Italy, located in Southern Europe, on the Italian Peninsula, is officially known as the Italian Republic. Italy stands as a democratic republic and a developed country. The World Bank data indicates that Italy is highly independent in terms of investment, business & trade. Italy's chief economic power is its high number of small and medium sized companies. Along with importing food and most of the raw materials for industries, Italy fulfills more than 75% of its energy requirements via import as well. Italy doesn't have rich deposits of iron, coal or oil, but natural gas resources are the most vital mineral resource.