions, and concessions initiatives or framework; introduction of OFDI promotion initiatives.
Incentives: includes adoption of new tax and financial incentives schemes for investment; introduction of other incentives (e.g. citizenship by investment programmes); adoption of new SEZ-related incentives.
Other regulatory changes: includes enhancement of investor treatment and protection guarantees; easing of labour or migration regulations concerning foreign hires and key personnel; removal of operational restrictions on investment (e.g. local content requirements).
Less favourable to investors
Entry: includes introduction or tightening of entry restrictions (e.g. total or partial ban on FDI in specific sectors); introduction or tightening of entry conditions (e.g. minimum investment threshold, joint venture requirements or State participation in strategic sectors); introduction or expansion of screening mechanisms for national security.
Treatment and operations: includes introduction or expansion of foreign exchange restrictions; introduction or expansion of restrictions on foreign hires and key personnel; removal or reduction of investment incentives; introduction or expansion of post-establishment requirements for local content; reduction of guarantees for investment treatment and protection; introduction or expansion of restrictions on OFDI.
Note: Measures are verified, to the fullest extent possible, by referencing government sources. The compilation of measures is not exhaustive.
Disclaimer: the boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations.
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Investment Policy Measures
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Italy
13 Aug 2024Adopts State aid scheme to promote innovative and emerging renewable energy technologies
On 4 June 2024, the European Commission approved a State aid scheme by Italy aimed at developing 4,590 MW of renewable electricity capacity by 2028. The scheme focuses on innovative technologies such as geothermal energy, offshore [...]
Italy
12 Aug 2024Provides grants to support investment projects in digital innovation, clean technologies, and biotechnology
On 12 August 2024, Italy adopted a ministerial decree establishing the "Mini Development Contracts" aid scheme, allocating €300 million to support investments in strategic technologies aligned with the European Union’s Strategic Technologies [...]
Italy
08 Mar 2024Introduces a €1.1 billion Italian scheme to support investments in strategic green technologies
On 8 March 2024, the European Commission approved a €1.1 billion scheme by the Government of Italy to support investments in strategic green technologies, including solar panels, wind turbines, batteries, electrolysers and carbon capture [...]
Italy
30 Jan 2024Adopts €550 million in aid for hydrogen in industry
On 30 January 2024, the European Commission approved an Italian €550 million aid scheme, designed to support investments for the use of hydrogen in place of methane and other fossil fuels within industrial settings. This scheme is [...]
Italy
01 Jan 2024Introduces measures to promote investment in the southern regions
On 30 December 2023, the Government of Italy enacted the 2024 Budget Law (Law No. 213 of 30 December 2023), which includes tax measures designed to stimulate investment. These include a new tax credit aimed at encouraging investments [...]
Italy
10 Oct 2023Amends golden power legislation to include certain intragroup operations with assets crucial for critical technologies
On 10 October 2023, Law No. 136/2023 entered into effect which converted Decree-Law No. 104/2023 (Asset Decree) into law and introduced amendments to the golden power legislation. The main changes specifically pertain to intragroup [...]
Italy
09 Oct 2023Adopts €550 million aid schemes to accelerate the transition to a net-zero economy
In 2023, the European Commission approved two Italian schemes under the Temporary Crisis and Transition Framework to accelerate the transition to a net-zero economy and enhance energy diversification. These initiatives support green [...]
Italy
04 Oct 2023Adopts €2.61 billion schemes to support agrivoltaic energy production and agro-industrial development
Italy introduced two aid schemes, totaling €2.61 billion, to support agrivoltaic energy production and agro-industrial development. Building on previous initiatives, these schemes aligns with the Common Agricultural Policy and emphasizes [...]
Italy
27 Oct 2022Adopts incentives for the production of bio-methane
On 15 September 2022, the Ministry for the Ecological Transition issued a decree which aims to support the production of bio-methane from 2022 until 2026. It provides incentives for the construction of new plants for the production [...]
