SACE and Bank of China, Milan branch, have concluded an important collaboration agreement intended to expand the opportunities for trade and investment between Italy and China by facilitating initiatives of mutual interest.
The agreement calls for a bolstering of the channels of communication and information exchange between SACE and the Italian branch of Bank of China to select strategic projects and facilitate access to sources of financing for Chinese companies interested in purchasing goods and services from Italy and for Italian companies interested in investment projects in China.
With export volume on the order of €10 billion, Italy is today the no. 15 trading partner of China worldwide and no. 4 at the European level. Italian sales to that country have been steadily strong over the past 15 years: registering an average annual growth rate of more than 17% in the pre-crisis period (2000-2007), declining to + 8.3% in the 2008-2012 period and bouncing back to 10% in 2014, with equally positive prospects for coming years: SACE forecasts predict 6.5% growth in Italian exports in 2015 and an average of 5.3% in 2016-2018.
With such dynamism, SACE’s portfolio of commitment in China, equal to € 88 million, reflects the abundant liquidity and positive credit rating of that country and shows ample room for expansion in light of the prospects of Chinese demand.
The need to modernize and to raise industrial quality standards will drive the demand for capital goods, particularly in the field of mechanical engineering, which already represents over 50% of Italy’s exports to that country. Will rise also the medium-high segment of food products, furnishings, apparel (especially after the recent declaration of the government of reduced duties on imports of luxury goods), eyeglasses and jewelry, for which China is the third largest importer for Italy worldwide.
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