Dienstag, 15.10.2019 21:01 Uhr

The Belt and Road initiative and Italy

Verantwortlicher Autor: Carlo Marino Rome , 14.05.2019, 21:19 Uhr
Presse-Ressort von: Dr. Carlo Marino Bericht 5590x gelesen

Rome [ENA] Italy and the People’s Republic of China have recently signed a cooperation agreement on the “Belt and Road” initiative. Announced for several months, this agreement was finally signed by President Xi Jinping and Prime Minister Giuseppe Conte on March 23, 2019.The Memorandum of Understanding is considered in Italy as a beginning of good collaboration with the People’s Republic of China.

For example, after President Xi Jinping’s visit to Rome and Palermo, an increase of tourism Italy and Sicily is expected. The ports of Genoa of Trieste had already signed agreements with People’s Republic of China as traffic terminals of One Belt One Road Initiative, but also the ports of the Southern Italy could represent a driving force for the economy like the ports of Gioia Tauro and Taranto. In Italy it is possible to create special economic zones and two have already been activated in Campania and Calabria. Innovation and administrative simplification in Italy and in particular in Southern Italy are needed for the logistics industry which involves millions of jobs. This is a very important sector. And for the Chinese COSCO

Italy is second in importance only to Germany for commercial traffic. Public spending is fine if you can unlock the bottlenecks that block the economy and in Italy an improved infrastructure could produce a good effect. As far as infrastructure is concerned, there is a World Bank index that takes into account the quality of the infrastructures. Infrastructure improvement is linked to the intensity of international trade. On the basis of this econometric analysis the infrastructural development will influence the interchange potential. Intermediate goods development is important for international trade.https://lpi.worldbank.org/international/global

In a situation of perfect storm on the global economy, Italian government is trying to turn a harmful process into an opportunity with the Memorandum of understanding signed with People’s Republic of China . Till now in Italy the so called “Greenfield direct investments”, a type of foreign direct investment (FDI) where a parent company creates a subsidiary in a different country, are very little while M&A mergers and acquisitions are much more. There is an economic scenario difficult to map of very small acquisitions where Chinese communities in Italy play a crucial role and where so called predatory acquisitions are hidden. Joint ventures would be an ideal way of economic behavior but often Italian businessmen prefer to sell.

It is crucial to highlight that this agreement between People’s Republic of China and Italy is not against the European integration policy. On the contrary, this document mentions the Europe-Asia connectivity strategy. Rome and Beijing want to create synergies between the “Belt and Road initiative” and the European infrastructure plan. On the other hand, by this agreement, the parties promote transparency and carry out projects that comply with tender procedures and with European standards.

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