AIIB offers local-currency funding to private sector
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AIIB offers local-currency funding to private sector
17 Jul 2019
The Asian Infrastructure Investment Bank (AIIB) will start this month to offer local-currency financing to private-sector clients from India, Indonesia, Thailand, Turkey and Russia, the lender disclosed in a statement sent to the Global Times on Wednesday. The AIIB's offer meets the financing needs of local companies at a time when they are feeling increasingly insecure about the US dollar, as the Trump administration often imposes financial sanctions on other countries, an expert said. The rollout of local-currency financing will begin this month, with other currencies to be added according to client needs and priorities, the China-proposed investment bank revealed in the email. "Offering financing alternatives in local currencies will help the AIIB's private-sector clients hedge against volatile foreign exchange markets ...When clients secure funding in their local currency, they are better equipped to manage and grow sustainable businesses, thereby becoming stronger credit for AIIB's loan portfolio," an AIIB senior press officer told the Global Times. AIIB President Jin Liqun said recently during the AIIB's fourth annual meeting that the bank's local-currency financing decision was born to meet the needs of emerging economies, thepaper.cn reported. The AIIB's local-currency financing offer comes at a time when many countries are feeling insecure about the US dollar, particularly as the Trump government often uses financial sanctions as a means of political punishment. In June, US Treasury Secretary Steven Mnuchin said the US government would launch measures to freeze billions of dollars in Iranian assets. "The Trump administration's trade protectionism and financial hegemony are damaging the greenback's international reputation, as countries are taking action to depeg their currencies from the US dollar," Zhou Yu, director of the Research Center of International Finance at the Shanghai Academy of Social Sciences, told the Global Times on Wednesday. "The AIIB's local-currency financing offer helps countries to shake off their dependence on the US dollar and avoid possible exchange rate risks - that's why the proposal is welcomed among local economies," he said. Of the five countries where the AIIB will offer local-currency financing soon, Russia and Turkey have already withdrawn from the list of major US government bond holders. In 2018, the value of the Turkish lira nosedived against the US dollar, causing alarm not only in the country but on global financial markets. In the fourth quarter of 2018, the US dollar's share of global foreign exchange reserves dropped to about 61 percent, the lowest since 2013, data from the International Monetary Fund showed. The US Fed's move to further cut interest rates would also weaken the US dollar's position as the dominant international currency, Zhou said. In comparison, the yuan had a share of about 1.9 percent of global foreign exchange reserves by the end of 2018. "There's still a long way to go for the yuan to challenge the US dollar's dominance, but the yuan is slowly gaining. In the future, there is room for the yuan to increase its internationalization level as China's economy stabilizes," Zhou commented. Source: Global Times
New China-Europe freight train route links Xi'an, Bishkek
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New China-Europe freight train route links Xi'an, Bishkek
17 Jul 2019
XI'AN, July 17 (Xinhua) -- A freight train left Xi'an, capital of northwest China's Shaanxi Province, heading for Bishkek, capital of Kyrgyzstan, on Tuesday, marking the opening of a new China-Europe freight train route. The train carried 50 containers of goods including mechanical equipment, industrial raw materials, clothing and shoes from the provinces of Shaanxi, Zhejiang and Jiangsu. It will leave China through the Horgos Pass in Xinjiang and pass Kazakhstan before reaching its destination. The whole trip will take seven days, compared to the previous 10 days when there was no direct freight train from Xi'an to Bishkek, said Yuan Xiaojun, general manager of Xi'an Free Trade Port Construction and Operation Co., Ltd. The new freight route will serve as a fast and efficient logistics corridor between China and Kyrgyzstan and will bring new opportunities for the two countries in various fields such as trade, culture and scientific and technological exchanges, said Sun Yimin, director of the administrative committee of Xi'an International Trade and Logistics Park. Xi'an, known in ancient times as Chang'an, is the starting point of the Silk Road and plays a key role in the Belt and Road Initiative. Xi'an launched its first China-Europe freight train on Nov. 28, 2013. The city launched 1,235 China-Europe freight trains in 2018, 6.4 times the number in 2017, transporting a total of 1.2 million tonnes of goods with a value of 1.72 billion U.S. dollars, according to local customs authorities. Source: Xinhua
