Italy is due to sign a memorandum of understanding with China to take part in the Belt and Road Initiative, the Financial Times reported.
Italy is set to sign a memorandum of understanding with China to take part in its giant Belt and Road Initiative trade project,The BRI aims to link China with dozens of countries around the world with mostly Chinese infrastructure.The White House National Security Council said it was"skeptical" of the investment and warned that the BRI is"made by China, for China's initiative.
Italy is reportedly preparing to join China's Belt and Road Initiative , the massive trade project aiming to connect the country to dozens of nations across Asia, Africa, Europe, and the Americas through Chinese-built infrastructure. Its participation in the project would be a victory for China. Italy, the world's eighth-largest economy by GDP, would be the largest nation to join up so far.
Italian officials plan to sign a memorandum of understanding to support an infrastructure program with Beijing when Chinese President Xi Jinping visits Rome on March 22,It cited Michele Geraci, an undersecretary in Italy's economic development ministry, who said:"We want to make sure that 'Made in Italy' products can have more success in terms of export volume to China, which is the fastest-growing market in the world.
He added that the negotiation of the MOU"is not over yet, but it is possible that it will be concluded in time for [Xi's] visit."The exact details of the MOU are not clear. BRI contracts between China and partner nations are typically shrouded in secrecy.that Italian authorities in the port of Genoa are preparing to set up a new company with the state-owned China Communications Construction Company to operate"major works related to the port of Genoa.
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