2024-07-29 06:45:21
Italian Prime Minister Giorgia Meloni met with his Chinese counterpart Li Qiang and announced the restart of Italy’s cooperation with China, ANSA and Reuters reported.
Meloni is on a five-day visit to China. It is her first visit to the Asian giant since she came to power almost two years ago and the first visit by a senior Italian official since Rome pulled out of China’s Belt and Road initiative late last year, which it had joined five years ago.
At Meloni’s meeting with her Chinese colleague, an action plan for the next three years was signed, BTA reported.
Meloni said her visit to China shows a desire to start a new phase in relations and restart bilateral cooperation. The action plan between Rome and Beijing in this direction aims to experiment with new forms of cooperation. It also includes cooperation in the field of industry, including strategic industrial sectors such as electromobility and renewable energies.
Meloni sees Chinese investment as a means of boosting Italy’s anemic economic growth, Reuters notes.
As part of his visit to China, the Italian prime minister will have a meeting with President Xi Jinping and with the head of the parliament, Zhao Luji, who is the number three figure in the Chinese hierarchical structure.
Meloni is also participating in an Italian-Chinese business forum today, which has also invited companies such as Italian car manufacturer Pirelli, energy giant ENI, defense company Leonardo, Italian wine producers and several Italian fashion brands. like Dolce & Gabbana.
During his meetings in China, Meloni is expected to raise the issue of China’s overproduction capacity, as well as China’s economic support for Russia in its war with Ukraine.
“China and Italy should adopt the mentality that both sides can gain from their relationship and increase trade and investment cooperation, giving new dynamism and sustainability to this cooperation,” Li Jiang said at the opening of the economic forum.
In 2019, Italy became the only G7 country to join the Belt and Road Initiative. It withdrew last year, citing that this accession did not bring the expected benefits and investments. Trade between the two countries last year was 66.8 billion euros, with a strong imbalance in favor of China. China is Italy’s largest trading partner outside the EU, after the US.
According to Chinese media, during the visit to China, Meloni will try to dispel the impressions and misunderstandings left by Rome’s withdrawal from the Belt and Road Initiative and emphasize the importance of economic ties.
The Italian government is in talks with Chinese automakers to attract another major investor to the country in addition to Stellantis.
Speaking at the business forum, Meloni called on Beijing to also share “new frontiers of knowledge with its partners”, referring to strategic industrial sectors.
Italian direct investment in China amounts to 15 billion euros. Over 1,600 Italian companies operate in China, particularly in the textile industry, pharmaceuticals, mechanics, heavy industry.
But Italy backed the European Commission’s decision to impose temporary tariffs of 37.6% on electric cars imported from China. Beijing reacted angrily to this decision and launched investigations into European brandy and pork.
Meanwhile, G7 countries including Italy pledged last month to continue to protect their businesses from what they see as unfair Chinese trade practices.