Atlantic Council EUROPE CENTER
ISSUE BRIEF
The Europe Center conducts research and uses real-time analysis to inform the actions and strategies of key transatlantic decisionmakers in the face of great power competition and a geopolitical rewiring of Europe. The Center convenes US and European leaders to promote dialogue and make the case for the US-EU partnership as a key asset for the United States and Europe alike.
Doing as the Romans do: Recommendations for the infrastructure development agenda for Italy’s G7 presidency JULY 2024
James Batchik, Rachel Rizzo, and Nick O’Connell
Introduction
Infrastructure development is a central component of the West’s global engagement strategy. This effort, if done effectively, could be a strategic, economic, and geopolitical feat. The development of sustainable and secure infrastructure carries the potential to create economic prosperity for countries aspiring to move up the global value chain, support the world’s green transition, provide an alternative to China’s exploitative investments, and strengthen the Western-led order. The Group of Seven (G7) countries have varying plans for infrastructure development in cooperation with various partners around the globe, with particular focus on the Global South. Launched in 2022, the G7’s Partnership for Global Infrastructure and Investment (PGII) aims to mobilize $600 billion in capital for development projects by 2027.1 In Europe, the European Union’s (EU) Global Gateway will invest 300 billion euros by 2027 in global infrastructure projects on behalf of the bloc.2 Italy’s Mattei Plan, launched in January 2024, brings a direct focus on infrastructure development in Africa.3 Further abroad, the Group of Twenty (G20) partners signed the India-Middle East-Europe Economic Corridor (IMEC) memorandum in 2023, which aims to directly counter China’s Belt and Road Initiative (BRI) and cut down transit time between India and Europe.4 These initiatives are a good start. However, all G7 members face various challenges that could ultimately hamper progress on these initiatives, most notably: geopolitical challenges, limited funds, skittishness from private sector investors, and lack of coordination. For these initiatives to have a lasting impact, the G7 and likeminded 1.
“President Biden and G7 Leaders Formally Launch the Partnership for Global Infrastructure and Investment,” White House, June 26, 2022, https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/26/factsheet-president-biden-and-g7-leaders-formally-launch-the-partnership-for-global-infrastructure-and-investment/.
2.
“Global Gateway: Up to €300 Billion for the European Union’s Strategy to Boost Sustainable Links around the World,” European Commission, December 1, 2021, https://ec.europa.eu/commission/presscorner/detail/en/ ip_21_6433.
3.
Alissa Pavia, “Italy’s Mediterranean Pivot: What’s Driving Meloni’s Ambitious Plan with Africa,” Atlantic Council, February 5, 2024, https://www.atlanticcouncil.org/blogs/new-atlanticist/italys-mediterranean-pivot-whats-driving-melonis-ambitious-plan-with-africa/.
4.
“World Leaders Launch a Landmark India-Middle East-Europe Economic Corridor,” White House, September 9, 2023, https://www.whitehouse.gov/briefing-room/statements-releases/2023/09/09/fact-sheet-world-leaderslaunch-a-landmark-india-middle-east-europe-economic-corridor.