ROME/BEIJING: Italian Prime Minister Giorgia Meloni vowed on Sunday to “relaunch” assistance with China, signing a three-year behavior program during her first official visit to Beijing since taking office.
As Rome attempts to strengthen trade relations with Beijing after it exited President Xi Jinping’s flagship Belt and Road system funding plan next year, Meloni, who has led a right-wing state since 2022, made the announcement during a meet with Chinese Premier Li Qiang.
The European president claimed that her five-day visit was a “demonstration of the will to start a new period, to restart our diplomatic assistance.” The motion strategy aims to experiment with new forms of cooperation, she added.
Later in the day, Meloni claimed that proper professional areas like renewables and electric mobility are included in an Italian-China document of professional assistance.
Li Qiang pointed to “mutually valuable assistance between small and medium-sized enterprises in the areas of manufacturing, aircraft, new energy, artificial intelligence”, in a statement released by his company.
Meloni, who sees Foreign investment as a way to drive Italy’s anaemic economic growth, may join Xi and China’s top legislator, Zhao Leji, next in the administration order.
On Sunday, Meloni also attended an Italy-China business forum, to which companies including Italian tyre-maker Pirelli, energy group ENI, defence group Leonardo, wine producers and several Italian luxury fashion groups such as Dolce &, Gabbana were invited.
The forum gives “another signal of the mutual interest… ( to ) balance more our interests, our commercial exchange”, she said. Meloni is anticipated to raise Chinese overcapacity with Chinese officials as well as Chinese economic support for Russia in its conflict with Ukraine.
” China and Italy should adopt a win-win mentality and increase trade and investment cooperation, making cooperation even more dynamic and sustainable”, said Li at the opening of the forum, according to a video shared by Meloni’s office.
” Reducing misinterpretations”
Italy withdrew last year due to US pressure over concerns about Beijing’s economic impact, becoming the only Group of Seven nation to do so in 2019. In 2019, Italy became the only Group of Seven nation to do so.
Meloni’s government said the deal had brought no benefits to Italy, whose trade with China- worth 66.8 billion euros ($ 80 billion ) in 2023- is heavily tilted in Beijing’s favour. After the US, China is Italy’s biggest trading partner outside of the EU.
Chinese state media reported that the trip was intended to” clarify some misunderstandings” about Italy’s withdrawal from the Belt and Road and that it was concerned about the significance of economic ties.
In an effort to entice Stellantis, the Italian government is pursuing business deals with Chinese automakers as part of its efforts to acquire additional major Italian companies.
In a statement made at the Business Forum, Meloni stated that the industrial cooperation memorandum between Italy and China “encloses strategic industrial sectors like electric mobility and renewables” and called on Beijing to” share the new frontiers of knowledge with its partners.
The protection of geographical indications, food safety, the environment and education were the focus of other framework agreements.
Italian foreign direct investment in China totals 15 billion euros ($ 16 billion ), and more than 1, 600 Italian companies are active, especially in textiles, mechanical engineering, pharmaceuticals, energy and heavy industries.
However, Italy supported the European Commission’s decision to impose provisional tariffs of up to 37.6 % on electric vehicles imported from China. Beijing has launched retaliatory investigations into European brandy and pork after reacting furiously.
G7 members, including Italy, pledged last month to continue to protect their businesses from what they consider unfair Chinese trade practices.
