Italy opens new trade office in S’pore to boost business ties with South-east Asia

Italy has inaugurated a new office for its export credit agency, Sace, in Singapore on May 9, aiming to enhance trade and investment opportunities across Southeast Asia. Situated in downtown Capital Square, the office will oversee over $8 billion in regional projects, facilitating Italian goods and technologies' integration with local needs. Sace, controlled by Italy’s Ministry of Economy and Finance, offers financial solutions, particularly benefiting SMEs.

Michal Ron, Sace’s Chief International Business Officer, highlighted Singapore's potential for Italian companies targeting Indonesia, Malaysia, Vietnam, and the Philippines. The projects span various sectors, including green technologies, sustainable infrastructure, and agribusiness. Italy's economic ties with Singapore and ASEAN are expected to grow, supported by the EU-Singapore Free Trade Agreement and the EU-Singapore Investment Protection Agreement.

Italy’s Ambassador to Singapore, Dante Brandi, emphasized the potential for increased bilateral trade, noting many large Italian firms already have regional headquarters in Singapore. However, Italian SMEs often lack information about Singapore due to the absence of a resident Italian embassy. Sace’s new office aims to bridge this gap, enhancing trade and investment connections and leveraging Singapore’s status as a financial hub.

Article by Ovais Subhani for ST. Read more here.