President Xi Jinping paid a state visit to the Principality of Monaco on Mar. 24 at the invitation of Prince Albert II of the Principality of Monaco, marking a historic moment in the bilateral relationship, which is very promising, the Monacan finance and economy minister said.

Since diplomatic ties were established between China and Monaco, the commercial relations between the two countries have grown remarkably. Bilateral trade volume has increased by a factor of eleven within two decades and the two sides have expanded cooperation in multiple areas, from traditional tourism and cultural industries to mobile communications and high-tech fields, Jean Castellini, Minister of Finance and Economy of Monaco, said in an interview with People’s Daily,

Castellini said that Monaco attaches great importance to developing economic and trade ties with China. Prince Albert II visited China in September last year, and reached a series of cooperation intentions and agreements, which impressed the business community in Monaco.

The minister indicated that China is a world leader in the development of infrastructure, high-tech, and other fields. Monaco, holds advantages in clean energy, environmental protection, and financial services.

In addition, the experience accumulated by the two countries in the process of economic changes also helps to promote further exchanges and cooperation between the two sides.

China’s Belt and Road Initiative reflects China’s determination to adhere to the policy of opening-up and shows the nation’s willingness to share its development with the world, Castellini commented.

The Monacan government has always maintained a high degree of interest in the construction of the Belt and Road, he continued, expressing hope for more plans for further cooperation under the Belt and Road framework.