New Silk Road brings opportunities and challenges: Lawrence Wong

New Silk Road brings opportunities and challenges: Lawrence Wong

New Silk Road brings opportunities and challenges: Lawrence Wong

At the forum this year, held on Sunday and Monday, 29 foreign heads of state and government as well as chiefs of worldwide organizations, corporate leaders, senior officials and scholars gathered to chart the blueprint for the Belt and Road Initiative, which has won positive feedback from more than 100 countries.

China on Tuesday said it was up to India to join the Belt and Road project, but the doors for New Delhi "will always remain open".

"China-Pakistan Economic Corridor is a core component of your visionary initiative of the "One Belt-One Road", Sharif told Xi when they met at the Great Hall of China on Saturday, according to the Associated Press of Pakistan.

He also pledged $8bn in aid to developing countries and global organization along the belt and road for education and humanitarian work.

A day before the Summit, Baglay had said in New Delhi that, "Guided by our principled position in the matter, we have been urging China to engage in a meaningful dialogue on its connectivity initiative, "One Belt, One Road", which was later renamed as "Belt and Road Initiative".

China maintains neutrality on the Kashmir dispute between India and Pakistan.

When the Belt and Road Forum opened yesterday, what took the breath away was not the pomp and circumstance of the opening ceremony, but the ambitious and strategic vision laid out by its Chinese proponents and managers.

Countries like India and the United States are sceptical of the project and view it as a geostrategic design.

"It is my belief that Britain, lying at the western end of the Belt and Road, is a natural partner in this endeavor". The country's minister of economic affairs and energy, Brigitte Zypries, called for greater transparency in tenders, adherence to global standards, and the creation of a level playing field for all companies and countries involved, after expressing concerns that the tenders could all be snapped up by Chinese firms.

"This means that we shouldn't be complacent and should continue to work hard to make Singapore relevant", he said, noting that Singapore is doubling the capacity of its airport and seaport, which will make them more relevant in the future.

"We are of firm belief that connectivity initiatives must be based on universally recognised worldwide norms, good governance, rule of law, openness, transparency and equality. The event, what Chinese authorities have organised here, and the joint understanding of what should be done and what must be done, is very positive".

"The countries along the Belt and Road should improve the tax system, reduce the tax burden and improve the ability to manage the tax system", he stressed when speaking at the thematic debate on trade promotion as part of the Belt and Road forum in Beijing.

PM Nawaz said that Pakistan is already reaping the early benefits of the China-Pakistan Economic Corridor within the initiative of OBOR for interconnected development.

"It (Belt and Road) has bright future for development", she said, adding that the venture received a "very warm response" from the worldwide community.

One Belt One Road, OBOR aims to expand links between Asia, Africa, Europe, Latin America and beyond underpinned by billions of dollars in infrastructure investment.

Related news