Belt and Road Creates A New Engine of Economic Growth for Countries in Europe, Asia and Africa
The impact of the Belt and Road has continued to spread. Especially in the post-pandemic era, China and countries in Europe, Asia and Africa have restored their production capacities to build new engines for economic growth. This will inject new momentum into the economic growth of countries along the Belt and Road region.
Countries in Belt and Road region expect deeper cooperation with China
Since the Belt and Road Initiative was put forward ten years ago, China’s cooperation with countries in Europe, Asia and Africa have achieved tremendous progress, and countries along the Belt and Road region have benefited from this a lot. According to data from the Ministry of Commerce of China, since the Belt and Road was proposed in 2013, the cumulative trade volume of goods between China and countries along the Belt and Road already amounted to USD 11 trillion, with the two-way investment exceeding USD 230 billion by the year 2021.
In the China and Eurasia-Africa Investment and Trade Forum which was held recently, Somali Ambassador Awale Ali Kul-lane said that the participation in the joint construction of the Belt and Road has created new opportunities and opened up new markets for the Somali economy. He also said that Somalia is located in the “Horn of Africa”，bordering the Gulf of Aden to the north and the Indian Ocean to the east. It has a superior geographical position and strong potential advantages in terms of natural resources (oil, natural gas and minerals), renewable energy (wind and solar energy), planting, animal husbandry, mining and other fields. He hopes that more Chinese enterprises can invest in Somalia to truly promote the economic, trade and social development of both sides.
Leah A. Mofomme, Chairperson of the Private Security of Industry Regulatory Authority of South Africa, said that the freedom and equality enjoyed by the people of South Africa at present was hard-won and should be cherished. South Africa is rich in natural resources and has great development potential. However, this development must be based on the respect for human rights. The significance of establishing the Private Security of Industry Regulatory Authority is to ensure the legitimate and compliant operation of the private security industry, improve the level of safety, provide a safe and sustainable development environment, and protect human rights. She revealed that the profit margin of the private security industry is very high, at about RMB 100 billion per year. “South Africa is willing to work closely with Chinese enterprises in fields such as internet technology and artificial intelligence, so as to strengthen local talent cultivation, and jointly promote the development of private security in more African countries, she said.
“This year marks the tenth anniversary of the proposal of the Belt and Road Initiative by Chinese President Xi Jinping. Of course it is one of the most important international programs in the world today. It aims to promote harmonious relations and common development between countries across the world, and it has provided a wide range of opportunities for the socioeconomic transformation of the entire region and Kyrgyzstan. I believe that its further successful implementation will deepen integration and expand economic partnerships, and improve infrastructural construction and cultural interaction in Central Asia,” said Alikbek Jekshenkulov, former Minister of Foreign Affairs of Kyrgyzstan. He believes that maintaining a stable political and economic environment is crucial for the development of Central Asia due to the complex and ever-changing world situation. Central Asian countries have a long history, unique cultures, significant geographical advantages, and great potential for development. He also hopes that enterprises from Kyrgyzstan and China can make full use of international platforms such as foreign trade conferences, and establish connections, strengthen communication, and jointly promote cooperation in areas such as transportation, energy, healthcare, water conservancy, education, logistics and infrastructure.
Georgios Chatzipetros, Counsellor for Economic and Commercial Affairs, the Embassy of Greece in China, expressed that both China and Greece are great civilizations with very long histories, which have laid a solid foundation for bilateral cooperation. He said that Greece has overcome the various crises and challenges brought about by the COVID-19 pandemic, achieving a GDP growth rate of 5.6% in 2022. In addition, this year’s economic growth is expected to be close to 2%, which is far higher than the E.U. average. In recent years, Chinas investment in Greece has significantly increased, covering various fields such as infrastructure, energy, and real estate. For example, the Port of Piraeus project which was invested in by COSCO Shipping has become the flagship project of bilateral cooperation, and has not only exceeded the expectations of both sides, but also has great development potential as one of the worlds top ten shipping hubs. In the future, Greece will strengthen its promotion in the audiovisual production, food and agriculture, energy, life sciences, and tourism industries to attract more investors.
