NEW YORK - "Belt and Road Initiative is?an ambitious forward-looking plan, opening new opportunities that American businesses can benefit from," Michael Bloomberg, founder of Bloomberg L.P. and former New York City mayor said on Wednesday.

At an event titled "China: Navigate the New Silk Road" in New York, Bloomberg told hundreds of audience that the Belt and Road Initiative?is nothing less than a new Silk Road, with both promising in offering new opportunities for trade and investment between East and West.

The Belt and Road Initiative, or the Silk Road Economic Belt and the 21st Century Maritime Silk Road, were put forward by Chinese President Xi Jinping during his overseas visits in 2013.

The Silk Road Economic Belt is slated to be established along the ancient Silk Road trade route -- which stretched northwest from China's coastal area through Central Asia, the Middle East and on to Europe -- while the maritime Silk Road will run through the country's southern part to Southeast Asia.

Under the initiatives, highways, railways and air routes will be established, and Chinese regions will further integrate resources, policies and markets to connect with the outside world.

Bloomberg said that the initiatives include major expansion of Chinese infrastructure investment throughout the region, which is one of the best ways to start economic growth and raising living standards.

Zhang Qiyue, Chinese consul-general in New York and the keynote speaker of the event, noted that the initiatives are open for cooperation to all countries and international organizations.

"It covers, but is not limited to, the area of the ancient Silk Road. I really hope that American businesses and enterprises will participate actively in the initiatives," Zhang said.

According to Bloomberg, the initiative also build a strong foundation for the next generation of Chinese economic growth.

"Chinese economy has been one of the greatest successful stories in modern history and is now entering a new phase," he said.

"(The world economy) is not a zero-sum game, and a good relationship between the US and China is a win-win situation," he said.