Italy Signs MoU to formally Join China's Ambitious Belt and Road" Infrastructure Plan
March 24 , 2019
Italy becomes the first ever G7 country to embrace China’s ambitious “Belt and Road” infrastructure plan. The formal signing ceremony took place during Chinese President Xi Jinping’s official 3-day tour of Italy. The formal joining of Italy to China’s One Belt One Road (OBOR) initiative has angered both the USA and some European Union allies. They fear China will be able to access sensitive technologies as well as critical transport hub through Italy’s participation in the Silk Road Economic Belt and the 21st-century Maritime Silk Road. Reports say Italy has joined the initiative to revive the struggling Italian economy. Italy’s Deputy Prime Minister Luigi Di Maio played down these concerns and went on to stress that by signing the MoU, “Made-in-Italy has won, Italy has won and Italian companies have won”. During Xi Jinping’s visit to Italy, US$2.8 billion worth deals were signed between Italian and Chinese firms.