A senior UN trade official is telling Italy to build closer business ties with Taiwan, calling it a key partner because of its dominant role in semiconductors — good news for Taiwan's standing, and a warning to Italy that it is falling behind in the industries drawing the most foreign money.

• Foreign investment is shifting fast into five strategic sectors: AI, chips, environmental tech, critical minerals, and military-civilian dual-use technology.
• These five sectors jumped from 16% to 44% of all global foreign direct investment in just five years.
• Chips are among the biggest draws, and 30% of all chip investment flows through one channel: Taiwan to the U.S.
• UNCTAD economist Bruno Casella says Italy would benefit if some of that Taiwanese chip money went to Italy instead, and Italy should court Taiwan directly.
• Traditional industries that pulled in foreign money for decades — textiles, farming, gas-powered cars — are stalling and shifting to "friendshoring" with allied countries, hurting developing nations.

Outlook: Italy is being pushed to play offense and defense at once — chase the new strategic sectors, including electric vehicles and batteries where it lags, while fighting to keep its old cost-driven supply chains alive.