The New Silk Road Project: Italy quits the Chinese infrastructure project
Italy has quit the Chinese infrastructure project, the Belt and Road Initiative (BRI) – also known as the New Silk Road.
Italy has been the first G7 country and the initial EU member to join the project. The BRI, launched by Chinese President Xi Jinping in 2013, aims to create a global infrastructure network connecting various regions, including Asia, the Middle East, Africa, and Europe.
Despite Italy’s early participation, the decision to withdraw comes after an evaluation of the benefits gained from the initiative. According to Italian sources, the country experienced limited advantages while China appeared to benefit more significantly.
Since joining the BRI, Italy’s exports to Beijing showed modest growth, increasing from 13 billion in 2019 to 16.4 billion in 2022. However, a notable surge in early 2023 was primarily attributed to the production of a drug by Pfizer in Italy.
In contrast, imports from China to Italy saw a substantial rise, escalating from 32 billion to 58 billion following the BRI agreement. The decision to exit the initiative reflects Italy’s assessment of the overall impact and benefits derived from its participation.