Italy's export credit institution opens first office in Shanghai

Italian export credit institution SACE SIMEST opened the first European export credit agency in Shanghai yesterday to seek new economic synergies in Sino-Italian trade relations.

The new Shanghai office aims to promote Italian businesses, serve local demand, and drive mutually beneficial growth with the institution's global network, deep expertise and financial services including medium to long-term loans, credit line, risk management and contract guarantees.

SACE SIMEST sees China and the Asia Pacific as “strategic destinations” for their global business expansion after it set up an office in Hong Kong in 2006.

Last year, Sino-Italian trade volume surged 9.2 percent annually to 42 billion euros (US$ 49 billion) while Italian foreign direct investment in China in 2016 was US$8.5 billion. China is home to 1,700 Italian companies.