Rome - Ahead of his visit to Beijing, Italy's top diplomat has expressed disappointment over the controversial investment deal with China, suggesting that Italy may withdraw from the agreement. In 2019, Italy, despite its considerable debt, became the only G7 nation to participate in China's Belt and Road Initiative, a comprehensive program led by Chinese President Xi Jinping to invest heavily in infrastructure projects such as ports, railways, and airports to enhance trade connections between Asia, Africa, and Europe. Critics argue that the initiative is a means for Beijing to expand its influence.

The current agreement is set to renew automatically in March 2024 unless Italy decides to withdraw this year. Italian Foreign Minister Antonio Tajani, speaking at an economic forum, emphasized the desire to maintain a close relationship with China but noted that the Belt and Road Initiative has not yielded the anticipated results. He pointed out that Italian exports to China in 2022 amounted to 16.5 billion euros ($17.8 billion), considerably lower than the figures for France and Germany, which stood at 23 billion and 107 billion euros, respectively.

Tajani is scheduled to hold meetings with Chinese authorities during his visit to Beijing from Sunday to Tuesday. His visit is seen as a precursor to a planned trip by Prime Minister Giorgia Meloni, which some experts believe will formalize Italy's exit from the agreement. Lorenzo Codogno, a former chief economist at the Italian treasury, suggested that the withdrawal "has likely already been agreed in principle with Chinese authorities." However, the Italian parliament will ultimately have the final say.

Meloni's predecessor, Mario Draghi, had suspended the agreement and blocked significant Chinese investments in sectors deemed strategically important.