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Italian President Sergio Mattarella visits the Summer Palace, the first stop after his arrival in Beijing on November 7, 2024. Photo: CCTV

 
Italy and China are complementary in many key industries, including renewable energy, electric vehicles (EVs) and digitalization, said Lorenzo Riccardi, chairman of the China-Italy Chamber of Commerce, in an exclusive interview with the Global Times on Monday.

The remarks were made against the backdrop of the state visit of Italian President Sergio Mattarella to China from November 7 to Tuesday at the invitation of Chinese President Xi Jinping, with meetings held between the leaders of the two countries.
 
"The presidential visit represents a significant moment for enhancing Italy-China relations," Riccardi said, extending his expectations for such a visit to lead to concrete actions aimed at revitalizing bilateral economic and cultural ties.

The high-level talks between the two countries' leaders as well as potential agreements on both sides could pave the way for increased bilateral trade, and hopefully boost Chinese investments in the European country, Riccardi said.

Talking about the complementarity between the two countries, Riccardi said that "Italy's expertise in lifestyle, technology, design and advanced manufacturing complements China's rapid advancements in renewable energy, EVs, consumer markets and digitalization."

Collaborative efforts should prioritize joint ventures, co-development projects and innovation exchange programs, he noted.

For instance, partnerships in developing electric mobility solutions or sustainable urban infrastructure could drive mutual growth and have been actively promoted by Italy, Riccardi said, noting that "trade expos, bilateral forums and academic exchanges are valuable tools for fostering cooperation in these high-potential sectors."

Italy is China's fourth-largest trading partner in the EU, and China is Italy's largest trading partner in Asia, according to China's Ministry of Foreign Affairs.

Italy's direct investment in China totals 15 billion euros ($16.02 billion), and more than 1,600 Italian companies are engaged in production in China, especially in the fields of textiles, mechanical engineering, pharmaceuticals, energy and heavy industry, thepaper.cn reported.

Lorenzo Riccardi, chairman of the China-Italy Chamber of Commerce Photo: Courtesy of Lorenzo Riccardi

The China-Italy Chamber of Commerce has more than 800 member companies, covering cooperation fields in goods and services trade. According to Riccardi, the strategic consensus reached among Italian businesses in China is to expand their market share and presence as well as strengthen mutually beneficial cooperation with Chinese businesses.

Riccardi's remarks didn't come out of the blue. The just concluded 7th China International Import Expo (CIIE) saw the largest number of Italian company representatives and business delegates travel to Shanghai, the host city of the event, since the pandemic, according to the China-Italy Chamber of Commerce.

"Italian companies participated actively in this year's CIIE, highlighting the event's role as a gateway to the Chinese market," said Riccardi, noting that the CIIE offers Italian businesses the opportunity to showcase their expertise, network with Chinese partners and adapt to evolving market dynamics.