According to Chinese President Xi Jinping, the Belt and Road program now spans from the Eurasian continent to Africa and Latin America, with more than 150 countries and 30 international organizations signing agreements.
The Hong Kong annual Belt and Road summit which is a two days event which begins on Wednesday is set to welcome senior government officials, business leaders, policymakers and finance executives from all across Asia, Africa and Middle East.
Taking place at the Hong Kong Convention and Exhibition Centre the summit has a theme “Building a connected, innovative and green Belt and Road”. The theme accelerates the push in order to boost green investment infrastructure and many other trade related projects.
John Lee, chief executive of Hong Kong, and Dr. Peter Lam, chairman of the Hong Kong Trade Development Council will feature remarks in the opening session of the summit. Nurlan Baibazarov, Deputy Prime Minister and Minister of National Economy of Kazakhstan, will also address delegates on the first day of the event.
The event will enable project owners and investors to hold talks as well as feature more than 280 investment projects. The focus of the project investment sessions will be on four main areas like energy, natural resources and public utilities; innovation and technology; urban development; and transport and logistics infrastructure.
Organized by the Hong Kong government and Hong Kong Trade Development Council, the annual summit serves as a platform for the businesses and policymakers to recognise the investment schemes. The summit also allows them to share their opinions and insights on potential avenues of cooperation.
The countries that are a part of the annual summit allows them to explore trade and investment opportunities along the Belt and Road in more than 65 countries.
Aiming to connect Asia, Africa and Europe, the Chinese-led initiative wishes to improve regional integration, stimulate economic growth and increase trade. Its goals include improving China’s land access to markets in Asia, Russia, and Europe, as well as connecting China‘s coastline regions to sections of Asia, the South Pacific, the Middle East, and eastern Africa via a marine corridor.
The initiative which was launched in 2013 has evolved to become the largest infrastructure sought to be undertaken by a single country. The value of investments has risen to over $1 trillion as estimated by the World Economic Forum.
According to Chinese President Xi Jinping, the Belt and Road program now spans from the Eurasian continent to Africa and Latin America, with more than 150 countries and 30 international organizations signing agreements.
The Green Chapter will make its debut at the summit. The initiative aims to strengthen the global platform for greener investment while featuring thematic sessions on green construction, innovation and finance.
The Green financing market of Hong Kong has thrived in the past few years with the total debt issued, green and sustainable to pass $50 billion in 2023. First ranked in the Asian market, the Green bonds arranged for issuance in Hong Kong accounted for 37% of the total as the data by HKTDC.
China’s trade and investment ties with Arab countries are already deep and strong. Well positioned to take advantage of the Belt and Road’s infrastructure plan, the broader Middle East, Turkey and North Africa is a part of the summit.
The economic diversification agenda along with the region’s geographical position especially in the Gulf Cooperation Council has created the potential for increased trade and investment. China is known to be one of the largest foreign direct investors in the Middle East. The country is working towards reducing their independence on fossil fuels and is on the path of becoming a key partner to the regional governments.
Several Chinese corporations and governmental organizations are already working on multibillion-dollar projects in sectors such as road infrastructure, transportation, special economic zones, green energy, and sustainable development.
Saudi Arabia and the UAE, the two largest Arab economies, have strengthened trade and investment links with China in recent years. At an investment conference in Beijing in December, Saudi Arabia and China signed 60 deals totalling more than $25 billion in industries such as energy, agriculture, tourism, mining, financial services, transportation, infrastructure, and technology.