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    Factbox-Deals signed by Italy and China after PM Meloni's trip

    By Reuters,

    4 days ago
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    ROME (Reuters) -Italian Prime Minister Giorgia Meloni visited China at the end of July to boost co-operation 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 in order 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.

    - China's MingYang Smart Energy, Italian energy firm Renexia and Italy's industry ministry have signed an agreement to set up a wind turbine manufacturing plant.

    The deal envisages an investment of around 500 million euros ($546 million), the ministry said in a statement, without clarifying how the cost would be shared

    In the next three months the partners will choose a site for the plant, which is expected to employ up to 1,100 workers.

    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.

    (Reporting by Marta Di Donfrancesco, editing by Giselda Vagnoni)

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