Italy withdraws from China’s Belt and Road Initiative, reports say

Published

1 year ago

December 7, 2023

editor

Italy has withdrawn from China’s Belt and Road Initiative (BRI), more than four years after becoming the only Group of Seven (G7) nation to sign up.

After months of uncertainty regarding Italy’s involvement in the ambitious project, Rome conveyed its decision in a recent letter to Beijing, news agencies Reuters and AFP reported on Wednesday.

The Belt and Road plan proposes massive investments in infrastructure such as roads, bridges and ports to recreate the ancient Silk Road trade routes linking Europe and Asia.

Critics have cast the scheme as a vehicle for Beijing to expand its geopolitical influence, including by saddling poorer countries with unsustainable debts.

“We have every intention of maintaining excellent relations with China even if we are no longer part of the Belt and Road Initiative,” an Italian government source said.

“Other G7 nations have closer relations with China than we do, despite the fact they were never in [the BRI],” he added.

The long-anticipated decision was communicated to Beijing three days ago, according to Italian newspaper Corriere della Sera, which first reported the withdrawal.

In 2019, Italy became the first major Western nation to participate in the programme, despite US concerns about China gaining control over crucial technologies and infrastructure.

Nevertheless, Italian Prime Minister Giorgia Meloni, who took office last year, expressed a desire to withdraw, citing the lack of substantial benefits for Italy.

The 2019 agreement is set to expire in March 2024, with automatic renewal unless Rome provides three months’ written notice of withdrawal.

However, Rome has been wary of provoking Beijing and risking retaliation against Italian companies.

(aljazeera.com)

Police media spokesman resigns

Published

1 hour ago

March 20, 2025

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The Sri Lanka Police Media Spokesman SSP Buddhika Manatunga has tendered his resignation from the position.

According to reports, he has handed over his letter of resignation to the Acting IGP Priyantha Weerasooriya.

Speaker endorses certificate on Inland Revenue (Amendment) Bill

Published

1 hour ago

March 20, 2025

editor

Hon. Speaker of Parliament endorses the certificate on the Bill

The Inland Revenue (Amendment) Bill was passed without amendments in Parliament today (20).

The debate on the Second Reading of this Bill was held today from 5:40 PM to 7:10 PM. Subsequently, following the consideration of the Bill at the Committee Stage, the Inland Revenue (Amendment) Bill was passed in Parliament.

The Inland Revenue (Amendment) Bill was presented to Parliament for its First Reading on 01.03.2025.

Furthermore, Speaker, Dr. Jagath Wickramaratne endorsed the certificate on Inland Revenue (Amendment) Bill today (20), in accordance with Article 79 of the Constitution.

Accordingly, this Bill will be enforced as the Inland Revenue (Amendment) Act No. 02 of 2025.

News

Japan provides fire trucks to Sri Lanka

Published

2 hours ago

March 20, 2025

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The Government of Japan, through a grant assistance of JPY 300 million, has decided to provide state-of-the-art Japanese fire trucks to the Government of Sri Lanka to strengthen disaster response capabilities in the country’s Export Processing Zones (EPZs), ensuring a safer business environment and contributing to economic and social stability.

Ambassador of Japan to Sri Lanka – Mr. Akio Isomata SOMATA and Secretary of the Finance Ministry – Mr. K. M. M. Siriwardana, today (March 20) signed and exchanged notes in Colombo on this grant assistance.

The EPZs play a crucial role in Sri Lanka’s economy by attracting investment and driving industrial growth.

The increasing risks of fire hazards and other emergencies risk hampering its critical functions.

The Japanese fire trucks, equipped with cutting-edge technology, will bolster the capacity of EPZs, safeguarding businesses, workers, and communities.

The project also underscores Japan’s unwavering commitment to addressing Sri Lanka’s socio-economic challenges and promoting sustainable development.