2023-07-30 19:01:03
Italy wants to withdraw from a controversial investment pact with China, the so-called Silk Road Initiative, by the end of this year. This was confirmed by Italian Defense Minister Guido Crosetto, according to media reports on Sunday.
“The decision to join the Silk Road was an improvised and devastating initiative by Giuseppe Conte’s government. Today it is a question of backtracking without damaging relations. Because China is a competitor, but it is also a partner,” said crossetto
In 2019, Italy became the first major industrial nation to join China’s multi-billion dollar Silk Road Initiative investment program. So far, however, this has led to few concrete projects. Before her election victory last September, Prime Minister Giorgia Meloni had declared that she would not pursue the initiative any further.
Rising tensions between Beijing and Washington, both over China’s proximity to Russia and China’s Taiwan policy, would make it too risky to ally itself economically with the Asian power, Rome said. According to media reports, the United States had expressly asked Rome to comment on the investment pact concluded in 2019 by the previous government led by Prime Minister Giuseppe Conte.
Economic retaliation from Beijing is feared. So far, infrastructure projects worth 900 billion euros have been financed worldwide as part of the “Silk Road” project.
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