Belt and Road Initiative: Positive vision to enhance international cooperation and economic sustainability

Days ago, the Third Belt and Road Forum for International Cooperation (BRF III) was convened, ten years after the launch of this important, leading initiative, which aimed to enhance confidence in the future and positive outlook for international cooperation and achieve world peace and prosperity.

The Silk Road is a significant example of joint efforts, led by China, to develop infrastructure and enhance cooperation between countries and international organizations. The initiative was based on clear principles that had been founded on consultation, participation, and mutual benefits and laid the foundations for achieving multilateralism and ensuring fair and equitable global governance. Thanks to the commitment of many countries and international organizations, more than 150 cooperation agreements related to the Belt and Road Initiative (BRI) have been signed. The initiative has also expanded to include different parts of the world, from Asia to Africa and Latin America.

What makes the BRI even more positive is the increasing focus on sustainability and environment, as it is witnessing a gradual shift to optimal use of environmental resources, including solar energy - China the world’s biggest solar panels manufacturer - wind power, hydropower, and green transportation. Thus, the Belt and Road is regarded as one of the main ways to invest in green projects.

Chinese President, Xi Jinping, expressed his country’s commitment to enhance cooperation with the world’s countries within the BRI to achieve community development and prosperity. This commitment reflects a positive vision that includes working with all stakeholders to achieve welfare and prosperity in the participating countries.

Statistics indicate that the BRI has helped raise the standard of living and reduce poverty rates in many participating countries, as it has saved approximately 40 million people from poverty in various countries. It has also attracted massive investments estimated at one trillion US dollars at the international level and has led to the implementation of more than 3,000 projects and creation of more than 420,000 jobs in the past decade.

It is also important to stress the expected positive impact of the BRI on the global gross domestic product (GDP). According to a report released by the Centre for Economics and Business Research (Cebr), the GDP is likely to increase the global GDP by USD 7.1 trillion annually by 2040. 

We also need to highlight the role of the GDP in enhancing the adoption of green technology and renewable energy. As the world’s biggest manufacturer of solar panels, wind turbines, and EV batteries, China is turning into a driving force that will enable emerging economies and developing countries to adopt technology.

Talal Abu-Ghazaleh