Italy and China Sign Deals Following PM Meloni's Visit

08 Aug, 2024

Italy and China Sign Deals Following PM Meloni's Visit

Italian Prime Minister Giorgia Meloni visited China in late July to enhance cooperation with the world's second-largest economy and reset trade relations after withdrawing from the Belt and Road infrastructure scheme. During her visit, Meloni announced the signing of a three-year action plan and multiple memorandums of understanding between the two nations.

In electric mobility, Milan-based EuroGroup Laminations (EGLA) has formed a preliminary strategic partnership with China's Hixih Rubber Industry Group. This collaboration aims to establish a joint venture controlled by EGLA, focusing on expanding into the Chinese market, particularly with electric vehicle manufacturers. The agreement includes the development of an R&D center and a high-tech industrial plant in Shandong province for producing motor cores.

In renewable energy, Bee Solar of Italy and China's Huasun have signed a cooperation agreement in the photovoltaic sector. Bee Solar plans to build a photovoltaic production hub in Italy using Huasun's technology, with construction expected to begin by March 2025. This partnership is part of Huasun's strategy to strengthen its European market presence.

Additionally, negotiations are progressing between the Italian government and China's Dongfeng Motor Group to establish an auto plant in Italy. This venture could also involve Italian component manufacturers, aiming to create a significant automotive hub for Europe.