Italian DPM: China Task Force to realize BRI

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Europe

01:53

Italy's newly appointed Deputy Prime Minister Luigi Di Maio said there is much for his country to capitalize on China's continued opening-up efforts.

In an interview with CGTN, he said he would be visiting China – Shanghai – again in November to further build on investment and relations which both Italy and China have carried on over the years.

"The Western world in recent years has failed in developing its economy in a proper way, and its economy kept declining. China, on the other hand, has succeeded in developing its economy in the last 20 years," he said.

Italy's economy grew 1.5 percent year-on-year in 2017 – its highest pace in seven years. China, meanwhile, has maintained a GDP growth of between 6.7 and 6.9 percent for 12 straight quarters as of June 2018.

In August, Italy has set up a China Task Force – under its Ministry of Economic Development – to boost trade and investment relations with China.

"The objective of this team created by the Undersecretary Michele Geraci, who, among other things, is a friend of China and speaks Chinese, is to develop all the relations so that the project of the Belt and Road Initiative could be realized at the end of the negotiation," Maio said.

"We are identifying the fields of participation, an aviation Silk Road, a cultural Silk Road, a land Silk Road, a maritime Silk Road; a series of fields in which we want to make partnerships government-to-government, and business-to-business with China."

Italian Deputy Prime Minister Luigi Di Maio in an interview with CGTN. /CGTN Photo

Italy is featured as the Guest Country of Honour at the 17th Western China International Fair. Launched in 2000, the fair aims to promote Western China to the rest of the world, and vice versa.

Maio said Italian companies have "enormous" expectations about the relationships that they will establish, and that they have already established with Chinese companies, entrepreneurs and the Chinese government.

"There are [also] high expectations that must be supported by our government, and I am here to support our 'Made in Italy' DNA, which means well-made things, culture, and the value of investing in unique things."

China is Italy's seventh largest trading partner in 2017, with about a 3 percent share. In the same year, China's imports for Italian products grew at almost 25 percent year-on-year.

Italian Deputy Prime Minister Luigi Di Maio says Italy seeks to strengthen ties with China. /CGTN Photo

Maio, who took office in June at the age of 31, said there is still much to do from the perspective of innovation and investment.

"France today invests 2 billion euros of venture capital in innovative startups. Our country only invests 130 million – we have to get at least to 3 billion. There will be a venture capital plan for innovation by the end of the year," he said.

In the short-term, Maio added, there will be more employment and less poverty with a 'guaranteed minimum income' instrument called 'Reddito di Cittadinanza' that will eradicate poverty for 10 million people in Italy living under the threshold of relative poverty.

"In the medium-term, there will be less corruption with a bill that was tabled by the Minister of Justice a few days ago, and will be passed by the end of the year, and that gives police more authority in order to find the corrupted people."