Italy's New Trade Office in Singapore Strengthening SE Asia Relations

10 May, 2024

Italy's New Trade Office in Singapore Strengthening SE Asia Relations

Italy's new trade office in Singapore is poised to bolster business relations across Southeast Asia. Situated in downtown Capital Square, the office under Sace's management is set to oversee over $8 billion worth of forthcoming projects in the region. Acting as a vital intermediary, it will facilitate connections between Italian product and technology providers and Southeast Asian firms in need.

Michal Ron, Sace's chief international business officer, highlighted Singapore's growing economy as a promising hub for Italian companies eyeing expansion into neighboring markets like Indonesia, Malaysia, Vietnam, and the Philippines. The proposed projects span diverse sectors, including green technologies, sustainable infrastructure, food and beverage, agribusiness, and chemicals.

Despite Italy's global recognition in various sectors such as fashion, automotive, and technology, its bilateral trade with Singapore and other Southeast Asian nations has room for growth. However, with the EU-Singapore Free Trade Agreement in effect and the EU-Singapore Investment Protection Agreement underway, prospects for enhanced trade are promising.

Dante Brandi, Italy's Ambassador to Singapore, expressed optimism about the potential of the agreements to facilitate trade and investment between the two regions, particularly benefiting Italian SMEs. He emphasized the need for greater information exchange and accessibility for Italian businesses seeking opportunities in Singapore.

Both Brandi and Ron underscored the shared interests and values between Italy and Singapore, emphasizing the importance of strengthening political and economic ties, particularly amidst global challenges like supply chain disruptions and geopolitical tensions. They stressed the need to maximize the untapped potential of cooperation between Italy, Singapore, and the broader ASEAN region.