AdSP del Mar Ligure Occidentale (Genoa) and China Communication Construction Company sign cooperation agreement

Genoa, Italy (Ports Europe) March 25, 2019 - A part of the wider agreement signed in Rome between Italy and China for the development of relations between the two states, and in particular the bilateral agreement on the new Silk Road, the Extraordinary Commissioner for the Reconstruction of Genoa, Autorita’ di Sistema Portuale del Mar Ligure Occidentale (AdSP - Western Ligurian Sea Port Authority) and the state-owned China Communication Construction Company (CCCC), have signed a collaboration agreement with the aim of cooperating in the implementation of the Extraordinary Program of urgent investments for the recovery and development of the port of Genoa. The Program prepared by the AdSP was adopted on January 16 by the Extraordinary Commissioner and comprises the actions to be implemented by 2021 to relaunch and develop the activities of the port of Genoa, including the project of the new breakwater, one of the two Italian initiatives included among the strategic projects of the EU-China Connectivity Platform, a working group for cooperation between the EU and China aimed at strengthening transport connections between Europe and Asia, which considers the TEN-T Trans European transport network and the Belt and Road Initiative. Given the urgency to proceed with the Program and the large scope of the plan, AdSP and CCCC will share their technical, professional and managerial skills to support the implementation of the Program, evaluating the possibility of developing initiatives of cooperation on specific projects, under the supervision of the Extraordinary Commissioner and in accordance with the Italian and EU legal framework. The ultimate goal of the Agreement is to strengthen the competitiveness and positive economic performance the port system of Genoa and Savona that operates at the service of the economy of Northern Italy, offering services able to meet the needs of the international market. Between 2012 and 2018, the growth in the size of ships in the Sampierdarena basin has recorded an average growth of 85% in terms of capacity, 50 m in length and 11 m in width. The aforementioned Extraordinary Program of public investments to support the commercial flows generated by the production system of Northern Italy envisages, among other things, the following urgent investments: improvement of accessibility by sea (first phase of the new breakwater) and last road and rail mile (for about 160 million euros) in the Sampierdarena port basindevelopment of shipbuilding and ship repair activities, which today concentrates around 6,500 in Genoa - 7,000 direct and processing-induced units, of which more than half are concentrated in the Fincantieri industrial hub, in this case also to adapt the yards to strong growth dimensional of the ships, with social and economic impacts particularly relevant for the territory and for the role of the city. Thanks to the aforementioned infrastructure upgrading interventions, the current handling capacity of over 1 million TEUs could double to 2 million TEUs. Still in the Sampierdarena basin alone, in terms of economic, social and productive repercussions at local and national level, the aforementioned increase in traffic could generate revenues of around €20 million per year compared to €11.5 million ($11 million) per year in 2018 as effect of the increase in taxes on goods and of anchorage connected to the size of the ship. Further significant effects will arise with regard to VAT revenue; as is well known, the port of Genoa as a whole represents 25% of the national revenue on imports for about €2.2 billion ($2.49 billion) annually which could grow significantly in correspondence with the increase in import flows. The estimated impact on employment is also positive, which, although conditioned by technological and digital innovation, will be destined to grow accordingly, with effects both on the direct employment of the port and on those of the activities along the logistics chain. Source: Autorita’ di Sistema Portuale del Mar Ligure Occidentale Copyright (C) Ports Europe. All Rights Reserved. 2019.

AdSP del Mar Ligure Occidentale (Genoa) and China Communication Construction Company sign cooperation agreement

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AdSP del Mar Ligure Occidentale (Genoa) and China Communication Construction Company sign cooperation agreement

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