Belt and Road Initiative Current Affairs - 2019
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Singapore and China have inked Memorandum of Understanding (MOU) to promote greater collaboration between companies from both countries in third-party markets along China’s ambitious Belt and Road routes.
The MoU will see the formation of a working group between Singapore’s Ministry of Trade and Industry (MTI), China’s National Development and Reform Commission and Enterprise.
The working group will identify sectors and markets of mutual interest, organise business-matching activities and forums to facilitate third-party market cooperation between Singapore and Chinese companies under Belt and Road Initiative (BRI). Under it, both countries will work with commercial and policy banks, insurers and financial institutions to support financing and project structuring needs of third-party market ventures under BRI by companies from both sides.
Belt and Road Initiative (BRI)
BRI is an ambitious China’s ambitious development strategy and framework that aims to boost its connectivity and trade that will that will connect Asia, Africa, Middle East and Europe. It was proposed by Chinese President Xi Jinping in 2013. It comprises two components viz. the Silk Road Economic Belt and the 21st Century Maritime Silk Road. The initiative is part of China’s revived 21st century Silk Road diplomacy that seeks to push it to take a bigger role in global affairs as a major global power. It is basically investment and trade promotion scheme aiming to deepen economic connections between China and rest of the world.