Ahead of the Group of Seven summit in Italy, notable CEOs from major corporations are set to participate in discussions aimed at supporting development initiatives.
What Happened: The chief executives of Microsoft Corp. MSFT and BlackRock Inc.BLK will attend the Group of Seven summit in Italy this week, Bloomberg reported on Tuesday.
According to Bloomberg, the summit, co-hosted by Italian Prime Minister Giorgia Meloni and U.S. President Joe Biden, will see the participation of Microsoft’s Satya Nadella and BlackRock’s Larry Fink. Additionally, heads of Italian energy companies, including Claudio Descalzi of ENI SpA and Flavio Cattaneo of Enel SpA, are expected to attend.
Microsoft, BlackRock, Enel and ENI did not immediately respond to Benzinga’s requests for comment.
The summit aims to support Meloni’s strategy to curb migrant arrivals from Africa by investing in the continent’s development. Projects on food, climate, and energy security will be unveiled, Bloomberg reported.
Meloni’s plan includes new financial instruments to foster growth in Africa, energy initiatives, and agricultural projects, such as coffee sector development. The G-7 members aim to strengthen ties with the Global South to counter China’s Belt and Road Initiative.
Why It Matters: The G-7 summit in Italy is not just about development; it also addresses global economic concerns. On June 12, it was reported that the G-7 leaders will discuss issues related to China's overproduction and export controls. The leaders are expected to deliberate on countering Chinese export controls on critical minerals and enhancing supply chains.
China has already responded to the G-7’s criticism of its trade practices. Chinese Foreign Ministry spokeswoman Mao Ning dismissed the allegations, accusing the G-7 nations of exaggerating the issue of overcapacity and setting obstacles and limitations on trade.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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