By Angelo Amante
ROME, March 5 (Reuters) – Italy is ready to protect its economy and households from the fallout of the Middle East crisis and is finalising measures to support exporters as energy prices rise and shipping routes come under strain, Foreign Minister Antonio Tajani said on Thursday.
Speaking to parliament, Tajani warned that tensions around the Strait of Hormuz, a vital passage for global energy supplies, were already having visible economic consequences. Oil and gas prices have surged, and insurance premiums on maritime routes have risen, he said.
“Our priority is to protect Italy’s economic fabric and households’ purchasing power,” Tajani told lawmakers, adding that the government was working with state agencies on support for companies hit by the crisis.
The minister said the repercussions could extend beyond energy markets, weighing on the prices of raw materials as well as wheat and cereals.
“As the conflict in Ukraine has shown, many countries around the world depend on wheat imports,” Tajani said. “If the price of bread rises, social tensions can intensify and new sources of instability can emerge.”
Italy was doing its part by supporting partners across the wider Mediterranean region, including through the Mattei Plan, Rome’s flagship initiative aimed at strengthening cooperation with countries in Africa and the Middle East, he added.
Rome would assess whether to step up that commitment to help countries most exposed to potential rises in cereal prices, with the aim of preserving stability in the Mediterranean.
Tajani also underlined the strategic importance of the Gulf region for Italy’s economy, and crucial for exports. Around 40% of global maritime trade passes through the Suez Canal and the Red Sea, he said.
(Reporting by Angelo Amante, writing by Claudia Cristoferi and Giselda Vagnoni, editing by Gianluca Semeraro and Bernadette Baum)
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