Italy
01 Aug 2022Introduces a pre-filing procedure for FDI transactions in strategic sectors
On 1 August 2022, the President of the Council of Ministers adopted Decree No. 133, which seeks to speed up the FDI screening procedure and to introduce a pre-filing procedure for FDI transactions in strategic sectors. The new procedure [...]
Italy
16 Jul 2022Expands its investment screening regime to cover concessions for the "cultivation of geothermal resources"
On 15 July 2022, the Parliament adopted Law No. 91 introducing amendments to Decree-Law No. 50 of May 17, 2022. Accordingly, the special power relating to strategic assets in the energy, transport and communication sectors important [...]
Italy
20 May 2022Approves further changes to the FDI screening regime
On 20 May 2022, the Italian Parliament adopted Law 51/2022 to approve with amendments the Government's Law-Decree 21/2022 laying down urgent measures to counter the economic and humanitarian effects of the Ukrainian crisis. The Law [...]
Italy
22 Mar 2022Expands the scope and application of the FDI screening regime
On 21 March 2022, the Italian Government enacted Law-Decree No. 21/2022, which made significant revisions to the FDI screening regime. Among the main ones: - The emergency measures adopted in response to the COVID-19 outbreak and [...]
Italy
01 Jan 2022Issues 2022 Budget Law
On 30 December 2021, the Italian Government adopted Law n. 234 (Budget Law). It introduces changes to the patent box regime increasing the extra deduction of the eligible R&D expenses from 90% to 110%; extends the tax credit for [...]
Italy
14 Jan 2021Expands the list of sectors and assets subject to investment screening
On 14 January 2021, two decrees entered into force that identify assets and sectors of strategic importance to the national interest, whose acquisition by foreign investors requires prior governmental approval. The Decree of 18 December [...]
Italy
25 Dec 2020Extension of “Golden Powers” in relation to foreign aquisitions
On 25 December 2020, the Law of 18 December 2020, no. 176 entered into force. It converted into law an earlier governmental decree-law introducing measures aimed at the economic recovery during the pandemic. The new law also extends [...]
Italy
06 Apr 2020Amid the COVID-19 pandemic, the Government strengthens its special powers in strategic sectors
On 6 June 2020, the Law 5 June 2020, n.40 entered into effect. It converts the Decreto Legge 8 Aprile 2020, n.23, into law. The Decree-Law adopted by the Italian Cabinet expands the special power regime in strategic sectors that require [...]
Italy
21 Nov 2019Cybernetic National Security Perimeter Law tightens the FDI screening regime
On 21 November 2019, the Law No. 133/2019 entered into force in Italy. Its aim is to "ensure a high level of security of networks, information systems and IT services of public administrations, national bodies and operators, public [...]
Italy
23 Jul 2019Establishes a new special economic zone
On 23 July 2019, the procedure of establishing the Ionian Special Economic Zone has been completed. It covers the Basilicata Region, the Port of Taranto and Grottaglie Airport, as well as the productive areas of Taranto, Grottaglie, [...]
Italy
12 Jul 2019Temporarily expanded its FDI screening mechanism
On 12 July 2019, a change to Italy’s acquisition and ownership related mechanisms to safeguard Italy’s essential security interests came into effect, albeit only temporarily: The changes, brought by the now defunct Decree Law No. 64/2019 [...]
Italy
26 Mar 2019FDI screening expended to cover 5G technology
Due to rapid development of telecommunication technologies, the government of Italy decided to extend its special powers to cover also 5G technology. Decree-Law no. 22 that entered into force on 25 March 2019 specifies that this particular [...]
Italy
16 Oct 2017Extends the government’s “golden powers” to block takeovers by non-EU companies to high-technology sectors
The Italian Council of Ministers approved Decree no. 148, extending the government’s so-called "golden powers" to block takeovers by non-EU companies to high-technology sectors (e.g. storage and treatment of data, artificial intelligence, [...]
Italy
07 Dec 2016300 percent increase in the tax credit for businesses engaged in R&D
Business engaged in research & development will benefit from a 300 per cent increase in tax credit. These benefits apply to any kind of businesses, regardless of their dimension, business activity or legal structure. The new measure [...]
