The worldwide initiative to promote common development; The “Belt & Road Initiative” is the most important cooperation initiative put forward globally in recent decades, which will have a profound impact on the future Recently.

I have been focusing on studying how Italy and China signed a Memorandum of Understanding on jointly advancing the construction of the “Belt & Road”.

Worldwide Initiative to Promote Common Development 

The “Belt & Road Initiative” is the most important cooperation initiative put forward globally in recent decades, which will have a profound impact on the future

Recently, I have been focusing on studying how Italy and China signed a memorandum of understanding on jointly advancing the construction of the “Belt & Road” in 2019 to create benefits for the two peoples, and the results achieved in the past 7 years of jointly building the “Belt & Road Initiative”.

I believe that the “Belt & Road Initiative” is the most important cooperation initiative put forward on a global scale in recent decades. It will have a profound impact on the future. I call this type of initiative a “visionary” plan.

At the beginning of the “Belt & Road” initiative, all walks of life in Italy did not have a deep understanding of it

One of my main tasks is to introduce and explain the “Belt & Road” initiative and its content to the government. I hope that Italy can establish a fair and objective understanding of the initiative, although this task is not easy.

In my opinion, the signing of a memorandum of understanding between Italy and China on jointly advancing the construction of the “Belt & Road” is conducive to enhancing our trade ties with China and promoting enterprises to invest in each other’s countries.

According to data from the Italian National Bureau of Statistics, Italy’s exports to China are lower than those of European countries such as France, the United Kingdom, and Germany, and China’s investment in Italy also has great potential.

Therefore, we very much hope to further increase the bilateral trade and investment between Italy and China.

The “Belt & Road Initiative” is a worldwide initiative dedicated to promoting the common development of all countries.

The areas of cooperation between the two countries are more extensive and mutually inclusive, which is a prerequisite for achieving a real win-win situation.

This is why Italy and China signed a memorandum of understanding on third-party market cooperation. We hope that the cooperation between the two countries can cover more levels.

Although Italy and China compete in certain areas, the technologies and capabilities of the two countries are highly complementary in infrastructure construction, transportation, energy, and agriculture.

I hope that Italy and all countries in the world can discuss together, choose cooperation fields and projects, and discuss which fields are most in need of international cooperation. This method can create real value for international investors and the local economy.

The “Belt & Road Initiative” will help promote the development of Africa. I think EU-China cooperation can benefit Africa. We need to link the development of America, Europe, Asia and Africa to jointly find solutions to the poverty problem.

In my opinion, participating in the joint construction of the “Belt & Road” is a good way for African countries to promote sustainable economic development and social stability.

Also Read: Port Vado Ligure Progress on Track

Since Italy and China signed a memorandum of understanding on jointly advancing the construction of the “Belt & Road”, bilateral cooperation has achieved positive results.

For example, the expansion project of the Vado Port terminal in Liguria with Chinese participation has been completed and put into operation.

With the increase in port throughput and the gradual return to normal international trade, port capacity is expected to increase. At this moment, we desperately need more such positive role models.

Author: Michele Gerach, Italian Economist & Former Deputy Minister of Italian Ministry of Economic Development.
Editor’s Note: The article reflects the author’s opinion only, and not necessarily the views of the editorial opinion of Belt & Road News.