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Value of Trade Between Italy and China Exceeds 50 Billion Dollars
Strategicpartnerships between Italian and Chinese companies are creating growthopportunities for Italian excellence, contributing to develop new markets inChina.
The cruise sector isone of the most promising examples. On February 28, Costa Cruises will takedelivery of a new ship designed specifically for the Chinese market, whileCarnival Corporation has signed a joint venture agreement with CSSC, one of thebiggest Chinese shipbuilding companies.
Trieste, February 26, 2019 – An important forum was heldtoday in the Trieste Maritime Station Conference Centre entitled "TheChina-Italy business relationship – partnerships building the future", promotedby Fondazione Italia Cina (Italy China Foundation) and Costa Group incollaboration with PwC Italia.
The discussion focused on trade relations between Italy andChina and strategic partnerships as a winning development model for bothcountries. The data speaks for itself: between 2000 and 2017, China invested13.7 billion euros in Italy, putting the country in third place behind the UKand Germany for Chinese investments in Europe. And that's not all. According todata produced by Fondazione Italia Cina, over 600 Italian companies underChinese ownership are currently operating, primarily in the key "Made in Italy"sectors. These companies generate a turnover of almost 18 billion euros andemploy more than 30,000 people. But the number of Chinese companies under Italianownership is much greater: over 2000, employing a total of 160,000 people inChina, with a total turnover of 25 billion euros. Also, not to beunderestimated are the benefits derived from trade between the two countries,the value of which now exceeds 50 billion US dollars per year and is marked bya growth in Italian exports that exceeds the growth in imports from China.
As explained by Andrea Manchelli, a partner at PwC Italiaand member of the PwC China Desk: "What we are seeing is a growth in the variousforms of commercial partnership agreements, including strategic joint ventures.The agreements signed in November 2018 at the China International Import Expo,attended by Italian institutions and almost 200 companies representing Italianexcellence, are a confirmation of this growth. To better exploit the greatopportunities that China offers, in addition to highlighting the Italiansystem, it is essential to enhance the experience and the ability to make ateam of our Italian excellences which are already successfully working inChina".
While according to Vincenzo Petrone, director general ofFondazione Italia Cina: "The new Silk Road is the most ambitious systemicchallenge in terms of intercontinental connections, Eurasian connectivity,investments, productivity and logistics efficiency. Italian companies have allthe qualities to face it in a positive way, investing, competing and takingadvantage of the new economic scenarios that China, its industry and itsconsumers propose. To make sure that Italian companies can realize their fullpotential, especially in such a project that has its heart in theMediterranean, the private and public sectors must act in a synergic way. Thisis an epochal opportunity to have our country at the infrastructural andlogistic crossroads, which we cannot lose."
Tourism is one of the fastest growing markets in China. Thecruise sector in particular has grown massively and very quickly over a shortperiod of time. So much so that China is well positioned to become the mostimportant hub in the world, with as many as 20 million passengers by 2030,almost 10 times the number served today. A strategic role will be played byCosta Cruises, which is by far the leading operator in the Chinese market. Asearly as 2006, the company owned by Carnival Corporation made its first tripfrom Shanghai on the Costa Allegra.
Michael Thamm, CEO, Costa Group and Carnival Asia, says:"The cruise market in China began to develop in 2006, thanks to thearrival of Costa. A company that is an expression of Italian excellence and hassince contributed to significant growth: 2.5 million Chinese people traveled ona cruise in 2018. The potential for future development remains enormous: cruisetravelers in China currently represent less than 2% of Chinese people whoholiday abroad".
Now we need to make another leap forward by building shipsthat are tailor-made for the Chinese market, like Costa Venezia, Costa's latestjewel built by Fincantieri at its Monfalcone shipyard. A ship that will offer Chinesecustomers the best of Italy, strengthening Costa's leadership in China. Alsopart of the expansion plan is the recent partnership signed between Carnivaland China State Shipbuilding Corporation, one of China's biggest shipbuildingcompanies, with the aim of creating a new cruise brand that will operate inChina. As Michael Thamm explains: "The joint venture we have signed isstrategically important for the future of the cruise market in China: it willfurther strengthen Costa's presence in the market, generate a significanteconomic impact for Italy with the involvement of other partner companies, forexample in the construction of new ships, and create opportunities to increasethe economic ties between Italy and China, giving rise to a global ecosystem".
Lei Fanpei, Chairman of China State Shipbuilding Corporationstressed that: "It is a strategic decision for CSSC to enter into the cruiseindustry in partnership with Carnival Corporation/Costa Group and Fincantieri,which has received high attention and strong support from leaders andgovernments of both China and Italy." Lei also added, "Through the partnershipwith these leading international enterprises, we will build a whole industrialchain including the cruise ship design and building, operations and supplychain, jointly promote industrial environment improvements and create anecosystem that will nurture the sustainable growth of the cruise industry."
For further information:
Costa Cruises
Gabriele Baroni – Communication Director – Cell +39 3497668013 - baroni@costa.it
Davide Barbano – Media Relations manager – Cell +39 3346525216 - barbano@costa.it
Press releases and photos available atwww.costapresscenter.com
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