More than 6,000 participants from about 80 countries and regions attended the fifth Belt and Road Summit, which concluded yesterday (December 1) on a positive note in Hong Kong.

Held under the theme "A Business Vision for a Sustainable and Inclusive Future", the event was jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC). In response to the Covid-19 pandemic, this year's summit was changed to an online broadcast. With the new virtual platform helping to overcome geographical boundaries,

The two-day summit featured more than 80 government and business leaders from countries and regions along the Belt and Road, along with investors from Mainland China, the Asia-Pacific region, Europe, the Middle East and Africa, as well as project owners and professional investment advisers, who all came together to discuss the latest developments driven by the Belt and Road Initiative.

Investment projects drive geographical connections

Holding the conference virtually presented no barrier to meaningful exchanges within the industry. In addition to various breakout discussion sessions, the 2020 summit featured one-to-one business matching meetings and project pitching sessions that proved popular among both project owners and participants.

The summit received 20 investment projects from countries and regions along the Belt and Road, focusing on four major areas - innovation and technology; transport and logistics infrastructure; energy, natural resources and public utilities; and urban development - and covering some 12 countries and regions including Indonesia, Thailand, India, Saudi Arabia, Kenya, Austria, France and the United Kingdom.

The investment projects included the first Hong Kong-themed Thailand-based foreign project in Chonburi, "AMATA - Hong Kong Smart City"; a large-scale integrated project located nearby Indonesia's proposed new capital city; a new railway link connecting Eastern Slovakia and Vienna; and other projects related to topical issues such as fighting Covid-19 and green technology. In addition, more than 700 business matching meetings were arranged for project owners, investors and professional service providers, with over 250 companies participating.

ASEAN Belt and Road countries show willingness to negotiate and promote

The Association of Southeast Asian Nations (ASEAN) bloc is set to play a crucial role in the Belt and Road Initiative. This year's Policy Dialogue was chaired by Edward Yau, Secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region (HKSAR), and invited Jerry Sambuaga, Vice Minister of Trade of the Republic of Indonesia, as one of the guest speakers.

Sambuaga commented on the recently signed Regional Comprehensive Economic Partnership (RCEP) free trade agreement, saying: "As the world's largest trade bloc, the RCEP should create a modern, comprehensive, high-quality and mutually beneficial economic partnership that will expand regular trade and investment while contributing to the global economy."

Ceferino S Rodolfo, Undersecretary of the Industry Development and Trade Policy Group of the Department of Trade and Industry in the Philippines, added: "While physical infrastructure is the most tangible aspect of the Belt and Road, equally important are the policies that will facilitate the flow of economic activity among Belt and Road participants and those who are not formally part of [the initiative]. The RCEP is a building block for greater openness in the global economy and is not supposed to be exclusive."

Increasing international cooperation amid pandemic

Speaking at one of the thematic breakout sessions, Nanshan Zhong, Academician of the China Academy of Engineering, Professor of Respiratory Medicine at Guangzhou Medical University, and Director of China's National Clinical Research Center for Respiratory Disease, stated in his keynote speech that there are currently five vaccines going through stage-three clinical trials in China, with the country also cooperating closely with Indonesia and the Philippines on the development of vaccines.

He further emphasised the importance of strengthening the healthcare systems of different countries and regions as the wait for a vaccine continues.

"We still need to enhance cooperation in the medical and health sectors and establish bilateral and multilateral cooperation mechanisms for epidemic response and biosecurity, ensuring that we are equipped with the ability to cope with virus outbreaks through regular detection, early warning, information sharing and the regional coordination and mobilisation of medical resources,” he said.

“By doing so, we will be able to prepare for other possible global outbreaks and pandemics through the timely sharing of data and information and by coordinating detection and early warning. All countries must join hands to combat Covid-19 internationally. We call for building a community of health for all, and as soon as possible, to deal with potential challenges. Let's work together to protect health and lives in the region."

Digitisation for sustainable and inclusive development

With the global economy battered by the Covid-19 pandemic, international cooperation through the Belt and Road Initiative presents an opportunity for a sustainable and inclusive recovery and development. At the summit's Business Plenary session, a panel of business leaders shared valuable insights into the post-pandemic era.

Among the panellists, Victor Fung, Group Chairman of Fung Group, pointed out that prior to the Covid-19 outbreak, there were two major trends impacting global supply chains: technological change resulting, in particular, from digitisation; and the United States-China trade conflict.

"The Covid-19 pandemic has accelerated of these trends, resulting in a fundamental shift in the world's supply chains. This creates a huge opportunity in terms of what Hong Kong and the rest of the GBA [Guangdong-Hong Kong-Macao Greater Bay Area], as well as countries along the Belt and Road can do in terms of adapting to this new situation in the global supply chains," he said.

China International Capital Corporation Ltd served as the Strategic Partner of the fifth Belt and Road Summit. Bank of China (Hong Kong) Ltd was the Regional Banking Partner. China Merchants Group was the Sapphire Sponsor of the summit and China Mobile International Limited was the Platinum Sponsor. – TradeArabia News Service