Uzbekistan – China: Active Development of Bilateral Cooperation under the Framework of the Belt and Road
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Uzbekistan – China: Active Development of Bilateral Cooperation under the Framework of the Belt and Road
16 Jul 2019
Shukhrat Umirov, Press -attaché of the Embassy of the Republic of Uzbekistan in China In the past, the Great Silk Road was of great importance in relations between different countries and people, promoting the development of trade relations in the vast expanse of Eurasia. Moreover, there was an exchange of information, spread new products and crops through the Great Silk Road, there was mutual enrichment of different cultures and civilizations. The territory of modern Uzbekistan, its ancient cities such as Tashkent, Samarkand, Bukhara and Khiva were in the heart of the Great Silk road, acting as a bridge between the regions of Asia and Europe. Today, centuries later, the Belt and Road initiated by Chinese President XI Jinping is designed to revive this ancient silk road, contributing to the deepening of cooperation in the fields of trade and investment, transport communications and energy, infrastructure development and tourism. Thanks to the joint efforts of both sides, bilateral cooperation under the framework of the "Belt and Road" initiative has been developing actively in recent years. By the end of 2018, the trade turnover between our countries reached 6.4 billion dollars, increasing by 35%. Last year, during the SCO summit in Qingdao, 46 investment projects worth $ 6.86 billion were signed. Moreover, in 2018, the direct investment of Chinese companies in Uzbekistan exceeded $ 500 million. The basic principles of the Belt and Road initiative have very important conceptual significance, which also determines the success and efficiency of the projects implemented under this initiative. This is also proved by the results that China has achieved over the past five years. It is impossible to achieve such great results without "mutual consultation" and without considering the interests of all parties involved in the implementation of "Belt and Road" project. Naturally, these countries can only become long-term cooperative partners with common goals and tasks if they consult together and take into account the interests of all parties. It should be noted that the strategies of actions in five priority areas of development of the Republic of Uzbekistan from 2017 to 2021 have a lot of common with the Belt and Road. I would like to emphasize that today the relations between the Republic of Uzbekistan and the People's Republic of China have reached such a high level of comprehensive strategic partnership. There are several contributing factors. First, an open and trusting personal relationship has been developed between the two leaders. This is also a guarantee for further consolidation of the comprehensive strategic partnership between the two countries in the future. Second, Uzbekistan and China are neighbors linked by centuries of friendship and cooperation forged over thousands of years. Uzbekistan and China are now close strategic partners of cooperation. On the basis of the principle of equality, mutual respect and mutual benefit, Uzbekistan and China have resolutely deepened the multi-dimensional and long-term cooperative relations in an all-round way. Third, Uzbekistan and China have been actively cooperating under the SCO and the Belt and Road framework. Uzbekistan, a country on the great Silk Road in history, is an important partner of China under the framework of the Belt and Road Fourth, Uzbekistan and China share similar and consistent positions and approaches to resolving regional and international issues. Uzbekistan and China support each other on key security issues, especially in central Asia. Such high-level bilateral relations have laid a solid foundation for deepening bilateral cooperation in various fields, not only in the political and economic, but also in the people and culture exchange. In short, Uzbekistan and China have long-term and mutual interest in each other. This, no doubt, is an important guarantee for the successful cooperation between the two countries under the framework of the Belt and Road. It is believed that the implementation of this large-scale project, which now involves 60% of the world population, will promote the formation of a unified zone of peace, tranquility and prosperity, and strengthen the cooperation and friendship between countries and people.
