Italian Prime Minister Meloni vows to “restart” cooperation with China | Wilnesh News

Italian Prime Minister Giorgio Meloni vowed on Sunday to “restart” cooperation with China and signed a three-year action plan during her first official visit to Beijing since taking office.

Meloni, who has led the right-wing government since 2022, made the announcement during a meeting with Chinese Prime Minister Li Qiang, as Rome seeks to improve trade relations with Beijing after withdrawing from President Xi Jinping’s flagship Belt and Road infrastructure investment plan last year.

The Italian leader said her five-day visit “demonstrates the will to start a new phase and relaunch bilateral cooperation”. The action plan aims to try new forms of cooperation, she added.

Later in the day, Meloni said that the industrial cooperation memorandum signed between Italy and China included strategic industrial areas such as electric vehicles and renewable energy.

Li Qiang pointed out in a statement released by his office that “small and medium-sized enterprises carry out mutually beneficial cooperation in fields such as shipbuilding, aerospace, new energy, and artificial intelligence.”

Meloni, who sees Chinese investment as a way to stimulate growth in Italy’s flagging economy, will meet with Xi Jinping and China’s top lawmaker Zhao Leji.

On Sunday, Meloni also attended the Italy-China Business Forum, inviting Italian tire manufacturer Pirelli, energy group Eni, defense group Leonardo, wine producers and Dolce & Gabbana to name a few Italian luxury fashion brands. Groups and other enterprises participated.

She said the forum sent “another signal of common interests… more balancing of our interests and commercial exchanges”. Meloni is expected to raise with Chinese officials the issue of China’s overcapacity and China’s economic support for Russia in its war with Ukraine.

According to a video shared by Meloni’s office, Li Keqiang said at the forum’s opening ceremony: “China and Italy should strengthen trade and investment cooperation with a win-win mentality to make cooperation more dynamic and sustainable.”

In 2019, Italy became the only G7 country to join the massive Belt and Road Initiative, but pulled out last year under pressure from the United States over concerns about Beijing’s economic influence.

The Meloni government stated that the agreement did not bring any benefits to Italy. The trade volume between Italy and China will reach 66.8 billion euros ($80 billion) in 2023, which is heavily biased towards Beijing. China is Italy’s largest non-EU trading partner after the United States

Chinese state media said the trip aimed to “clarify some misunderstandings about Italy’s withdrawal from the Belt and Road Initiative and emphasize the importance of economic relations.”

The Italian government is holding talks with Chinese carmakers as part of efforts to attract another major manufacturer to the country Strantis.

Speaking at a business forum, Meloni said the industrial cooperation memorandum signed between Italy and China “includes strategic industrial areas such as electric vehicles and renewable energy” and called on Beijing to “share knowledge in new areas with partners”.

Geographical indication protection, food safety, environment and education are the focus of other framework agreements.

The total amount of Italian foreign direct investment in China reaches 15 billion euros (US$16 billion), and more than 1,600 Italian companies are active in it, especially in the fields of textiles, mechanical engineering, pharmaceuticals, energy and heavy industry.

However, Italy supports the European Commission’s decision to impose temporary tariffs of up to 37.6% on electric vehicles imported from China. Beijing reacted angrily and launched retaliatory investigations into European brandy and pork.

G7 members, including Italy, pledged last month to continue protecting their companies from what they see as unfair Chinese trade practices.