Italian Prime Minister Giorgia Meloni on Sunday vowed to “relaunch” cooperation with China, signing a three-year motion plan throughout her first official go to to Beijing since taking workplace.
Meloni, who has led a right-wing authorities since 2022, made the announcement throughout a gathering with Chinese language Premier Li Qiang as Rome seeks to enhance commerce ties with Beijing after it deserted President Xi Jinping’s flagship Belt and Highway infrastructure funding plan final yr.
The Italian chief mentioned her five-day journey was a “demonstration of the desire to begin a brand new section, to relaunch our bilateral cooperation.” The motion plan goals to experiment with new types of cooperation, she added in a video proven by Italian state tv channel RAI.
The economic cooperation memorandum signed by Italy and China “consists of strategic industrial sectors akin to electrical mobility and renewable power,” Meloni mentioned later within the day.
Meloni, who sees Chinese language funding as a solution to enhance Italy’s anemic financial progress, will meet Xi and China’s high lawmaker, Zhao Leji, third within the management hierarchy.
He additionally attended an Italy-China enterprise discussion board, to which corporations together with Italian tyre maker Pirelli, power group ENI, defence group Leonardo, wine producers and several other Italian luxurious style teams akin to Dolce & Gabbana had been invited.
The discussion board offers “one other sign of mutual curiosity… (to) stability our pursuits, our commerce change extra,” he mentioned. Meloni is anticipated to lift with Chinese language officers China’s extra capability, in addition to China’s financial help for Russia in its struggle with Ukraine.
“China and Italy ought to undertake a win-win mentality and improve commerce and funding cooperation, making cooperation much more dynamic and sustainable,” Li mentioned on the opening of the discussion board, in keeping with a video shared by Meloni’s workplace.
‘CLEARING UP MISUNDERSTANDINGS’
In 2019, Italy turned the one Group of Seven nation to affix the large Belt and Highway Initiative, nevertheless it pulled out final yr underneath strain from america over issues about Beijing’s financial attain.
Meloni’s authorities mentioned the deal had introduced no advantages to Italy, whose commerce with China – price 66.8 billion euros ($80 billion) in 2023 – is closely skewed in favour of Beijing. China is Italy’s greatest non-EU buying and selling associate after america.
Chinese language state media mentioned the journey was geared toward “clearing up some misunderstandings” over Italy’s withdrawal from the Belt and Highway and underlining the significance of financial ties.
The Italian authorities is holding talks with Chinese language carmakers as a part of efforts to draw one other main producer to the nation in addition to Stellantis STLAM.MI.
Talking on the Enterprise Discussion board, Meloni mentioned that the memorandum of commercial cooperation signed by Italy and China “consists of strategic industrial sectors akin to electrical mobility and renewable power” and referred to as on Beijing to share “the brand new frontiers of data with its companions.”
Italian international direct funding in China quantities to fifteen billion euros (16 billion {dollars}) and greater than 1,600 Italian corporations are lively, particularly within the textile, mechanical engineering, pharmaceutical, power and heavy trade sectors.
Nevertheless, Italy supported the European Fee’s choice to impose provisional tariffs of as much as 37.6% on electrical autos imported from China. Beijing reacted angrily and has launched retaliatory investigations into European brandy and pork.
G7 members, together with Italy, pledged final month to proceed defending their corporations from what they see as unfair Chinese language commerce practices.