Interview AIIB's membership expansion to 100 reflects int'l community's confidence president
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Interview AIIB's membership expansion to 100 reflects int'l community's confidence president
15 Jul 2019
Jin Liqun, president of Asian Infrastructure Investment Bank (AIIB), speaks to Xinhua in an exclusive interview after AIIB's fourth annual meeting held in Luxembourg, July 13, 2019. (Xinhua/Zhang Cheng) LUXEMBOURG, July 15 (Xinhua) -- The Asian Infrastructure Investment Bank (AIIB) on Saturday further expanded its membership to 100, reflecting the international community's confidence in the multilateral institution, the bank's head has said. Lauding the achievements made in the past three years, AIIB President Jin Liqun recently told Xinhua that the AIIB has established a fundamental operating system and nurtured its own enterprise culture, adding that it also managed to expand the scale of loans and obtain the status of United Nations permanent observer. These achievements stemmed from the concerted efforts of all AIIB members and close cooperation with other banking institutions and the private sector, including the World Bank, the Asian Development Bank and the European Bank for Reconstruction and Development, he said. The AIIB members have various needs, and a relatively large difference in their appeals exists between the developing countries and the developed, Jin said. "We have limited funds, so it's hard to solve all the problems overnight." Though not all of their expectations can be fulfilled in the short term, the institution will continue its efforts to expand the camp of borrowers and promote infrastructure construction and sustainable development, the president said. "It won't be easy to fulfill everyone's expectations, but I have full confidence in realizing the goals," he added. Moreover, the international bank holds the development principle of "quality first" instead of blindly pursuing unbridled growth, Jin noted. The bank must take three factors into consideration when assessing investment projects: financial sustainability, ecological sustainability and whether the investment can improve living standard, he explained. "We offer loans to our members in order to help them develop their economies, but not trap them into a debt crisis," Jin said. The multilateral focuses on sustainable development, and the unswerving support of major AIIB shareholder China for the Paris Agreement on climate change is great encouragement for the institution, he said. From its practice, people can tell that China is a responsible country, which strives "not just for its own benefits, but also for the world's development," Jin said. Jin made the remarks after the fourth annual meeting of the AIIB's Board of Governors was concluded in Luxembourg on Saturday. During the meeting, the AIIB expanded its membership to 100 with the approval of the African newcomers of Benin, Djibouti and Rwanda. The China-initiated multilateral financial institution began operation in January 2016 with 57 founding members, with an agenda focused on supporting sustainable development through infrastructure and other productive sectors in Asia and beyond. So far, the AIIB has approved 46 projects worth 8.5 billion U.S. dollars for 18 members and includes building highways and power plants. Source: Xinhua
China signs Belt and Road cooperation documents with 18 Arabian countries
China signs Belt and Road cooperation documents with 18 Arabian countries
15 Jul 2019
China has signed cooperation documents on jointly building the Belt and Road with 18 Arabian countries, the Ministry of Commerce (MOC) said Friday. China-Arab joint efforts to push forward cooperation on the Belt and Road has reached notable achievements, showing great potential and broad prospect, Vice Minister of Commerce Qian Keming told a press conference of the fourth China-Arab States Expo. In 2018, bilateral trade volume between China and Arabian countries reached 244.3 billion U.S. dollars, jumping 28 percent year on year. Chinese enterprises signed 35.6 billion dollars of new project contracts in Arabian countries, with a yearly increase of 9 percent, while direct investment from Chinese companies in Arabian countries totaled 1.2 billion dollars, involving sectors such as energy, infrastructure and manufacturing. Qian said China will further strengthen connections of development strategies with Arabian countries so as to jointly build the Belt and Road. Chinese enterprises and financial institutions are encouraged to deepen cooperation with the Arabian side in sectors of port, railway, electricity and telecommunications, said Qian. More efforts should be made to promote cooperation between the two sides in fields of low-carbon energy, finance and high technologies, he added. The fourth China-Arab States Expo will be held in Yinchuan city, northwest China's Ningxia Hui Autonomous Region, from Sept. 5 to 8. The expo will focus on fields including cross-border e-commerce, infrastructure as well as trade and investment, aiming to promote mutually beneficial cooperation between China and Arabian countries in these areas. Source: Xinhua News Agency
AIIB reaches milestone of 100 members
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AIIB reaches milestone of 100 members
14 Jul 2019
Jin Liqun, president of Asian Infrastructure Investment Bank (AIIB), makes a speech at the Asian Infrastructure Forum during the fourth annual meeting of the AIIB in Luxembourg, July 13, 2019. (Photo/Xinhua) Jin Liqun, president of the Asian Infrastructure Investment Bank, said he wants AIIB to become the bank that connects Asia to the world as it marked a total of 100 approved memberships during the past weekend. The AIIB Board of Governors approved on Saturday the applications of three African countries — Benin, Djibouti and Rwanda — at the bank's annual meeting in Luxembourg. This would bring the total number of AIIB members to 100, including 70 whose memberships have been ratified by their parliaments. "AIIB members collectively account for 78 percent of the world's population and 63 percent of global GDP. With the backing of all of our members, we are building a lean, clean and green institution that can help to support their sustainable development," Jin said. Finance Minister Liu Kun said at the meeting on Saturday that he hopes the AIIB will give play to its own advantage as a multilateral development bank to link its strategy with the development blueprints of its members, the Belt and Road Initiative and the Connecting Europe and Asia Strategy of the European Union. "China, an AIIB shareholder and a country that hosts AIIB's head office, will continue to support the bank's development," Liu said. Liu suggested that AIIB come