Italian Firms Encouraged to Invest in China

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Last updated at: (Beijing Time) Friday, June 21, 2002

Italian Firms Encouraged to Invest in China

An Italian official said Thursday in Beijing that Italy hopes to increase its direct investment in China on the basis of the stable cooperation between the two countries.

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An Italian official said Thursday in Beijing that Italy hopes to increase its direct investment in China on the basis of the stable cooperation between the two countries.

Antonio Marzano, minister of production activities, said Italy is now the third biggest European exporter to China and the fourthbiggest importer of Chinese products. "We are not satisfied with this, we hope to increase our direct investment in China," he said.

Chinese companies are welcome to invest in Italy, said Marzano,who is here attending the Italy and China 2002 Forum.

He noted that the two countries are willing to strengthen economic cooperation and exchanges because they need each other. Italy is interested in China's market which enjoys seven to eight percent annual growth. China, on the other hand, needs more funds to maintain its fast growth.

Statistics show that by the end of 2001, Italy had invested in 1,628 projects in China, under contracts worth 2.95 billion US dollars. In the first quarter of this year, 30 new Italian-funded companies were set up in China.

Most of the Italian-funded ventures are involved in automobilesand parts, household appliances, building materials, chemicals, textiles and garments.

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