Instrumental Bodies and Public Intervention in the Economy: The Case of INVITALIA

Among the various objectives that public intervention in the economy is supposed to pursue, one is the provision of support to innovation and business development, in order to foster the creation of a competitive entrepreneurial fabric that can adequately address social, technological and environmental challenges. In this context, however, the State’s traditional apparatus delegates broad functions to the “parallel administrations”, which hold a key position. This article focuses on the Agenzia nazionale per l’attrazione degli investimenti e lo sviluppo d’impresa S.p.a. (National Agency for Inward Investment and Economic Development, Invitalia) and on some of its interventions in support of business development, ranging from the management of private investment funds to the provision of financial grants. The analysis is based on financial statements and relevant case law. From this examination of Invitalia’s role, the aim is to draw general conclusions on the current role of publicly owned companies in shaping the methods of public intervention in the economy.