Pierluigi Peracchini, mayor of La Spezia, said the newly completed production site serves as an opportunity for the city to further develop.

"It's an important opportunity (for us) to grow, and we value the presence of the new factory because La Spezia is a world leader in the boating industry," he told China Daily.

Piero Ferrari, a member of the board of directors of the Ferretti Group and the head of the group's product development committee, said the new shipyard recognizes the company's potential for expansion as the facility epitomizes top-quality standards in terms of what the group can offer and what their clients expect.