Chinese President Xi Jinping's arrival in Italy kicked off his six-day European tour wherein he revealed that Beijing wants to invest in the country's port projects. The announcement triggered talk about Trieste port potentially getting into import and export action again.
Aside from port projects, Xi said Beijing is planning to invest in Italian infrastructure projects, the South China Morning Post reported. Xi expressed the Chinese government's interests despite concerns from the United States and other European countries.
In the past, Trieste played a major role in allowing for trade and exchange to run successfully in Italy. Over the past six decades, though, the port city's activities slowed down, and other Italian ports took over. With China's announcement of including port investments in its Belt and Road Initiative agreement with the country, economists predict that the port city may rise from the ashes.
President of the Italian Association of Ports and Vice President of the European Sea Ports Organization, Zeno D'Agostino, noted that the Trieste port would be improved under the strengthened China-Italy trade cooperation. Under the BRI, the aged port is expected to have better container deposit areas, a free zone for warehouse and assembly purposes, a railway terminal, and a spacious quayside.
Ahead of President Xi's European visit, The New York Times suggested that infrastructure investments for Trieste and other Italian ports could benefit the country if Italy decides to be the first G7 country to promote China's massive Belt and Road scheme.
Now that the two parties have signed trade deals, it is expected that Trieste's old port could open opportunities for faster trade activities and possibly, direct access to what is considered as one the European Union's (EU) biggest markets.
China is said to have already been welcomed in Italy even before Xi approached the Italian government as part of his efforts in getting European countries to support the BRI. Chinese tourists have been visiting the country increasingly over the past years. Some economic analysts pointed out that Italy's decision to side with China on condition of fair trade standards is a huge blow to the U.S. government which has been critical of the scheme.
According to The Guardian, Italian President Sergio Mattarella said Italy would play a crucial role in promoting China's New Silk Road scheme as long as both parties benefit equally in the process. He said the deal should be beneficial for both sides in "ideas, talents, knowledge, future projects and far-sighted solutions to common problems transit as well as goods."
Ahead of official statement releases from both parties, Sicilian oranges have already been transported to China by plane, further exemplifying strengthened ties between Beijing and Rome.
