(CNN) Italy may be about to formally endorse China's Belt and Road Initiative, becoming the largest economy yet to back the massive global infrastructure project which is a signature policy of President Xi Jinping.

According to multiple reports, the Italian government could sign a memorandum of understanding within weeks, in hopes of attracting greater Chinese investment in its struggling economy.

If it signs the agreement with Beijing, Italy would be the first member of the G7 group of advanced economies to officially back the initiative, with the US, Japan and the UK all reluctant to come on board.

Michele Geraci, an official in Italy's economic development ministry, told the Financial Times the deal would hopefully be done in time for Xi's visit to the country in March. Italian media also reported on the plan.

"We want to make sure that 'Made in Italy' products can have more success in terms of export volume to China, which is the fastest-growing market in the world," Geraci said.