China Italy Photo: VCG

Italian businesses, inspired by the booming opportunities China creates as well as high-level interactions between the two sides, are itching to further explore and entrench their shares in the vast Chinese market, with cooperation in the electric vehicle (EV) sector being the highlight.

This came amid the visit of Italian Prime Minister Giorgia Meloni to China from Saturday to Wednesday, during which top meetings are being held and important agreements signed, including a 2024-27 action plan to strengthen bilateral comprehensive strategic partnership, charting the course to deepen ties in the coming years.

Speaking with the Global Times in an interview, Lorenzo Riccardi, chairman of the China-Italy Chamber of Commerce, said that Italian businesses should firmly grasp opportunities in sustainable development, high-tech industries and digital sectors brought by China. He emphasized the importance of continuously deepening their presence in the vast Chinese market, collaborating closely with local partners to share development opportunities.

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

Meloni's visit has drawn notable attention for stronger bilateral ties, with economic cooperation being the core. As part of her visit, she participated in the Italy-China economic forum in Beijing, joining the opening ceremony alongside representatives of major Italian companies.

This visit is especially significant as 2024 marks the 20th anniversary of the China-Italy comprehensive strategic partnership and the 700th anniversary of the famous traveler Marco Polo's death.

Economic relations between Italy and China are robust, with Italian foreign direct investment in China amounting to 15.5 billion euros ($16.78 billion), Lorenzo said, citing latest data from the Bank of Italy.

China and Italy are highly complementary in the eyes of Italian businesspeople. Lorenzo said that the main sectors for Italian exports to China —textiles, transport equipment, machinery and pharmaceuticals - highlight the areas of greatest complementarity.

Italy is renowned for its luxury goods, fashion and high-quality machinery, while China excels in manufacturing and technology. By enhancing trade in these sectors, both countries can benefit - Italy can export more luxury products to China, and China can invest in Italy's manufacturing technology, the Italian business representative said.

Having long observed China's reform and development, Lorenzo is highly optimistic about China's pursuit of high-quality development. He hailed China's remarkable achievements in areas such as green transformation, sustainable development and new-energy vehicles.

In 2023, nearly 14 million EVs were registered globally, with just under 60 percent in China, 25 percent in Europe and 10 percent in the US, according to the International Energy Agency. According to lobby group Transport & Environment, almost one-fifth of battery EVs sold in the EU in 2023 were made in China.

Lorenzo was impressed by these industry figures. "That is why during the visit of Italian Minister of Enterprises and Made in Italy Adolfo Urso to China in early July, the minister met with representatives of automotive and wind energy companies, concluding preliminary agreements for future Chinese investments in Italy," he said.

Lorenzo is not the only one who sees the booming market potential in China.

Alberto Borini, general manager of Chengdu BPlan Tech Co, an Italian high-tech enterprise, told the Global Times in a recent interview that foreign companies should consider to do business with China, which is almost the largest market in the world and still growing.

"From my point of view, there are still a lot of opportunities to invest in China, for example in sectors including high-tech, EVs, environment and agriculture. There are many sectors where a foreign company can invest and be successful. Meanwhile, there is a strong supply chain and high efficiency, which are important for any manufacturing company," Borini said.