Boao event told of how infrastructure projects are transforming economies

Projects carried out under the Belt and Road Initiative have greatly benefited the participating countries and helped them withstand the pandemic's impact, say overseas officials and entrepreneurs who are calling for intensified international cooperation.

The China-proposed BRI has become one of the biggest international cooperation programs, boosting the fortunes of many countries, and it has great potential for further development, former Slovenian president Danilo Turk said on Thursday.

Turk made the remarks at a sub-forum of the Boao Forum for Asia, an annual conference held in China's Hainan province. The sub-forum also drew participation from speakers online.

Kairat Torebayev, Kazakhstan's vice-minister of trade and integration, said that the BRI has resulted in win-win cooperation.

With the implementation of the BRI in Kazakhstan, infrastructure development has gained a boost with the increased investment in railways, roads and ports. The projects will enhance the country's role as a regional trade center and bridge between Asia and Europe, Torebayev said.

Many other countries involved in the BRI also have the potential to promote further cooperation, including in infrastructure and trade, said Torebayev.

Viengsavath Siphandone, Laos' minister of public works and transports, said the impact of the pandemic has heightened the need for major projects such as the China-Laos Railway to spur economic growth, the minister said.

The cross-border railway, connecting Kunming in China's Yunnan province with the Laotian capital Vientiane, opened in December. At more than 1,000 kilometers, the landmark BRI railway carried more than 280,000 metric tons of international cargo within 100 days of its start.

Improving outlook

Former Pakistani prime minister Shaukat Aziz said Pakistan has been actively participating in the BRI, with the associated infrastructure projects greatly changing the fortunes of many places.

He expressed the hope that China and Pakistan will conduct more intensified cooperation in the BRI and other programs to facilitate infrastructure development and boost employment and economic prosperity in the country.

Vincent Lo Hong-shui, chairman of Hong Kong-based property developer Shui On, said the world is facing severe challenges now but the BRI provides a good channel for international cooperation.

"With abundant capital, we need to find investment destinations, and countries involved in the BRI should be a priority," he said.

China has signed more than 200 BRI cooperation agreements with 149 countries and 32 international organizations since 2013, when the initiative was proposed, according to China's National Development and Reform Commission.

Trade between China and countries involved in the BRI has grown despite the impact of the pandemic. Bilateral trade between China and these countries exceeded $11 trillion last year, an increase of more than 23 percent compared with the previous year, according to China's General Administration of Customs.