Pakistan is the first country to launch the Belt and Road pilot project in the name of the China-Pakistan Economic Corridor. Aslam Chaudhary, Economic Minister of the Embassy of Pakistan in China, said that the China-Pakistan Economic Corridor is a network composed of roads, railways and air routes. The corridor starts from the north and connects Gwadar port to the Arabian Sea in the south. Gwadar Port is becoming Pakistan s third port in the Arabian Sea and one of the most renowned deep-water ports in the world. “This economic corridor will establish ties with Central Asian landlocked countries and Afghanistan. It will bring economic opportunities to many countries and regions, including the Middle East, China and Africa,” he said.
Botswana, which is famous for its diamonds and beef, has very rich tourism resources. Nomasa Daphne Mlotshwa, Minister Counsellor of the Embassy of Botswana in China, said: “we have established a tourist center base, hoping to attract more tourists from all over the world. About 45% of the land is currently planned to be wildlife parks and other national parks. In this field, we still have great development potential. In addition, the government of Botswana will also provide preferential policies for foreign investment. We can learn from China’s advantageous industries, especially the deep application of technologies in the agricultural field. We are still backward in this regard and we look forward to deeper cooperation with Chinese enterprises.”
Georgia was one of the first countries to join the Belt and Road Initiative. According to Besik Sharashenitze, Senior Counsellor of the Embassy of Georgia in China, China is Georgia’s third largest trading partner and Georgia’s largest commodity exporter. The trade volume between the two countries has already reached USD 2 trillion. Georgia is also the world’s third least-taxed country and has enormous potential in fields such as renewable energy and tourism development.
Aziz Muysinalyiev, Import and Export Affairs Manager of the Representative Office of the Ministry of Investment, Industry and Trade at the Uzbekistan Embassy in China, stated that Uzbekistan has obvious advantages in fields such as agriculture, pharmaceuticals, the automotive industry, the high-tech industry, textiles and education. China is Uzbekistan’s second largest trading partner, with the bilateral trade volume reaching USD 8.9 billion in 2022. In addition, Uzbekistan currently has 1,823 Chinese funded enterprises, including 1,150 enterprises which are wholly invested in by China and 673 joint ventures. The advantages of abundant resources, generous incentive policies, and a competitive labor market will create a favorable environment for Chinese investors.
Building a green supply chain will be the key
Nowadays, jointly building a healthy, green, and digital Silk Road has become a new direction for all parties.
Niu Yongwang, Deputy General Manager of the Power and General Industry Division of Bureau Veritas Group, believes that building a green supply chain is crucial. “Nowadays, Chinas exported products are facing new requirements, such as whether the supply chain is green and if all the components meet green standards. Many enterprises only see the increased costs, but this is an inevitable path and will bring new challenges.w
Niu Yongwang believes that with the advancement of digitalization, informatization, the industrial Internet of Things and the industrial Internet, there will be more demand for product security and reliability. Only products that have passed certifications will successfully be able to enter the local market.
Hu Xiujuan, General Manager in charge of the Eastern Europe and Central Asia business of China Meheco Corporation, said that since 2016, the pharmaceutical business has been officially incorporated into the framework of the Belt and Road. Looking at the world’s leading pharmaceutical enterprises, they have all experienced transnational and trans-regional operations at a certain stage of development, and have gradually grown into international enterprises. How to leverage the national development strategy and the Belt and Road Initiative to formulate its own outbound investment strategies that meet the development conditions, and promote the global distribution of pharmaceutical strength products is a common problem faced by state-owned pharmaceutical enterprises with a global perspective. Relying on the excellent domestic pharmaceutical enterprises and leading medical device enterprises, China Meheco Corporation has been going overseas with its partners and has deeply engaged in localized production and building of supply chain systems of countries along the Belt and Road. It has given play to the international leadership and platform role of state-owned enterprises, and has helped improve and upgrade the pharmaceutical and medical device industries of local regions. In addition, China Meheco Corporation has worked with local distributors and dealers with extensive marketing networks and resources in the Belt and Road countries to provide high-quality medical products for local hospitals and pharmacies.
Gao Qian, Chairman of Anhui Zhongwei Weiyuan Biotechnology Co., Ltd., believes that during the pandemic, the partners of the Belt and Road offered valuable support to China. She hopes that Chinas scientific and technological products will also empower the health of people around the world.