China has worked with more than 150 countries on the BRI, which is seen as Chinese President Xi Jinping’s signature foreign policy. - Reuters
BEIJING (The Straits Times/Asia News Network): Singapore ministers have reiterated the Republic’s support for China’s Belt and Road Initiative (BRI) at a high-level forum in Beijing, while also stressing the need to strengthen global supply chains and bolster international cooperation on green financing.
Speaking at the Third Belt and Road Forum for International Cooperation on Wednesday (Oct 18), Acting Minister for Transport Chee Hong Tat said that the Covid-19 pandemic has underscored the importance of supply chain resilience.
As a trading nation, air hub and sea port, Singapore believes the way to achieve resilience is by diversifying trade links and enhancing interdependence and mutually beneficial cooperation, said Chee on Wednesday, at a session titled Connectivity In An Open Global Economy.
This is why Singapore has been an early and strong supporter of the BRI, he said at the forum, which was held on Oct 17 and 18 to mark 10 years since the BRI was launched to promote infrastructure and economic development with other countries, as well as strengthen cultural ties.
The values that underpin the initiative are in line with Singapore’s objectives of developing an open, multilateral and rules-based system to strengthen global supply chains, and creating win-win outcomes for all stakeholders, he said.
Since 2013, China has worked with more than 150 countries on the BRI, which is seen as Chinese President Xi Jinping’s signature foreign policy.
More than 3,000 cooperation projects have been formed, including roads, ports and railways, with investments reaching nearly US$1 trillion (S$1.36 trillion).
Singapore supports the BRI through the Chongqing Connectivity Initiative inter-governmental project that launched in 2015. The aim is to connect western China to South-east Asia and the rest of the world, with Singapore’s involvement.
Chee said that besides being resilient, supply chains and connectivity options must also be environmentally sustainable.
“There is scope for greater international collaboration, including through the BRI, to speed up technological advancement, develop supporting infrastructure to scale up adoption and invest in (the) training of workers to prepare them for the energy transition,” he said.
Senior Minister of State for Sustainability and the Environment Amy Khor said there was great potential for the BRI to build a greener Silk Road by championing environmental protection and climate action alongside economic, social and cultural development.
The next area for collaboration is in green finance, she said at a session titled New Outlook On Green Silk Road, adding that working in this area is a natural extension for Singapore, given its status as a global trading hub and reputable financial centre.
More must be done to reduce the barriers of capital flow to facilitate investments in this area. She noted that the Monetary Authority of Singapore and the People’s Bank of China announced a taskforce in April to deepen cooperation in green and transition finance and facilitate public-private sector partnerships.
“This will help to galvanise collaboration on concrete initiatives that will catalyse capital flows to support a credible and inclusive transition to a low carbon future,” said Khor.
Singapore will do its part to contribute to sustainable development under the BRI, she added at a Wednesday session, Green Silk Road For Harmony With Nature.
“As we continue our cooperation through the BRI, we can support climate mitigation and adaptation efforts alongside economic opportunities, while being mindful that our efforts to address climate change do not inadvertently create negative environmental impacts,” she said.
