Italian business people vow to invest more in China

More than 200 Italian entrepreneurs, accompanying Italian President Carlo Azeglio Ciampi to China for a six-day visit, said they are willing to invest in China at a press conference Monday in Beijing.

Addressing the conference, Chairman of the Italian Trade Commission Beniamino Quintieri said with the sustained growth of China's economy, the companies of the two countries should further their investment cooperation in machinery manufacturing, agriculture, environmental protection and transportation.

More than 500 Italian businesses have invested in China, with invest volume standing at 265 million euros in 2003, up 80 percent year on year, said Luca Cordero di Montezemolo, head of the Confederation of Italian Industries.

"Compared with some other European countries, however, Italy still lags behind in this field," said Montezemolo, who is also chairman of Italian Fiat company and Ferrari company.

The 200 entrepreneurs from Italy will negotiate with Chinese officials in different departments and business representatives.

The Italian Trade Commission and the China Council for the Promotion of International Trade (CCPIT) will sign a memorandum on Tuesday to enhance cooperation in protection of intellectual property rights. On Wednesday a forum on Italian manufacture industry in China will be kicked off in Shanghai, he said.

During the visit, the Confederation of Italian Industries will also sign an agreement with eastern China's Jiangsu Province, which will be more convenient for local production of Italian small and medium-sized companies according to the agreement, he said.

Zeno Soave, chairman of the Socotherm company that has been awarded a contract to supply the Torino's district heating network for the 2006 Winter Olympic Games, said "we are looking ahead to offer the same services for the 2008 Beijing Olympic Games."

During the visit, Socotherm and the China Petroleum Pipeline Bureau will sign a strategic alliance agreement to share their respective expertise to develop mutually beneficial projects in China and worldwide, Soave said.

Source: Xinhua