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

Ming Yang Smart Energy

08/08/2024 13:32

(Adds deal with China's MingYang)
       ROME, Aug 8 (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)  EGLA.MI  - 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  000790.SZ  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  601615.SS , 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  0489.HK , 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)
 ((Marta.Didonfrancesco@thomsonreuters.com;))