Deals signed by Italy and China after PM Meloni's trip
Technology
Deals signed by Italy and China after PM Meloni's trip
(Reuters) - Italian Prime Minister Giorgia Meloni visited China at the end of July to boost cooperation with the world's second-largest economy and reset trade ties after leaving the Belt and Road infrastructure investment scheme.
During her first trip to Beijing since she took power in 2022, Meloni said that the two countries had signed a three-year action plan and several memorandums of understanding.
Below are the main deals announced so far:
ELECTRIC MOBILITY
Milan-based EuroGroup Laminations (EGLA) - which specialises in stators and rotors, two key components of electric motors and generators - has signed a preliminary strategic partnership with Chinese automotive component firm Hixih Rubber Industry Group.
The agreement aims to create an EGLA-controlled joint venture, with the company saying it aimed to further stimulate growth in the Chinese market to increase commercial penetration, in particular with EV manufacturers.
A new R&D centre for innovative technologies will be built at Hixih Group's industrial base in the Shandong province, along with a new high-tech industrial plant for the production of motor cores for manufacturers of New Energy Vehicles.
RENEWABLE ENERGY
Milan-based Bee Solar and China's Huasun have signed a cooperation agreement in the photovoltaic sector.
Bee Solar aims to set up a photovoltaic production hub in Italy utilising Huasun's technology and know-how. The construction of the site is expected to start by March 2025.
Huasun is interested in strengthening its position in the European market through cooperation with Bee Solar, the Italian industry ministry said.
AUTOMOTIVE
Talks between the Italian government and China's Dongfeng Motor Group, to build an auto plant in Italy are at an advanced stage, according to Italian sources.
The Rome government could join Dongfeng with a minority stake in the investment which aims to set up a hub for the whole of Europe.
The potential deal could also involve other key investors, including Italian companies from the components sector, the sources added.
