Russia is confirmed as the top foreign market in SACE's portfolio (6,3 billion euro and new operations under study for around 250 million) and a key country for Italian companies that focus on internationalization to grow. These are the data released by SACE, the insurance-financial group that supports the growth and competitiveness of Italian companies around the world, on the eve of system mission in Nizhnyy Novogorod, in which he participates as a permanent member of the Italo-Russian Task Force for the development of SMEs and districts. The objective of the mission is to explore the new opportunities offered by the market of the Russian Federation and by the process of progressive geographical and sectoral diversification of the economy. In particular, the Nizhnyy Novogorod mission provides for thematic study tables, dedicated to the energy, construction, mechanical and naval sectors.
After the 2009 recession, the Russian economy resumed moderate growth, driven by the rise in the price of hydrocarbons and by expansionary economic policies to support domestic demand. The country's fourth largest trading partner (after China, Germany and the Netherlands), in 2012 Italy exported goods and services to Russia for 10 billion, an increase of 7,4% compared to the previous year, with investments for an amount of about 2,8 billion. The main sectors concerned are instrumental mechanics (26,3% of total exports), clothing (22%), furnishings (8,5%) and means of transport (7,1%). In addition to the traditional hydrocarbon sector, new development opportunities for Made in Italy exports will open up in leading sectors such as agro-food, fashion and design, thanks to the excellent perception enjoyed by our products on the Russian market.
Based on SACE surveys, the economic climate in Russia is still characterized by strong structural risks but overall it remains full of opportunities. THE risk of non-payment are at medium-low levels: in the last year, in fact, there has been a marked improvement in the reliability of counterparties, both large companies and SMEs, and the ratings of sovereign counterparties have held up well. THE risks of political-normative instability, although reaching high levels, recorded positive performances in terms of expropriation risks, down slightly.
Taking a look at the SACE's main operations In Russia:
- VTB-Arena Park: as part of the Export Banca system, guarantee on a loan of € 474 million for the construction, commissioned from Rizzani De Eccher of Friuli, of the VTB Arena Park, a complex of hotels, apartments, offices and related infrastructure adjacent to the Dynamo Moscow stadium ;
- Pulkovo: guarantee of a loan of 225 million disbursed by the Ing/Kfw banks to VTB Bank for the expansion and modernization works of the Pulkovo international airport in St. Petersburg entrusted to Astaldi;
- Gazprom: guarantee on a loan of 500 million as part of phase II of the Nord Stream project for the design and construction, by the Italian company Saipem, of the second line of the submarine gas pipeline which will cross the Baltic Sea linking Russia and Germany. The operation brings to over 1,4 billion the loans guaranteed so far by SACE within the project of which the Russian OAO Gazprom is the main sponsor;
- tatneft: guarantee on a USD 144 million loan to Taneco (OAO Tatneft Group) for the construction of a new refinery in the Republic of Tatarstan. The project, with a total value of 7,4 billion, will involve various Italian companies including Mangiarotti, Officine Luigi Resta, Walter Tosto and Weir Gabbioneta;
- De Cecco: guarantee on a loan of 16 million to De Cecco for the acquisition of the First Pasta group;
- OJSC VTB-Leasing: guarantee on a 50 million euro loan granted by Unicredit to OJSC VTB-Leasing to support new supplies of capital goods and Italian machinery purchased under lease from Russian counterparts;
- Exiar: after being awarded the advisory contract for the establishment and launch of the activities of the new ECA, SACE finalized with Exiar both a memorandum of understanding aimed at strengthening commercial and investment opportunities abroad in the respective reference markets, and a reinsurance agreement to promote commercial relations between Italian and Russian companies.
