The theme for this year’s event, which has been held since 2013, was “Building the Belt and Road, Realising Our Vision for a Community with a Shared Future”.

“China wants to join hands with ASEAN for cooperation, construction, mutual benefits, building,  trade facilitation and people-to-people understanding. We want to cooperate in infrastructure upgrading too. We are trying to have closer China-ASEAN relationships,” said China’s Vice Minister of Commerce Yu Jianhua in his opening speech at the event.

China will start construction work for Belt and Road Initiative in 2021. The project, a global development strategy adopted by the Chinese government involving infrastructure development and investments in 152 countries and international organisations in Asia, Europe, Africa, the Middle East, and the Americas, was proposed by China’s President Xi Jinping in 2013, and has so far garnered the supports of 152 countries. The main goal for the project is for China to promote trade and economic cooperation between the countries of the world by forming an economic corridor stretching from east to west.

During held Belt One Road Forum in Beijing in April, leaders from more than 30 countries signed BRI cooperation agreements. Representatives from more than 150 countries and 90 international organisations also signed more than 280 agreements valued at more than US$64 billion in connection with the initiative.

“China has signed agreements with all ASEAN countries for the project and has also proposed China-ASEAN Strategic Partnership Vision 2030. The China ASEAN Free Trade Area Agreement will come into effect,” said Yu.

Although ASEAN leaders have agreed to the BRI project, they say they wish for more initiatives that bring prosperity to both sides.

“I have just one suggestion in implementing the BRI, which is to prioritise BRI proposals and the Master Plan for ASEAN Connectivity and 2025 ASEAN Smart City Network. The establishment of economic corridors must be a push for sector-wide development in trading, investment, tourism, benefits for agricultural products and special economic zone. I hope it will be driven by development for all the countries along the project area especially developing countries. I want it to be of benefit to the people of Laos and the countries along the BRI project area,” Laos Deputy Prime Minister Sonexay Siphandone.

The investments models under the BRI framework can be used in various ways and for cooperation with the private sector, It can be taken as a suggestion for private-sector development of countries in ASEAN depending on the BRI project, said Siphandone.

On the other hand, regional unity plays an important role in the ASEAN economic community and is the reason for sustainable regional economic development. Establishing roads, ports, railroads, financial and banking systems, and power infrastructures between countries are important for growth in trade, tourism, investment and interaction between people, said Myanmar Vice President U Myint Swe.

“China-Myanmar cooperation brings economic benefits and projects are carried out in accordance with Myanmar’s national plans and priorities with socially responsible and environmentally conservative models. We need to find methods for balanced and compatible cooperation for ASEAN Blueprint 2025 and China’s BRI project. Compatibility between prioritised projects will develop bilateral and regional trade. It will also develop interaction between ASEAN and China. We hope for cooperation with mutual benefits and expect to find opportunities for universal prosperity,” U Myint Swe said.

Myanmar has cooperated with China in implementing of Myanmar-China Economic Corridor, Myanmar-China Border Economic Cooperation Zone, Kyaukphyu Deepsea Port and Special Economic Zone, and Greater Mekong Subregion Cooperation Programme. But detailed information on the implementation of these projects and what benefits Myanmar will see benefits from these projects is still scarce.

“Cambodia supports the BRI project. This proposal offers many benefits for Cambodia’s infrastructure. Construction in Siem Reap has been very helpful for the state’s travel sector. Road infrastructure and businesses have also benefited a lot,” Cambodia’s Deputy Prime Minister Hor Namhong said of BRI projects in his country.

This proposal brings the benfits of integration in the region and opens the economic door wider. For example, it creates better environment for infrastructure construction, trade, investment, finance and monetary sectors. And it means a lot to cooperation between Asia, Europe and Africa, said Hor.

It’s likely that China’s trade volume with ASEAN countries will reach US$1 trillion by 2020, while investment volume is projected to reach US$500 billion, said Deputy Prime Minister of Cambodia Hor Namhong.

Myanmar remains the biggest trade partner of China with a trade volume of over US$9.6 billion in fiscal 2018-2019, while China is the second-largest investor volume in Myanmar.

In the BRI project, Myanmar is part of the BCIM Corridor, which includes Bangladesh, China, India, and Myanmar. Another BRI project is the Shwe Gas Pipeline from Kyauk Phyu Port in Rakhine State through Magway, Kyaukpadaung, Chauk, Pyin Oo Lwin, Lashio, and Muse until it reaches Kunming of China.

The projects offer good trade, infrastructure and tourism development opportunities for Myanmar observers say. – Translated

Source: https://www.mmtimes.com/news/bri-project-set-benefit-asean-countries-observers-leaders-say.html