KUALA LUMPUR: The East Coast Rail Link (ECRL) project can be one of the test cases for the Belt and Road Initiative (BRI), especially in terms of financing and long term risk mitigation, Deputy Minister of International Trade and Industry (Miti) Dr Ong Kian Ming said today. He said Malaysia has renegotiated the project, setting a new framework in terms of understanding how the project can be financially viable and sustainable in the long term. “As part of the memorandum of agreement, which was signed between the Malaysian Investment Development Authority and China Communications Construction Ltd, the turnkey contractor has the obligation to build full infrastructure. “In addition there is also the obligation to build transit-oriented development for the stations along the ECRL as well as to build logistics hub for these stations so that the entire ecosystem in terms of goods as well as passenger-cargo being utilised can be enhanced,“ he said at the launch of Belt and … [Read more...] about ‘ECRL can be test case for Belt & Road Initiative’
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Belt, Road gains more recognition, survey says
Belt, Road gains more recognition, survey says JIANGSU, China — The Belt and Road Initiative has been gaining more recognition globally and will help support economic development across Asia and beyond, according to a survey released at a media and think tank exchange event in Nanjing, Jiangsu province, on Saturday. The 2019 “The Belt and Road” Media and Think Tank Exchange Event attracted mainstream media representatives and think tank experts from 17 countries, including Russia, Pakistan, Mongolia and India. The report released during the event, titled Leading a New Round of Global Opening up and Cooperation-The Belt and Road in the Eyes of the International Community, found that the global community’s recognition of the initiative has been increasing each year. China’s neighboring countries have the best understanding of it, according to the report. In a 2017 survey in six ASEAN countries - Indonesia, Thailand, … [Read more...] about Belt, Road gains more recognition, survey says
Singapore, China ink deals on trade, Belt and Road projects
BEIJING - Singapore and China signed five agreements on Monday (April 29), drawing closer in their collaboration on trade, law enforcement and projects under the Belt and Road Initiative (BRI). The deals were inked after Singapore Prime Minister Lee Hsien Loong's meeting with Chinese Premier Li Keqiang at Diaoyutai State Guesthouse. Earlier, Mr Lee also met President Xi Jinping at the Great Hall of the People. Singapore's Ministry of Trade and Industry (MTI) sealed two new partnerships. In one, Minister for Trade and Industry Chan Chun Sing and Shanghai mayor Ying Yong agreed to set up a ministerial-level Singapore-Shanghai Comprehensive Cooperation Council. Through this platform, both sides will cooperate in six areas: the BRI, financial services cooperation, technology and innovation, ease of doing business, urban governance, and people-to-people exchanges. Incoming Deputy Prime Minister and Finance Minister Heng Swee Keat and Mr Ying will co-chair the … [Read more...] about Singapore, China ink deals on trade, Belt and Road projects
Xi urges more countries to join Belt and Road project
Chinese President Xi Jinping has called for more countries to join his pet mega project, the Belt and Road Initiative (BRI), even as world leaders expressed their support and rejected protectionism. In a joint communique at the end of the Belt and Road Forum in Beijing, Mr Xi and foreign leaders agreed to further open their markets and promote green growth and sustainable financing for BRI projects. Mr Xi made similar points at a 15-minute press conference that closed the three-day event, where Beijing has sought to address international criticism over the project to revive old trade links. "All interested countries are welcome to join us. We are committed to supporting open, clean and green development, and rejecting protectionism," he said. The press conference - where Mr Xi did not take questions - was held after meetings with the world leaders attending the summit, the second edition of the forum. Conceived in 2013 by Mr Xi, the BRI aims to build a vast mercantilist framework … [Read more...] about Xi urges more countries to join Belt and Road project
The Belt and Road gathers steam
In 2017 the forum was attended by 29 heads of state, along with representatives from many countries, including Thailand. This year nearly 40 heads of state joined, including the leaders of all 10 Asean countries. Clearly, interest and engagement in the BRI has steadily increased. At the time of the 2017 forum there were around 100 participating countries; this had grown by the end of last year to more than 122 nations and 29 international organisations. There were a number of points of particular interest to me at the forum. One was the strong emphasis on green finance, which was one of the more frequently noted themes during the bankers’ meeting. A working group had prepared ahead-of-time guidelines of Green Investment Principles for the Belt and Road and these stated that “It is a common responsibility of global financial institutions to make green investment, reduce polluting investment and promote green economic transformation and sustainable development of the … [Read more...] about The Belt and Road gathers steam