Navigating Tomorrow: the Future Landscape of Belt & Road Initiative
The Belt and Road Initiative, led by the People’s Republic of China, is a strategic endeavour aimed at linking Asia, Africa, and Europe through both land and maritime networks. The primary objectives include enhancing regional integration, fostering increased trade, and catalysing economic growth. Strives to foster elevated development standards through enhanced openness, intending to extend China’s developmental prospects to the global community.
Rani Jarkas, a chairman of a distinguished financial services firm. With more than 20 years of experience in the finance industry. Specialising in Private Wealth Management, Investment Management, and Financial Advisory Services, Rani Jarkas serves a global clientele, including high-net-worth individuals, entrepreneurs, family offices, and corporations. His dedication extends beyond financial expertise, contributing to the growth and network expansion of the company.
With his extensive experience travelling to BRI countries, he has witnessed the transformative impact of Chinese investments in these regions that are part of the BRI. These investments have facilitated communication, business growth, enhanced mobility, and ultimately improved living standards. He believes that the BRI will emerge as a primary driver of global economic growth, fostering prosperity and growth in communities worldwide, following a mutually beneficial approach.
Derived from the historical Silk Road, the Belt and Road Initiative (BRI) project relies on China’s historic ties with its neighbours along the Silk Road to forge new connections, revitalising the distinctive Chinese essence. Initiated in 2013 under the leadership of President Xi Jinping, this extensive array of development and investment initiatives was initially designed to connect East Asia and Europe through physical infrastructure. Over the past decade, the project has expanded its reach to encompass Africa, Oceania, and Latin America, thereby substantially amplifying China’s economic and political influence.
As of now, 147 nations, constituting two-thirds of the global population and contributing to 40 per cent of the world’s GDP, have either signed on to projects or expressed interest in doing so. The initiative aligns with the UN 2030 Agenda for Sustainable Development and harmonises with the development strategies of diverse nations. It has resulted in more than 3,000 cooperative projects, encompassing national landmarks, livelihood initiatives, and significant milestones of collaboration.
According to estimates from the World Bank, by 2030, investments related to the Belt and Road Initiative could elevate 7.6 million people out of extreme poverty and 32 million out of moderate poverty. Members of the Belt and Road Initiative (BRI) encompass not only U.S. allies and partners like Greece, Italy, Saudi Arabia, and the United Arab Emirates but also countries aligned with China geopolitically, such as Cambodia and Laos.
From the Chinese standpoint, the strategy involves cultivating markets for its products through the hardware connectivity provided by the Belt and Road Initiative (BRI). Simultaneously, it entails investing in technology transfer to ascend the value-added chain swiftly. This approach aligns with the imperative to address immediate industrial excess capacity domestically. Moreover, in the long term, it aims to establish a global platform facilitating trade and investment with countries participating in the Initiative, where China assumes a central role.
Rani Jarkas, this marks the inaugural participation in the BRI annual event, coinciding with its 10th anniversary. Highlighting that China’s efforts have led to a rapid increase in global infrastructure investments, enhancing the connectivity of infrastructure projects, networks, and transportation and fostering closer ties among people in various nations. He firmly views the Belt and Road Initiative as a significant initiative and a global asset that contributes to advancing the future development of the world.
Rani Jarkas envisions and anticipates highly successful, productive, and collaborative partnerships among numerous governments and economies worldwide. This collaboration aims to advance technologies and infrastructure development in the future. Rani Jarkas believes fostering better cooperation among countries can be achieved through dialogue and face-to-face meetings. The Asia-Pacific region, in particular, is poised for significant growth, and many nations are seeking substantial cooperation, led by China.
General multilateral discussions and specific bilateral talks are expected to enhance collaboration, addressing economic concerns and promoting growth, infrastructure projects, and increased trade. This becomes especially crucial as the global economy experiences a slowdown with rising inflation. Rani Jarkas acknowledges the accomplishments of the Belt and Road Initiative (BRI) in promoting regional connectivity, economic development, and sustainability within the Asia-Pacific region.
The Belt and Road Initiative (BRI), led by China, aims to connect Asia, Africa, and Europe for trade, economic growth, and regional integration. Rani Jarkas, Chairman of Cedrus Group, supports BRI’s transformative impact and envisions successful global partnerships.
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China Daily – Belt and Road Initiative win-win for everyone
China Daily – BRI brings more opportunities to benefit all