Back
SRCIC
Belt and Road Trade and Investment Forum: A high-level interactive platform for shared opportunities
12 Apr 2018

 

 

 

On 12 April, the Belt and Road Trade and Investment Forum kicked off in Beijing. The forum was jointly held by China Council for the Promotion of International Trade (CCPIT), China Chamber of International Commerce (CCOIC), and ICC World Chambers Federation (ICC-WCF).

 

The forum attracted more than 700 business representatives, scholars and government officials from over 70 countries. SRCIC Chairman Lu Jianzhong,Honorary Chairman Jemal Inaishvili,First Honorary Chairman Peter Mihok, Vice Chairwoman Oyunchimeg Magvan, Vice Chairman Francis Chua were also present at the forum.

 

Under the theme of Unleashing Potential for Shared Future, Chairman of CCPIT, Jiang Zengwei started with a welcoming speech and chaired the forum. Chairman of All-China Federation of Industry and Commerce (ACFIC) Gao Yunlong delivered a keynote speech. Vice Minister of Chinese Ministry of Commerce, Qian Keming, and Deputy Secretary General of National Development and Reform Commission, Zhou Xiaofei gave speeches at the forum.

 

Over the past five years, the Belt and Road initiative has been actively responded and joined by over 100 countries and international associations. It has developed from a general proposal into pragmatic global collaboration, serving as a platform for a shared future to mankind and injecting the momentum into the global economy.

 

Vice Minister of Chinese Ministry of Commerce Qian Keming expounded in his speech the achievements of the Belt and Road initiative from 2013 to 2017 that the trade value between China and the B&R countries has added up to USD 5 trillion. Outward foreign direct investment went up to USD 70 billion. 75 economic cooperation zones were build up in the Belt and Road countries and over 210 thousand job opportunities were created. The total tax paid to the host countries was up to USD 2.2 billion.

 

He further emphasized that China would continue its efforts to open up the market, to innovate the trade and investment cooperation mechanism, to promote regional collaboration, to construct free trade zones and to create attractive investment environment as it should. The First China International Import Expo will deepen the collaboration among international business associations, he said.

 

Peter Mihok addresses the forum

 

Mr. Peter Mihok, Chairman of World Chambers Federation and First Honorary Chairman of SRCIC, expressed his views that commercial associations should act as a bridge among national governments, enterprises and societies to intensify the collaboration under the Belt and Road initiative. He also hoped that by this forum a collaborative network should be set up to enhance cooperation for shared benefits and make positive contributions to the global economy against the reverse of globalization and protectionism.

 

Ms. Oyunchimeg Magvan, CEO of Mongolian National Chamber of Commerce and Industry and Vice Chairwoman of SRCIC, said at the forum that Mongolia would maintain its attention for the Belt and Road initiative. She mentioned that Mongolia has its opening strategy "Road to Development", and suggested a combination of the two.

 

"Mongolia is China's neighbor. Mongolia expects to expand its cooperation with rest of the Belt and Road countries for trade in mining, agricultural products, raw materials, infrastructure." Ms. Oyunchimeg Magvan said.

 


Mr. Francis Chua speaks at the forum

 

Mr. Francis Chua, Founding Chairman of PSRICC and Vice Chairman of SRCIC, indicated in his speech that the Philippines from ancient time has been an important transfer stop along the Maritime Silk Road. He also analyzed the Philippines' investment environment and said, "The Philippines is sufficient in natural resources and demographic dividend, but deficient in infrastructure and technique application. So the Philippines and China should join hands on the basis of reciprocity to deepen the potential collaboration in the fields of energy, agriculture, and tourism." "The Philippines is a treasured place for Chinese entrepreneurs to invest in," Mr. Francis Chua added.

 

The forum also focused on addressing dispute resolution in the Belt and Road initiative. WCF Honorary Chairman Rona Yircali said, "Financial system is pivotal in international investment and projects. The transnational projects rely on healthy financial structure. Therefore, the new solutions should be put up for challenges in the Belt and Road construction."

 

Mr. Liu Jingdong, Director of International Law Institute of Chinese Academy of Social Sciences, pointed out that in the process of Belt and Road construction, there are three types of disputes to be dealt with. The first is business involvement covering investment, trade, maritime affairs, and infrastructure. The second is investment disputes among host countries and investors. The third deals with conflicts between countries in trade or investment.

 

Mr. Wang Chengjie, Deputy Director and Secretary General of China International Economic and Trade Arbitration Commission (CIETAC) said, "Over past three years, 35 countries have been involved in the Belt and Road arbitration cases. The different circumstances, systems, and laws of the B&R countries easily lead to problems in business activities. It is important to prevent the risks."

 

The forum concluded with the heated discussion among representatives. They had in-depth interaction and exchanged ideas on e-commerce, infrastructure, connectivity, financial collaboration, economic development, legal service and risk prevention. The consensus has been reached to expand collaboration and tackle challenges together.

 

Source: China Economic Net, CCOIC