The Ukraine Recovery Conference in Rome was, officially, a diplomatic gathering about solidarity, sovereignty, and post-war renewal. But by its second day, it was clear that Italy had another message: its businesses are open for reconstruction – and open for business. Behind the flags and rhetoric, the event turned into a stage for Italian firms to pitch themselves as indispensable partners in Ukraine’s post-war economy.
“Reconstruction is not charity,” declared Finance Minister Giancarlo Giorgetti, setting the tone early. “It is a geopolitical and economic investment in the future of Europe.” That investment, it seems, will be denominated in engineering contracts, radar systems, and pipeline deals. Giorgetti also took a not-so-subtle swipe at companies still operating in Russia, warning they could be excluded from future reconstruction tenders. “You cannot fund aggression and then profit from its recovery,” he said. A fine principle – though one with uncertain enforcement, and a whiff of political theatre.
Italian industry, for its part, needed no encouragement. Leading defense and infrastructure firms showed up with memoranda of understanding and ready-made talking points. While most Western governments are still calibrating their post-war reconstruction strategies, Rome is moving early – and fast.
The biggest headlines centered on shipbuilding giant Fincantieri, amid mounting speculation that it may invest in a naval yard in the Odesa region. No formal announcement has been made, and the company remains tight-lipped. However, its CEO Pierroberto Folgiero announced that Fincantieri has developed a project to protect the port of Odesa, a strategic hub not only for port activities but also for submarine cables for telecommunications, oil pipelines, and energy. According to Folgiero, this project will be the most important and critical test in the maritime sector for his company’s next-generation modular protection systems. “Fincantieri brings capabilities that Ukraine urgently needs,” said one Italian official. “And they’re not shy about stepping in where others hesitate.” The project would give Italy a strong foothold in the strategic – and currently volatile – Black Sea.
In aerospace, Leonardo, Italy’s partially state-owned defense conglomerate, confirmed a deal to supply Ukraine with five radar systems. The project is tied to a broader effort, alongside ENAV, Italy’s civil air navigation agency, to help Ukraine rebuild its shattered air traffic control infrastructure. “It’s not just about planes,” said one Leonardo executive. “It’s about airspace sovereignty, and the restoration of economic lifelines.” ENAV, for its part, will provide operational support through Ukraine’s UkSATSE. The symbolism of restoring civilian skies – over a country still under missile fire – is not lost on either side.
Other Italian firms are elbowing into Ukraine’s rail and energy sectors. MERMEC, a company that specializes in railway diagnostics and safety systems, signed a cooperation agreement with Ukrainian firm Impulse. The goal: to upgrade signaling and bring Ukraine’s ageing rail infrastructure in line with EU standards. “It’s about interoperability, not just technology,” said Mermec CEO Vito Pertosa. “You can’t integrate Ukraine into Europe unless its trains speak the same language.”
Meanwhile, gas operator SNAM is eyeing postwar energy flows. The firm signed a memorandum with Ukraine’s GTSOU to explore new uses for cross-border pipelines. With Russian gas effectively off-limits, the deal hints at a coming shift in European gas dynamics. “We’re mapping out routes for a very different energy future,” said a SNAM spokesperson. In practice, that means competition over who gets to control – and profit from – Ukraine’s role as a future transit hub.
Notably, Italy also broke with diplomatic caution by spotlighting the role of the defense industry in reconstruction. Two dedicated panels examined dual-use technologies and defense-industrial partnerships. “This is a positive signal,” said Lesia Ogryzko, a board member of the Ukrainian reform group Rise Ukraine. “But it’s also a sign that the line between economic recovery and military support is disappearing.”
That blurring may not trouble Italy. For the Meloni government – eager to shore up domestic industry while reaffirming its Atlanticist credentials – reconstruction is an opportunity to do both. Unlike some of its EU neighbors, Italy appears less squeamish about mixing defense deals with post-war rebuilding. “We’re not afraid of the strategic dimension,” said one Italian delegate off the record. “This isn’t just about bricks and bridges.”
The social sector was not entirely ignored. Health Minister Orazio Schillaci signed a memorandum with Ukraine’s Deputy Health Minister Edem Adamanov, pledging cooperation on restoring public healthcare. “We want to support Ukraine in rebuilding a free and inclusive system of care,” Schillaci said. The agreement gestures at humanitarian intent, but also gives Italy a toehold in a potentially expanding market for medical infrastructure and pharmaceuticals.
Rome’s efforts are not without risk. Many of the deals remain non-binding. Reconstruction in a war zone is slow, uncertain, and politically fraught. The optics of profiting from Ukraine’s tragedy may also invite public backlash, especially if results are slow to materialize. And Italy, like others, may find that Ukraine’s reform demands and anti-corruption efforts complicate access for well-connected firms used to operating under looser oversight.
Still, the message from Rome was unmistakable: Italy intends to be a serious player in the rebuilding of Ukraine, and it is moving early to secure that role. Whether its companies will still be at the table when the big reconstruction money begins to flow is another matter. But they – and their government – are making sure they won’t be left standing at the door.