Vimi Fasteners and China is a combination that the Italian company, a global leader in high-tech fastening systems, aims to strengthen even further, because 'the Asian market can represent an opportunity for the Group,' says president Fabio Storchi.

After years of slowdown due to the limitations and closures imposed by Covid, 'China is recovering,' says Andrea Storchi, who has been managing Vimi Fasteners' representative office in Shanghai for 9 years (in the photo). From this office, Storchi monitors the Asian market, with particular attention to the Chinese and Indian markets.

'With recent acquisitions, Vimi Fasteners has expanded its target markets, creating business opportunities in sectors such as infrastructure, energy, oil & gas and agriculture,' continues Fabio Storchi.

The construction, building, and automotive sectors in the Chinese market are still subdued. China's economy slowed in the second quarter, more than expected, hit by the prolonged real estate recession, weak domestic demand, and the end of growth support policies.

India, on the other hand, is showing signs of growth: the automotive market in India is a dynamic sector characterized by strong growth and a diversified vehicle offering. In 2023, the market was valued at 3.99 million units and is expected to reach 6.38 million units by 2030, with a growth of 6.94%. The industry includes the production, manufacturing, and sale of various vehicles, classified by design, utility, and purpose. Korea, Japan, and Vietnam are also sources of innovation and growth.

For Vimi Fasteners, China is also an interesting place to source raw materials and semi-finished products. 'This is an interesting prospect,' considers Fabio Storchi, 'although we must take into account the new geopolitical balances, the ever-present international tensions and the repercussions they could have on trade relations.'

In 2023, the Group generated a value of 61.9 million euros, with 273 employees, of which 28% are women and 11% are under thirty. It supplied 200 million products to 300 plants worldwide. For 55 years it has continued to innovate and produce, with its headquarters active in Novellara, in the province of Reggio Emilia.

According to forecasts, Chinese investment in AI will reach a considerable amount of 26.7 billion dollars by 2026. It is estimated that this investment represents about 8.9% of global investment in AI, positioning China as the second largest global destination for investment in the sector.
'China remains a country that invests in innovation, which means driving the applications of artificial intelligence, therefore, it must always be monitored. The government of Beijing wants to make the People's Republic of China a superpower of artificial intelligence by 2030. In China, you still need to be there, and Vimi also has a satellite in this place,' concluded President Storchi."