Italy May Tighten Grip on Strategic Firms, Siri Tells Messaggero

(Bloomberg) -- Italy’s government may boost its so-called “Golden Power” to strengthen control over nationally strategic company sectors including defense, transportation, energy and telecommunications, League economic adviser Armando Siri told newspaper Il Messaggero.

Siri’s comments come amid a growing debate within the Italian government on balancing rules to protect national interests in deals with foreign entities, while also letting the accords go forward. The debate has intensified before Chinese President Xi Jinping’s visit to Italy expected later this week.

Deputy Premier Matteo Salvini has warned against the risk of “foreign powers” influencing Italy’s economy and politics and about any involvement of Huawei Technologies Co. in 5G telecoms.

Fellow Deputy Premier Luigi Di Maio said last week that current norms on Golden Power are not sufficient in particular in the telecommunications sector. “So any economic entity, not necessarily Huawei, which wants to take part in tenders for our 5G, but also other telecoms infrastructures, must respect the conditions we set,” Di Maio said.

To contact the reporter on this story: Chiara Albanese in Rome at calbanese10@bloomberg.net

To contact the editors responsible for this story: Chad Thomas at cthomas16@bloomberg.net, Kevin Costelloe

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