Belt and Road Summit: new phase begins as deals, digitalisation and connectivity deepen

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The China-led initiative is evolving as private sector partnerships grow amid advances in digitalisation, connectivity

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An art display depicting China’s Belt and Road Initiative at the China National Convention Center in Beijing,in October 2023. AP Photo.

Aileen Chuang

Published: 3:37pm, 12 Sep 2024Updated: 4:14pm, 12 Sep 2024

The Belt and Road Initiative is entering a new phase with more private partnerships, digitalisation and connectivity in place, presenting companies and investors with significant profit opportunities, officials said.

“The BRI has to evolve, where there is a partnership between world-class companies in the region with companies in the other parts” of the world”, Iqbal Khan, CEO of Dubai-based private equity firm Fajr Capital, said on Thursday. The time has come for more public and private partnerships, evolving from government-level ventures, he added.

Executives from Bahrain, Dubai, Hong Kong, Hungary and Vietnam are meeting in Hong Kong to discuss opportunities arising from Beijing’s efforts to link economies across Asia, Europe, Africa and South America with a China-centric trade network. The two-day summit ends on Thursday.

A digital Belt and Road Initiative would be a critical area of interest, according to Khan. “Chinese companies like Ant [Group] have been investing in digital infrastructure,” he added. “That partnership with the GCC companies and countries is such an important step in creating a better future,” he said, referring to the six member states of the Gulf Cooperation Council.

The Belt and Road Initiative came as a relief to so many countries amid deglobalisation trend, says Iqbal Khan of Fajr Capital. Photo: Handout

Hutchison Port Holdings, a port operator controlled by the family of billionaire Li Ka-shing that operates in 33 locations in 14 countries in the belt and road network, has pledged to continue investing in them, managing director Eric Ip said. The group is particularly focused on Pakistan and Egypt, where populations are significant enough for market growth.