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Antonio Fallico: Entrepreneurs from Piedmont are confident in the importance of developing business ties with Russia

17 September 2018, Turin, Moscow. The Conference on trade and economic cooperation between St. Petersburg and Turin was held today in Turin (Piedmont region) with the support of Banca Intesa, Intesa Sanpaolo group and the Italian non-profit Association Conoscere Eurasia.

Special attention was paid to industrial cooperation between Italy and Russia, primarily in the automotive and pharmaceutical industries.

The conference was addressed by the mayor of Turin, Chiara Appendino, as well as many representatives of the business from the two cities. They introduced the audience to specific projects, achievements and challenges. 

"Data on the state of trade between the Piedmont region and Russia show that, despite the continuation of the sanctions regime and the negative dynamics at the national level, the entrepreneurs from this Italian region are confident in the importance of the development and support of business ties with the Russian side. Now this business occupies only 1% of overall exports from Piedmont, which does not correspond to its huge potential. The business should expand, in particular, making a start from the privileged relations between Turin and St. Petersburg, and from some developed sectors as, for example, the automotive industry and pharmaceuticals", President of Banca Intesa, President of the Association Conoscere Eurasia, Antonio Fallico, said.

The conference noted that in the first half of 2018, export volume from the Piedmont to Russia has grown by 6.7% compared to the same period in 2017, and import volume by 16%. The total volume of trade between the Piedmont and the Russian Federation exceeded 333 million euros, an increase by 7.3%. Yet the overall Italian-Russian trade turnover has decreased by 4.6% during the same period.

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