Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Fifth Belt And Road Summit Draws To Successful Close

The fifth Belt and Road Summit, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), drew to a successful close today. 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, more than 6,000 participants from about 80 countries and regions attended the event.

Under the theme "A Business Vision for a Sustainable and Inclusive Future", the fifth Belt and Road Summit brought together more than 6,000 participants from about 80 countries and regions

Under the theme "A Business Vision for a Sustainable and Inclusive Future", 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. Mr 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."

Sompop Pattanariyankool, Assistant Permanent Secretary of the Ministry of Energy in Thailand, said: "During the pandemic, we need immediate recovery measures to ensure the energy sector continues to make an effective contribution to overcoming the current situation and empowering the subsequent recovery. To create a healthy, sustainable and inclusive future, it is important to include clean energy transition as part of this package, focusing on a cleaner, more secure and cost-effective energy system. This may include natural gas, renewables, batteries, hydrogen and other technologies."

Sultana Afroz, Secretary to the Government of Bangladesh and CEO of the Public Private Partnership Authority in Bangladesh, also spoke at the Policy Dialogue, sharing that Bangladesh has set up 79 public-private partnership projects with an investment value of more than US$28 billion to realise the government's vision of bringing about transformational change to its infrastructure sector. "Mainland China has always been a prime strategic partner for the Bangladesh government in terms of its development, and most of the major projects in Bangladesh are being constructed by Chinese construction companies."

Increasing international cooperation amid pandemic

Speaking at one of the thematic breakout sessions, namely "Fighting the Coronavirus with Innovative Tech and Thriving in a Post-Pandemic World - Opportunities in the Greater Bay Area", 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. 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 panelists, 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. He noted digitisation had swept across the world in the past 10 years, affecting trade and every aspect of the global supply chain, from product design to production and distribution. "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.

© Scoop Media

Business Headlines | Sci-Tech Headlines


TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>


OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>