Italy may become the largest economy yet to support China's Belt and Road Initiative (BRI), aimed at promoting investment in infrastructure projects in order to boost global cooperation, since it is preparing to formally endorse the strategy, Michele Geraci, undersecretary at the Italian Economic Development Ministry, sai
MOSCOW (Pakistan Point News / Sputnik - 06th March, 2019) Italy may become the largest economy yet to support China's Belt and Road Initiative (BRI), aimed at promoting investment in infrastructure projects in order to boost global cooperation, since it is preparing to formally endorse the strategy, Michele Geraci, undersecretary at the Italian Economic Development Ministry, said.
Geraci told the Financial Times newspaper that Rome planned to sign a memorandum of understanding, granting support to the strategy, during Chinese President Xi Jinping's visit to Italy, expected to take place before the end of the month.
"The negotiation is not over yet, but it is possible that it will be concluded in time for [Xi's] visit ... We want to make sure that 'Made in Italy' products can have more success in terms of export volume to China, which is the fastest-growing market in the world," Geraci was quoted by the newspaper as saying.
Italy's move has sparked criticism in the White House, which claims that it was likely to damage Italy's international image while failing to boost its economy.
"We view BRI as a 'made by China, for China' initiative ... We are skeptical that the Italian government's endorsement will bring any sustained economic benefits to the Italian people, and it may end up harming Italy's global reputation in the long run," White House National Security Council spokesman, Garrett Marquis, told the Financial Times.
The BRI, also known as the Silk Road initiative, was first announced by Xi in 2013. It aims at accelerating economic growth and strengthening ties between the Eurasian countries. The initiative focuses mainly on the Maritime Silk Route, which connects China and Europe, and on the land-based Silk Road Economic Belt, which includes the Central Asia, Russia and the middle East.
The United States, which is engaged in a trade war with China, as well as a number of European countries, has concerns over the BRI, claiming that it could be used to enhance Beijing's strategic and military influence.
