HONG KONG (China Daily/Asia News Network): Officials from countries involved in the Belt and Road Initiative (BRI) pledged at a summit on Sept 13 to further enhance their cooperation under the framework for greater connectivity and mutual benefits.
“Strengthening the Belt and Road Initiative will be always at the forefront of our foreign policy strategy, given the fact that so far we have taken so much profit out of it,” said Hungary’s Minister of Foreign Affairs and Trade Peter Szijjarto, on the first day of the eighth Belt and Road Summit in Hong Kong.
In a panel discussion titled “Belt and Road Initiative as a Catalyst for Regional Cooperation and Development”, Szijjarto said both his country and many businesses in Europe are against “decoupling” because the European Union cannot regain its economic competitiveness without close East-West cooperation.
With the BRI marking its 10th anniversary this year, the summit was held with the theme “Prospering on a Decade of Collaboration”.
The two-day event was jointly organised by the Hong Kong Special Administrative Region government and the Hong Kong Trade Development Council. Nearly 6,000 people from around the world registered for the event.
Noting that cooperation under the BRI has contributed greatly to Malaysia’s economy through projects such as “Two Countries, Twin Parks" and the East Coast Rail Link, Malaysia’s Deputy Minister of Foreign Affairs Mohamad Alamin said his country is also eager to work with Hong Kong, a global financial hub, in Islamic finance.
“This aligns seamlessly with the financial integration of the BRI, which holds great potential as the global Islamic finance industry’s current worth stands at $4 trillion,” said Mohamad.
Vietnam’s Minister of Planning and Investment Nguyen Chi Dzung, who was also part of the panel discussion, made three proposals for future BRI cooperation focusing on digital, green economy and innovative development models, as well as facilitating the advancement of development cooperation, particularly in bolstering road network connectivity.
He also urged participating countries to promote win-win cooperation based on principles of equality, sincerity, mutual benefit and international laws.
“With unwavering commitment and creativity, we are confident that the collective efforts of Vietnam, China, and other countries in the region will continue to deliver even greater success, advancing us further along the path to shared prosperity,” said Dzung.
He added that China has consistently maintained its status as Vietnam’s biggest trading partner and emerged as its second-largest investor in the first eight months of this year.
China’s trade in goods with countries along the Belt and Road jumped 9.8 per cent year-on-year in the first half of 2023, 7.7 percentage points higher than the country’s overall trade growth during the same period, according to data released by the General Administration of Customs in July.
Moderating the session, Hong Kong’s Secretary for Commerce and Economic Development Algernon Yau Ying-wah said the connectivity of BRI extends well beyond the infrastructure level to many other aspects of development such as people, culture, policy, and capital.
“We have been and we will always be a connector between the East and West,” said Yau, noting the city, which has the unique advantage of practising “one country, two systems” as part of China, will continue to be an open, competitive, and attractive place for forging partnerships and exploring opportunities around the world.
