Economy

One Belt and One Road initiative is good for Africa - Amb. Kayonga

One Belt and One Road initiative is good for Africa - Amb. Kayonga

"Globalisation is encountering some headwinds", Mr Xi told almost 30 state and government heads as well as delegates from more than 100 countries - including the United States and North Korea - on the final day of the inaugural Belt and Road summit.

At the same time, Hua said that China "welcomes the participation of India to the Belt and Road initiative, the answer is clear" when asked about India being the only major country absent at Sunday's first Belt and Road Forum (BRF) in Beijing.

However, a named commentary from China's Global Times media outlet said: "There is no way for India to impede its neighbouring countries from cooperating with China in infrastructure development".

The Belt and Road is a grand economic cooperation and development plan open to everyone, and is aimed at improving infrastructure in countries along the Belt and Road route, thus benefiting the local people, it said.

China's foreign ministry also said the "doors" for India to join the BRI would always be open.

Nepal is officially signed an agreement two days ago to be part of President Xi Jinping's ambitious plan to build a new Silk Road, he said on the sidelines of the Belt and Road Forum in Beijing.

"No country can accept a project that ignores its core concerns on sovereignty and territorial integrity", Baglay had said in a statement on Saturday night.

European Union notion of the OBOR holds much significance as it deals a direct blow to Chinese president Xi Jinping's ambition to lead a global infrastructure revolution.

Matt Pottinger, US National Security Council senior director for East Asia and special assistant to Trump who is representing the US at the forum, urged transparency and "fair process" in his comments. The country's minister of economic affairs and energy, Brigitte Zypries, called for greater transparency in tenders, adherence to global standards, and the creation of a level playing field for all companies and countries involved, after expressing concerns that the tenders could all be snapped up by Chinese firms.

The two-day meeting included President Vladimir Putin of Russian Federation and Turkey's President Recep Tayyip Erdogan, along with the presidents or prime ministers of Italy, Hungary and Greece, as well as most of China's Asian neighbors. "We are awaiting a response from the Chinese side". While CPEC is highlighted as "flagship project", the B&R includes the Bangladesh, China, India and Myanmar (BCIM) Economic Corridor, New Eurasian Land Bridge, China-Mongolia-Russia Economic Corridor, China-Indochina Peninsula Economic Corridor and 21st century Maritime Silk Road.

On May 15, Xi pledged an additional $124 billion for China's trade initiative, which seeks to connect the country with Africa, Asia, and Europe through a network of ports, railways, roads, and industrial parks.

For his part, Gentiloni said the just-concluded Belt and Road forum had sent a positive signal to the world economy and global trade. Since jettisoning the Trans-Pacific Partnership - the Obama administration's trade treaty meant to insinuate the United States at the center of Asian trade - the Trump administration has offered no answer to One Belt, One Road.