up with an overall strategy based on previous operating experiences to guide its further development, its features, new trends of global growth and the diversified requirements of members. Uzziel Ndagijimana, Rwanda's minister of finance and economic planning, called AIIB "a great bank". "We are happy to join as the 100th member. We are looking forward to not only having fruitful cooperation with the bank, but also with the member countries to promote infrastructure and promote trade and investment between Asia and Africa," he said on Saturday. The three new prospective nonregional members will officially join AIIB once they complete the required domestic processes and deposit the first capital installment with the bank. At the annual meeting, the first held outside of Asia, Luxembourg Finance Minister Pierre Gramegna praised AIIB as "arguably the most modern and international financial institution in the world". "The bank has emerged as a beacon of multilateralism while surpassing expectations of growth," he said. Luxembourg was the first European nation to join the AIIB, as the United States government was trying to lobby European countries not to join the multilateral development bank initiated by China. Gramegna said membership of European members has been beneficial for both European and Asian countries, especially given the AIIB's motto of being lean, clean and green. "Looking at the results of the past three and a half years, we can all be very pleased with what has been achieved, both in terms of financial operations and the quality of the work that has been done," he said. Since January 2016, the AIIB has provided $8.5 billion in loans to 45 projects in 18 member countries, many in renewable energy and green infrastructure. It also has received the highest credit ratings from the world's three biggest rating agencies — Standard &Poor's, Moody's and Fitch Group. In May, the AIIB's five-year dollar bonds drew investors from dozens of countries. Jin said the bank has a good working relationship with other multilateral development banks such as the World Bank, Asian Development Bank and European Bank for Reconstruction and Development. "We set the bar at the par with other multilateral development institutions and other institutions, so we can work together," he said. "We are happy to see that we are recognized as such a bank." But he also said there is no room for complacency. "We are the new kid on the block, and we have a lot to learn from our sister institutions," he said. Jin said people should take a realistic view, that it takes time to help developing countries in their transition from high-carbon to low-carbon to zero-carbon economies. "So it's really a very tough job. And we are doing our very best," he said in response to criticism that AIIB is not doing enough. The two-day annual meeting had some 30 sessions, including on climate change, debt sustainability, digital connectivity and private equity for sustainability infrastructure. The bank's next annual meeting will be held in Beijing in 2020, the AIIB Board of Governors announced on Saturday. Liu, the finance minister, was elected chairman of the fifth Board of Governors. By the end of 2018, the AIIB's total investment had reached $7.5 billion, up from $4.196 billion a year earlier, according to the AIIB's annual report released on its website. Moody's affirmed the bank's rating of Aaa with a stable outlook in March. "AIIB will maintain the health of its stand-alone credit metrics beyond its initial growth phase into the next decade," the agency said. Source: China Daily
BCCI President visits SRCIC Beijing Office
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BCCI President visits SRCIC Beijing Office
5 Jul 2019
Bulgarian President Rumen Radevis onhis state visit to China at the invitation of Chinese President Xi Jinping from July 1 to 5 during which he attended the 2019 Summer Davos Forum. Tsvetan Simeonov, President of the Bulgarian Chamber of Commerce and Industry (BCCI), led the business delegation in accompanyingPresident Rumen Radev. On July 2, BCCI andChinaCouncil for the Promotion of International Trade (CCPIT)Dalian Sub-Counciljointly held the Bulgaria-China (Dalian) Business Forumand signed cooperativeagreement during the 2019 Summer Davos Forum. 21 enterprisesfromBulgarian business delegation held "one-to-one" talks with more than 100 enterprises of Dalian city. On July 3, a delegation led by Tsvetan Simeonov, President of BCCI, visited SRCIC Beijing office. SRCIC Deputy Secretary General Wang Yan received the delegation. BCCI President Tsvetan Simeonov (L2) and SRCIC Deputy Secretary General Wang Yan (R2) Tsvetan Simeonov gave a detailed introduction of BCCI and the investment situation of Chinese enterprises in Bulgaria. He hoped to introduce more Chinese high-tech enterprises to invest in Bulgaria. Deputy Secretary General Wang Yan introduced the organization structure of SRCIC, in particular the professional committees and the services provided to its members. In the afternoon, the Bulgarian Embassy in China held the "China-Bulgaria Business Forum" in Beijing. Bulgarian President Rumen Radev, BulgarianAmbassador to China Grigor Porozhanov,BCCI President Tevitan Seminov, and China International Chamber of Commerce Secretary General Yu Jianlong attended the Forum and delivered opening speeches. An enterprisesmatchmaking meeting was also held during the Forum. Forum Scenes
Turkish Çalık Holding Group Representative visits SRCIC Shanghai Office
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Turkish Çalık Holding Group Representative visits SRCIC Shanghai Office
4 Jul 2019
Ms. Iraz, business representative of Çalık Holding Group in China (L) and Ms. Tian Xiaohong, SRCIC Deputy Secretary General (R) On July 4, Ms. Iraz, business representative of Çalık Holding Group in China visited SRCIC Shanghai Office and Hongqiao Overseas Trading Center accompanied by Ms. Tian Xiaohong. The two sides discussed the issues pertaining to the establishment of an office in Shanghai for Çalık Holding Group. Ms. Tian Xiaohong gave a detailed briefing on the relevant situation of Hongqiao Overseas Trade Center, and said SRCIC Shanghai Office could offer a help for Çalık Holding Group to participate in China International Import Expo. “We are also willing to recommend the most appropriate office for Çalık Holding Group in Shanghai, provide consultation with the relevant preferential policies of the government and assistance in visa application, taxation, finance, business registration, legal affairs, etc.”Ms. Tian Xiaohong said. Ms. Iraz said that she is very grateful for the warm reception of SRCIC, and she would submit a formal report to the high management level of Çalık Holding Group to confirm final location and details.
