Developing countries become BRI's biggest beneficiaries

BEIJING, April 25, 2019 /PRNewswire/ -- A news report by on Belt and Road Initiative:

After two years, many heads of state will gather again in Beijing to chart the course for future cooperation at the second Belt and Road Forum for International Cooperation. A large proportion of them are from developing countries.

Arguably, developing countries are the biggest beneficiaries of the cooperation under the Belt and Road Initiative (BRI) framework. These countries boast rich natural resources, but at the initial stage of industrialization and urbanization, they lack capital and external support in technology, equipment and financing. Getting involved in the BRI means access to high cost performance products as well as medium-and high-end manufacturing capacity from Chinese enterprises. The advanced technology and ideas of Western multinationals will also become available. All these factors are essential for developing countries to improve their technology and R&D capacity, which are key to accelerating industrial transformation and upgrading.

Infrastructure has been a major focus of the BRI cooperation. According to statistics from Rand Corp, exports in the BRI region have been improved by 2.8% due to the rail connection between trading partners. Meanwhile, research suggests that every 1% of GDP invested in infrastructure can translate to more than 1 million jobs, either directly or indirectly. As China has relatively advanced technologies and extensive experience in infrastructure projects overseas, developing countries have received tangible benefits through cooperation under the BRI. Furthermore, foreign investors, including those of western countries, can also benefit from those projects which seek mutual benefit in a wider scope.

Take, for example, the Sino-Myanmar pipeline. This project serves not only as a gateway to the natural gas market in Myanmar, but also as a stimulus to promote employment. Statistics show that, as of the end of this January, the direct economic yield contributed by this project to Myanmar had reached US$210 million, with a total of 2.9 million jobs created.

The list of such projects has continued to grow since the first B&R Forum for International Cooperation in 2017. And so far, all the 279 projects signed during the first forum have been completed.

As Chinese President Xi Jinping said in his speech at the opening of the first B&R Forum, "Peaches and plums do not speak, but they are so attractive that a path is formed below the trees." The fruitful achievements of the BRI are attracting more and more countries. And we welcome further deals of cooperation with successful outcomes at the second B&R Forum.

China Mosaic
Developing countries become BRI's biggest beneficiaries


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