Italian gov't OKs 1.8 bln USD for reindustrialization

ROME, Mar.1 (Xinhua) -- The Italian government's Interministerial Committee for Economic Planning (CIPE) has approved funding of 1.5 billion euros (about 1.8 billion U.S. dollars) for reindustrialization programs, Industry Minister Carlo Calenda announced Wednesday.

The funding includes 200 million euros to fight delocalizations, meaning when companies decide to move production abroad leaving Italian workers out of a job, Calenda said in a statement.

The latest case was that of Brazilian refrigeration components manufacturer Embraco, which in January announced plans to shut down its plant near the northern Italian city of Turin and fire almost 500 workers, in order to move production to Slovakia where labor is cheaper.

The government funding represents "an industrial policy of protection of workers and companies displaced by technological innovation and globalization," Calenda's statement said.

The CIPE also allocated 740 million euros for cultural assets and renovations and to promote tourism across Italy, Culture Minister Dario Franceschini tweeted.

In total, the committee has allocated "about 5 billion euros in strategic sectors" including infrastructure -- roads, railways, ports, and dams -- as well as the environment, farming, health care, and new sports facilities and programs in poor urban suburbs, the CIPE said in a statement.