Chinese market and Blockchain is sure to play an extremely important role in the Italian agricultural recovery
In early July 2020, Italian government officials and private sector representatives held a special meeting, focusing on updating and modernizing the brand “Made in Italy” through product promotion and innovation. And their idea is to use Blockchain technology as a way to ensure the authenticity and freshness of the product.
More resources are needed for Italy to recover from the damage from COVID-19, especially Blockchain
On July 6, the government set aside € 1.15 billion ($ 1.31 billion) in aid to farmers. However, they will probably need more resources to help Italy recover from the damage caused by the lockdown by Coronavirus.
Analysts said the export sector would be an important part of the pandemic recovery, with trade to China being an important aspect because the Chinese market will undoubtedly play a significant role in the industry’s recovery.
Giorgia Palazzo, a partner with Expense Reduction Analysts stated:
The ‘Made in Italy’ brand is already well known and well respected. But the brand has to be modernized, publicized, and made to be more focused. ”
Palazzo added:
“Exports to China of high-end Italian food production – wine, cheese, cured meats, and other such products had been steadily rising through 2019. The trend has reversed so far in 2020, due mostly to the worldwide economic slowdown related to the coronavirus pandemic.”
Italian agricultural exporters should take specific steps to ensure that when global economic growth is restarted, “Made in Italy” agricultural exports to China and other countries will develop.
Palazzo stated:
“There are new ways to innovate, such as blockchain, as well as traditional methods, like the participation in trade fairs. Chinese consumers are spending more on high-quality goods. Italy has to stand ready.”
Denis Pantini, head of Nomisma’s agriculture division, said exporting “Made in Italy” food to China was a priority:
“All export markets are important, but in the case of China, there is a great deal of room to grow. Before the pandemic, Italian wine imports made up only around 6% of the Chinese import market; Italian food products were only around 2 percent. That shows how much potential there is.”
Italy should promote “Made in Italy” products online in China while relying more on that brand than its regional equivalent.
He concluded:
“In many international markets, consumers don’t know what it means for a product to be from a specific region of the country. But they do know what it means when something is produced in Italy.”
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