CSC and Italian Export Credit Agency (SACE) Sign Trade Agreement

The Council of Saudi Chambers (CSC) and Italian Export Credit Agency (SACE) signed an agreement to enhance economic relations between the two countries.

The signing took place at the CSC premises in Riyadh and was carried out by CSC Chairperson Eng. Ahmed Al Rajhi on the Saudi side and SACE CEO Alessandro Decio on the Italian side. Attendees of the event included the Italian Ambassador to Saudi Arabia Luca Ferrari and a number of businesspeople.

Eng. Al Rajhi described the agreement as significant to the robust Saudi-Italian bilateral relations, noting that their trade reached around USD 7.4 billion in 2016, per the General Authority for Statistics. He acknowledged the role of the two countries’ leaderships in this regard, and hoped for the newly signed agreement to help elevate relations into a strategic partnership. The CSC Chairperson expressed that he especially hopes for the agreement to benefit young entrepreneurs in utilizing Italy’s expertise in various areas, namely SMEs.

For his part, Mr. Decio emphasized Italy’s interest in fostering relations with the Kingdom and expanding their scope of cooperation, noting that the Saudi market is important to Italian products and investments. The Italian CEO shed light on SACE’s role in providing export credit abroad, adding that the agreement shall positively impact Saudi-Italian trade and investment relations.

Italian Ambassador, Mr. Ferrari, commended the development in trade relations between the two countries, conveying Italian corporates’ keenness on exploring the Saudi market and benefiting from the large investment opportunities it offers.

It is worth noting that the agreement aims at the enhancement and growth of trade and investment activities between the Saudi and Italian business communities through exchanging relevant information regarding their respective markets, opportunities, and production. In addition to proposing suggestions and plans by both sides to further foster economic cooperation.

Per the terms of agreement, which includes 7 items, CSC and SACE work together towards facilitating the exchange of information relating to trade and investment opportunities and joint initiatives, identifying priority sectors for cooperation, providing information and assistance to corporates and institutions that participate in exhibitions, seminars and conferences, and doubling efforts to increase cooperation in trade, economy, education, and technology.