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Italy's focus tree could use a bit of work on the diplomatic side, but for the most part is good. Much better than the trainwreck that is Poland's focus tree, which I'm pretty sure is actively worse than the generic one.
Compared to all other majors, Italy's FT totally lacks options. The whole get friendly with balkans and iberia is useless, plus as the OP mentioned, it's severely limited on industrial options as well. I agree all other trees need work, but as it stands now, Italy has one of the most boring FTs to play with.