Panelists at the two-day 10th Belt and Road Summit underscored the role of the Belt and Road Initiative (BRI) in fostering regional cooperation and economic integration amid the economic opportunities and challenges posed by global volatility, supply-chain disruptions and technological advancements.
They also highlighted the unique role that Hong Kong plays in forging connections with different countries involved in the initiative.
Government officials from Hong Kong Special Administrative Region, Malaysia, Qatar, Saudi Arabia, Kazakhstan and Uzbekistan shared their views regarding the BRI’s contribution to developing countries in the policy dialogue session themed “Embracing Emerging Opportunities in Times of Economic Uncertainty”, held on Wednesday, the first day of the summit.
The Hong Kong SAR’s Secretary for Commerce and Economic Development Algernon Yau Ying-wah said that the BRI provides a readily available platform for international cooperation.
“One of the key strengths of the initiative is its emphasis on infrastructure development that facilitates trade and economic integration. It also generates investment, job creation, and improvements in living standards. Enterprises are reaping the benefits of enhanced targeted access, reduced trade barriers and newly acquired customers,” Yau said.
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Malaysia’s Minister of Transport Anthony Loke Siew Fook described the BRI as an alternative option for developing countries to strengthen their infrastructure.
“For the critics of the BRI, they do not provide any alternative or any solution to that. Infrastructure is the key for developing countries to uplift the social economy of the country,” Loke said.
The Malaysian transport minister said that Malaysia’s East Coast rail link could bolster more inter-trade within the ASEAN (Association of Southeast Asian Nations) region by facilitating industrialization of the country’s hinterland.
Ahmed bin Mohammed Al-Sayed, the minister of Foreign Trade Affairs of the State of Qatar, said he sees the crucial role the BRI plays in facilitating supply-chain growth and supporting Chinese mainland and Hong Kong companies in terms of infrastructure and transportation projects.
Saudi Investment Promotion Authority Chief Executive Officer Khaled Al Khattaf stressed the importance of the alignment between the BRI and Saudi Arabia’s Vision 2030, particularly in tangible opportunities from logistics and advanced manufacturing to digital innovations and green technologies.
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The CEO said Hong Kong plays an important role in the initiative. “Hong Kong has a vital role to play between East and West, a role that grows even more critical as we navigate this shifting global landscape.”
“The recent signing of memorandums of understanding between Saudi Arabia and Hong Kong provides a new institutional framework to ensure this alignment and deliver concrete results,” he added.
“Today, economic cooperation between Kazakhstan and Hong Kong is reaching a new level, opening up wide opportunities for mutually beneficial initiative and joint projects,” said Yerlan Sagnayev, vice minister of National Economy of Kazakhstan.
Deputy Minister of Economy and Finance of Uzbekistan Umid Abidkhadjaev said the BRI would stimulate cooperation potential in the areas of green transition, digital infrastructure and high-quality education.
“We are very serious about high-quality education and we are really delighted to learn that Hong Kong hosts five of the top 100 universities. It is really good for conducting exchange and leveraging Hong Kong’s potential in this aspect,” the deputy minister said.
