Skip to main content
Part of complete coverage on

Pirelli CEO: Europe must change austerity policies

April 4, 2013 -- Updated 1647 GMT (0047 HKT)
STORY HIGHLIGHTS
  • Pirelli employs 34,000 people worldwide and is expanding in emerging markets
  • Pirelli started life as a family-run business and flourished into the world's fifth-largest tyre maker
  • The company is based in the northern Italian city of Milan and invests heavily in R&D

(CNN) -- European policy must change to attract business investment, says the boss of tyre manufacturing giant Pirelli.

Marco Tronechetti Provera, chief executive officer of the Milan-based company, said Europe, three years into financial crisis, is regarded as a "burden." Businesses need more visibility around the future if the policymakers want to restart economic growth, he added. "European policy has to be changed,. All people around Europe are asking for this," he said.

Read more: European leaders frosty on eurozone future

Pirelli, founded in 1872, employs 34,000 people worldwide and Provera told CNN the company is looking to emerging markets to expand its business.

He said: "In the last few years we entered China, we entered Russia, we entered Mexico, we strengthened our position in Latin America. We are the largest player in the Middle East."

Read more: Finnish PM: Eurozone nations must follow the rules

Provera said Pirelli, which started life as a family-run business and flourished into the world's fifth-largest tyre maker, is typical of Italian entrepreneurship.

"I think that in our country, we have an attitude towards entrepreneurship that is really one of the best assets for the country," Provera said. "That is passion. Something that involves people and their families."

Read more: Oknoplast sees Europe' s window of opportunity

Pirelli focuses heavily on research and development, investing around 3% of revenues each year into the area. This is one of the highest levels of research investment in the tyre industry, according to the company.

Pirelli noted technology was also central to the company's plans for growth. "More technology is what we want," he told CNN. The company wants to "win our battle" with advances in this area, he added.

ADVERTISEMENT
Part of complete coverage on
Marketplace Europe
January 16, 2014 -- Updated 1631 GMT (0031 HKT)
Marketplace Europe visits Latvia to see how the Baltic country has made its transition to the Euro from the Lat.
January 16, 2014 -- Updated 1630 GMT (0030 HKT)
CNN's Nina Dos Santos visits Latvia to speak to the country's outgoing Prime Minister and the prospects for the eurozone's 18th member.
January 2, 2014 -- Updated 1640 GMT (0040 HKT)
Malta is the gateway to Europe and on the frontline of the immigration flows. Isa Soares reports from a detention center on the Mediterranean island.
January 2, 2014 -- Updated 1641 GMT (0041 HKT)
CNN's Isa Soares speaks with people on the streets of Valletta who say their country can't cope with more migrants from Africa and the Middle East.
January 9, 2014 -- Updated 1006 GMT (1806 HKT)
Malta cannot afford to continue supporting migrants from war-torn countries in its over-crowded detention camps, the country's foreign minister has told CNN.
December 26, 2013 -- Updated 2123 GMT (0523 HKT)
Slow recoveries, bailouts, and youth unemployment. Richard Quest speaks to Europe's top CEOs about the issues of 2013.
December 26, 2013 -- Updated 2114 GMT (0514 HKT)
CNN's Richard Quest speaks to economist Bob Parker about defining moments of 2013 and about what to expect in 2014.
December 5, 2013 -- Updated 1815 GMT (0215 HKT)
Estonia is setting the pace for other European nations with a thriving economy and its tech industry, according to the Baltic nation's leader.
December 5, 2013 -- Updated 1903 GMT (0303 HKT)
The Baltic nation of Estonia is developing its oil shale energy reserves in a bid to become energy self-sufficient.
November 29, 2013 -- Updated 0925 GMT (1725 HKT)
Europe must stop being nationalistic if it wants to help a lost generation of workers, the regional boss of U.S. conglomerate General Electric says.
November 14, 2013 -- Updated 1706 GMT (0106 HKT)
Peer at the windows and you'll spot big colorful chairs, plastic plants and a huge bed, but this is no department store.
November 19, 2013 -- Updated 1006 GMT (1806 HKT)
There once was a time, many years ago, when the sounds of bagpipes struck fear into the stomachs of Englishmen.
November 11, 2013 -- Updated 1116 GMT (1916 HKT)
Greece is on the way to economic recovery as investor faith returns to the recession-ridden eurozone nation, an executive at Greece's largest bank has told CNN.
November 8, 2013 -- Updated 1200 GMT (2000 HKT)
Could Greece's famous spice help the country's farmers through a four-year long economic crisis.
November 1, 2013 -- Updated 1307 GMT (2107 HKT)
One of the masterminds behind the euro says Europe would have suffered a far worse fate if the single currency had never been created.
October 31, 2013 -- Updated 1741 GMT (0141 HKT)
Nina Dos Santos visits the Dutch city where the European treaty carrying the city's name came into force 20 years ago.
October 25, 2013 -- Updated 1510 GMT (2310 HKT)
As Spain continues its drive to slash budgets and cut spending, one of the nation's favorite pastimes is under threat as ministers look for ways to boost productivity.
October 24, 2013 -- Updated 1617 GMT (0017 HKT)
The high commissioner of Brand Spain talks about getting the country back on its fee and attracting business.
ADVERTISEMENT