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Italy officially pulls out of China's “Belt and Road” infrastructure initiative
(MENAFN) Italy has formally withdrawn from China's extensive Belt and Road infrastructure initiative, marking a significant shift more than four years after becoming the only G7 country to join the project in 2019. While an official statement from either party is yet to be released, the Italian government reportedly communicated its decision to Beijing three days ago. A government source, emphasizing the need to maintain open political dialogue channels, confirmed the withdrawal without divulging specific details.
The Italian newspaper Corriere della Sera highlighted that the anticipated move to disengage from the massive marine and land infrastructure project, initiated by China in 2013, had been awaited for several months. Prime Minister Giorgia Meloni, who assumed power last year, characterized Italy's initial decision to join the Belt and Road Initiative as a "huge mistake," particularly as the country grappled with significant public debt.
Critics of the investment plan had voiced concerns, alleging that the project served China's interests in acquiring political influence globally. The ambitious initiative, valued at over two trillion dollars, was launched a decade ago under the leadership of Chinese President Xi Jinping. Its overarching goal is to enhance trade relations among Asia, Europe, Africa, and beyond by constructing ports, railways, airports, and industrial projects.
While the Belt and Road Initiative boasts participation from more than 150 countries, criticism has emerged on a global scale due to concerns about the substantial debt burden it places on economically disadvantaged nations. In September, Italian Foreign Minister Antonio Taiani expressed dissatisfaction, stating that joining the project "did not lead to the results we had hoped for." Italy's withdrawal signals a strategic reassessment of its involvement in the extensive Chinese investment program and underscores the evolving dynamics surrounding international infrastructure partnerships.
The Italian newspaper Corriere della Sera highlighted that the anticipated move to disengage from the massive marine and land infrastructure project, initiated by China in 2013, had been awaited for several months. Prime Minister Giorgia Meloni, who assumed power last year, characterized Italy's initial decision to join the Belt and Road Initiative as a "huge mistake," particularly as the country grappled with significant public debt.
Critics of the investment plan had voiced concerns, alleging that the project served China's interests in acquiring political influence globally. The ambitious initiative, valued at over two trillion dollars, was launched a decade ago under the leadership of Chinese President Xi Jinping. Its overarching goal is to enhance trade relations among Asia, Europe, Africa, and beyond by constructing ports, railways, airports, and industrial projects.
While the Belt and Road Initiative boasts participation from more than 150 countries, criticism has emerged on a global scale due to concerns about the substantial debt burden it places on economically disadvantaged nations. In September, Italian Foreign Minister Antonio Taiani expressed dissatisfaction, stating that joining the project "did not lead to the results we had hoped for." Italy's withdrawal signals a strategic reassessment of its involvement in the extensive Chinese investment program and underscores the evolving dynamics surrounding international infrastructure partnerships.
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