Italy
07 Dec 2016New policies aimed to attract foreign investors in Italy (Golden Visa)
On 7 December 2016, the Senate of the Republic approved the annual budget law, which provides an array of norms aimed at increasing the attractiveness of Italy for foreign investors. In particular, the new rules provide for a "golden [...]
Italy
27 Oct 2015Government undertakes a partial privatization of Poste Italiane
Between 12 and 23 October 2015, the Italian Ministry of Economy and Finance - the sole shareholder of the mail-based conglomerate Poste Italiane - initiated a partial privatization of 38.2 per cent of the share capital in the company. [...]
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The Investment Policy Monitor provides the international investment community with up-to-date, country-specific information on recent policy developments affecting foreign direct investment (FDI).
Through its ongoing monitoring of investment policy changes, UNCTAD delivers cutting-edge and forward-looking contributions to investment policy discourse. The Monitor also supports evidence-based policymaking aimed at ensuring that foreign investment contributes to sustainable development. The Monitor also informs the analysis of global and regional investment policy trends featured in the World Investment Report, the Investment Policy Monitor publications and the joint UNCTAD-OECD Reports on G20 Investment Measures.
UNCTAD has tracked changes in national policies affecting FDI on an annual basis since 1992. Over time, the methodology has been revised to enhance the quality and consistency of reporting. The most recent revision, completed in 2024, further refined the monitoring framework and applied the updated classification to policy measures dating back to 2012.
-
UNCTAD Investment Policy Monitor The UNCTAD Investment Policy Monitor database compiles official measures affecting FDI adopted by United Nations Member States. These encompass measures explicitly targeting foreign investment (FDI-specific), as well as general investment measures that have a clear impact on such investment (FDI-related).
The measures are either reported directly to UNCTAD by Member States through annual surveys or identified by UNCTAD researchers through publicly accessible sources (such as government websites and specialized policy databases).
The classification of measures as more or less favourable to investors is based solely on their potential impact on investors. The type of measures included in each category are described below. This classification does not reflect any value judgement by UNCTAD on the merit or suitability of the measure.
Classification of the nature of measures
More favourable to investors
Liberalization: includes privatization; lifting of entry restrictions (e.g. opening of sectors to FDI) and entry conditions (e.g. minimum capital requirement); removal (total or partial) of FDI screening or approval mechanisms; lifting of foreign exchange restrictions; liberalization of land access.
Facilitation: includes streamlining of investment procedures (e.g. one-stop shops); greater transparency of investment-related laws and procedures (e.g. information portals); introduction by IPAs and other entities of new services to assist investors (e.g. linkages programmes, investor visa facilitation or alternative dispute resolution mechanisms).
Promotion: includes establishment of IPAs or other institutions with a remit as investment promoters and expansion of their mandate; adoption of investment promotion strategy and plans; introduction of PPPs, auctions, and concessions initiatives or framework; introduction of OFDI promotion initiatives.
Incentives: includes adoption of new tax and financial incentives schemes for investment; introduction of other incentives (e.g. citizenship by investment programmes); adoption of new SEZ-related incentives.
Other regulatory changes: includes enhancement of investor treatment and protection guarantees; easing of labour or migration regulations concerning foreign hires and key personnel; removal of operational restrictions on investment (e.g. local content requirements).
Less favourable to investors
Entry: includes introduction or tightening of entry restrictions (e.g. total or partial ban on FDI in specific sectors); introduction or tightening of entry conditions (e.g. minimum investment threshold, joint venture requirements or State participation in strategic sectors); introduction or expansion of screening mechanisms for national security.
Treatment and operations: includes introduction or expansion of foreign exchange restrictions; introduction or expansion of restrictions on foreign hires and key personnel; removal or reduction of investment incentives; introduction or expansion of post-establishment requirements for local content; reduction of guarantees for investment treatment and protection; introduction or expansion of restrictions on OFDI.
Note: Measures are verified, to the fullest extent possible, by referencing government sources. The compilation of measures is not exhaustive.
Disclaimer: the boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations.
Share
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