Italy expresses interest to join China’s ‘Belt and Road’ initiative
Deputy Prime Minister of Italy Luigi Di Maio has reportedly stated that Italy wants to join China’s giant ‘Belt and Road’ infrastructure plan to boost Italian exports and not to strengthen political ties with the Asian giant.
Di Maio has made this observation in response to US concerns at the prospect of a key ally supporting the Chinese initiative. A spokesman for the White House’s group of national security advisers, Garrett Marquis, last Saturday has called the Chinese venture a “vanity project” that Italy should steer clear of.
According to reports, the ‘Belt and Road Initiative’ (BRI), championed by Chinese President Xi Jinping, aims to link China by sea and land with southeast and central Asia, the Middle East, Europe and Africa, through an infrastructure network on the lines of the ancient Silk Road.
Aside from boosting trade and investment, Xi aims to advance exchanges in areas such as science, technology and culture.
“I have heard the alarm being raised from the United States yesterday about this deal on the Silk Road that Italy wants to sign with China,” Di Maio has said at an event organised by supporters of his ruling 5-Star Movement.
“Let it be clear that, if we are looking at the Silk Road towards China for our exports, it is not to strike a political deal with China but only to help our companies,” he has noted.
OSL take:
The announcement by the Italian Deputy Prime Minister is a positive development for Sri Lanka as well. Sri Lanka is one of the key destinations in China’s Belt and Road initiative. Therefore, Italy’s interest in joining the Belt and Road initiative would result in building strong trade ties between Sri Lanka and Italy in the process. Therefore, Italian businesses/investors could explore business/investment opportunities in Sri Lanka and vice versa. Sri Lanka also enjoys the EU GSP Plus trade concessions.
| Article Code : | VBS/AT/13032019/Z_1 |