Italy on May 9 opened the Singapore office of its export credit agency Sace in a move to help its companies capture growing trade and investment opportunities across South-east Asia.
Sace’s new office in downtown Capital Square will manage more than $8 billion worth of new South-east Asian projects in the pipeline and act as a bridge between sellers of Italian goods and technologies to firms in the region that need them.
Sace also provides insurance and other financial solutions to Italian exporters, with a focus on small and medium-sized enterprises (SMEs). It is controlled by Italy’s Ministry of Economy and Finance.
With its growing economy projected towards future-oriented sectors, Singapore emerges as a high-potential destination for Italian companies seeking opportunities in Indonesia, Malaysia, Vietnam and the Philippines,” said Ms Michal Ron, chief international business officer of Sace, at the opening ceremony held at the Embassy of Italy in Singapore.
She said projects under consideration in the $8 billion pipeline are spread over various sectors including green technologies, sustainable infrastructure, food and beverage, agribusiness, and chemicals.
“We are looking with keen interest at the economic developments and sustainable transition plans in Singapore and the South-east Asia region,” she said.
Italy – a US$2 trillion (S$2.7 trillion) economy and a member of the European Union – is well known for its food delicacies such as pizzas and pasta, iconic fashion brands such as Gucci and Prada, and Ferrari and Lamborghini sports cars. But Italy is also home to multinationals such as energy utilities firm Enel, oil and gas giant ENI, and UniCredit Bank – all of which have a presence in Singapore.Source: Strait times
