Italy opens first export credit office in Shanghai

Italy opens first export credit office in Shanghai

Italian official export credit agency SACE SIMEST announced their opening of an office in Shanghai, its first on the Chinese mainland, on June 26.

SACE and its subsidiary SIMEST support Italian companies' export businesses and development in 198 countries worldwide. Their services include export credit, investment protection, financial guarantee, secured bonds, factoring business, and equity investment.

Alessandro Decio, CEO and general manager of SACE, said that SACE's global trade volume has reached 94 billion euros ($100.82 billion) and it will use its strengths to satisfy the increasing demands of the Chinese market for Italian companies, particularly in the areas of mechanical equipment, healthcare, tourism and culture.

The Shanghai office is being launched to serve all the Italian companies who have interests in China, which is considered a huge market, said Michal Ron, managing director and head of international business at SACE.

Ettore Sequi, Italian Ambassador to China, thought Italy and China are ideal partners for each other in both politics and the economy, and the Shanghai office will promote cooperation between the two countries.

Beniamino Quintieri, chairman of SACE, said that SACE SIMEST expects to bring together top Chinese and Italian companies to boost the construction of China's Belt and Road Initiative.

Italy is China's fourth largest export market and source of import in the European Union. The Chinese market is also important to Italian companies.

China now has 1,700 Italian companies. The total value of imports and exports between the two countries totaled 420 billion euros in 2017, up by 9.2 percent year on year, according to statistics provided by the Italian National Institute of Statistics.

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