Africa to reap benefits from Belt & Road initiative

Smart grab

A professor at the Renmin University of China’s School of International Studies, Prof Wang Yiwei has stated that Africa stands to gain from massive infrastructural development from an initiative to link up global trade routes championed by China – the Belt and Road Initiative.

By Edmund Smith-Asante, BEIJING

Prof. Yiwei of the Renmin University of China speaking with a journalist after the press conference.

Africa stands to reap immense benefits from a global trade initiative being championed by China known as the Belt and Road initiative, says a professor at the School of International Studies at the Renmin University of China (RUC), Wang Yiwei.

Addressing African, Japanese and Chinese journalists at a press conference organised by the All-China Journalists Association (ACJA) on “the achievements and future direction of the belt and road initiative” last Thursday, Prof Wang said the initiative, which aimed at linking up the major trade routes of the world presented a great potential for the development of Africa.

“The infrastructure and connecting to the internet are the weak links in many developing countries,” he noted.

Prof. Wang stated that through the initiative which aimed at improving infrastructure along six economic development corridors, Africa would benefit from improved infrastructure, which could aid its industrial development and lift the continent from the throes of poverty.

“If you want to become rich you have to build roads, bridges and the internet. Infrastructure first: then livelihood projects. Industrialisation must be built on infrastructure and energy projects.

“We need to pursue industrialisation to deal with poverty. We want to help African countries to increase their self help through development,” he said.

More benefits

Prof. Wang listed other benefits of the initiative as connectivity in other sectors, financial cooperation, improvement of the environment and people to people cooperation.

He indicated that while in his view all African countries were interested in the initiative, Kenya, Ethiopia and Nigeria were already involved with the Nairobi-Mombasa railway construction, industrialisation of Addis Ababa and the building of industrial zones respectively.

One belt, one road

Prof. Wang said contrary to assertions that the initiative was for China it was a shared goal for the international community.

“We don’t care so much about territory but to have strategic alignment with different countries,” he stated.

He said while some people had tagged the initiative as an ambitious plan which had gone beyond imagination and was going to promote blind competition; it was founded on innovative cooperation models and involved 60 countries.

“It is an inclusive concept and it is not limited to countries along the Silk Road. Poverty, uneven development and security issues can be solved with the Belt and Road initiative. It is a public product if warmly received,” he stated.

Speaking to how the initiative would be funded, he said it would attract an investment of about US$700 billion from participating countries, which would be realised through public private partnerships, tender bonds, railway bonds and loans from banks among other sources.

Writer’s email: edmund.asante@graphic.com.gh

Facts

·         China’s President Xi Jinping introduced the Belt and Road Initiative in 2013 to build a trade and infrastructure network that would link up Asia with Europe and Africa along the ancient maritime and Silk Road trade routes.

·         So far over 100 countries and international organisations have applauded the initiative, while more than 40 countries and organisations have signed cooperation agreements with China.

·         About 28 heads of state and government including four from Africa are expected to attend a Belt and Road summit scheduled for May 14 and May 15, 2017 in Beijing to help promote development in priority areas.

This story was written on May 6, 2017