The new office of SACE in downtown Capital Square will manage more than $8 billion worth of new South-east Asian projects in the pipeline.
“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.
Franco-Italian semiconductor firm STMicroelectronics also has a large footprint in Singapore. Italy also has companies active in aerospace and defence industries such as Leonardo – one of the three companies that manufacture the European fighter jet Tornado. “We can do more in terms of bilateral trade,” he said. “This is the reason Italy was one of the most active promoters of the EU-Singapore Free Trade Agreement.”Mr Brandi said the FTA and investment agreement will help many large Italian companies expand trade and investment with Singapore and with the rest of the region as well. Most already have their regional headquarters here.
The ambassador said that Italy and Singapore share a lot of common interests and values, and both are in sync on issues such as free trade and freedom of navigation. He said the Italian foreign minister paid a visit to Singapore in 2022 and he hoped Singapore would also announce a high-level visit to Italy soon.