The Italian economy relies on exports which is why it has enabled an agency with the purpose of helping local companies in increasing their exports. At the end of July, the export credit agency (SACE) issued its results for the first half of the year which indicates the financial resources gathered for its activities rose by 19% compared to the same period of the last year. Foreign entrepreneurs interested in setting up a business in the trading sector can rely on our company incorporation services in Italy.
At the end of June 2017, SACE raised 7,8 billion euros, all financial resources which will be used to assist Italian companies over the following period. The amount falls in line with the industrial plan approved by SIMSET, an export and internationalization branch of a state-owned company.
During the first 6 months of 2017, SACE approved new operations of Italian companies with a total value of 16,6 billion euros, 72% more than the operations supported last year. Even if not all the deals are concluded yet, they are likely to be by the end of the year which means the results to be registered in 2017 will be above those of 2016.
The best part about SACE’s plan is that it follows a path which delivers sustainable results for Italian companies. During the first half of the year, 79% of the operations were approved by SACE, while 21% were approved by SIMSET. The net profit of the operations was 147 million euros, while the consolidated one was 229,8 million euros, 14% higher than the profits registered last year.
By far the best results were brought by the maritime industry with shipbuilding and the cruise sector playing a major role. The transportation industry also registered an increase in export numbers and so did the machinery and equipment sector.
Most of the operations sustained by SACE and SIMSET were located in the Middle East and Africa, however the agencies are considering a consolidation of the operations in Asia with a focus on India, Indonesia, Malaysia and Vietnam.
The results are expected to improve by the 2020 as SACE plans to offer credit lines worth 4.5 billion euros to foreign buyers of Italian goods and services.
If you are interested in investing in the trading sector and need assistance, do not hesitate to contact our Italian company formation advisors.