Seminar on Investment Opportunities between Thailand and Shaanxi Province held in Xi’an
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Seminar on Investment Opportunities between Thailand and Shaanxi Province held in Xi’an
2 Jul 2019
On July 2, the Seminar on Investment Opportunities between Thailand and Shaanxi Province was successfully held in Xi'an with the full assistance ofSRCIC. The Seminar aims to enhance the exchanges between Thailand and Shaanxi province in investment policies, environment and opportunities, to build a platform for cooperation, and to promote Shaanxi enterprises to "go out" in Thailand. More than 150 representatives of Thai and Shaanxi entrepreneurs attended the Seminar, and SRCIC Deputy Secretary General Diane Bian was invited to attend. Ms. Oracha Tanakorn, Consul General, Royal Thai Consulate-General in Xi'an and Mr. Li Jianhua, Vice President of China Council for the Promotion of International Trade (CCPIT)Shaanxi Sub-Council delivered speeches at the Seminar. Mr. Li Jin, Secretary General of the Chongqing International Chamber of Commerce presided over the Seminar. Ms. Oracha Tanakorn, Consul General, Royal Thai Consulate-General in Xi'an delivering the speech At the Seminar, Ms. Wu Yiyi, Director of the Shanghai Office of the Investment Promotion Board of Thailand, introduced the latest investment policies and opportunities in Thailand. Mr. Tsai Wai Tsai, Senior Vice PresidentofGlobal Business Divisionof Kasikornbank of Thailand, gave a presentation on Thai finance, investment policy and services. After the Seminar, the members of the Thai Investment Committee accompanied by SRCIC staffs visited Xi'anlocal enterprises.
Lebanese Fransabank Representative called on SRCIC Shanghai Office
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Lebanese Fransabank Representative called on SRCIC Shanghai Office
1 Jul 2019
On 1 July, WalidDaouk, Former Information Minister of LebanonandBoard Member of FransabankGroup, called on SRCIC Shanghai Office. SRCIC Deputy Secretary General Ms. Tian Xiaohongheld a friendly talk with WalidDaouk. SRCIC Deputy Secretary General Tian Xiaohong(L3) and WalidDaouk(R3) WalidDaouksaid it was his second visit to Shanghai since 2012and he marveled at breathtaking changesof the city. Nowadays, China has become a hugemarket with the increasing growth. Walid Daouk alsoconveyed the greeting of AdnanKassar, Chairman and CEO of Fransabank Group andHonorary Chairman of SRCIC.He said Chairman Kassar specially requested him to visit SRCIC Shanghai Officethis time, hoping SRCICand the Kassarfamily will always be close to each other and will fully support mutualdevelopment. Ms. Tian Xiaohongand Mr. WalidDaoukexchanging gifts Deputy Secretary General Ms. Tian Xiaohongexpressed hergratitude to Chairman Kaasarfor thesupport, care and helpto SRCIC, especially for the warm reception of the delegation led by SRCIC ChairmanLu Jianzhongand Secretary General Li Zhonghangto Lebanon.“The deepening of China's opening uptotheworld provides opportunities for Fransabank to embark on the Chinese market.SRCIC Shanghai Officewill giveall its strengthtoofferassistance andprovide the latest and preferentialpoliciesto Fransabank .”Ms. Tian added. Walid Daoukinvited Ms. Tian Xiaohong to visit Lebanon in the future.Ms. Tian received the warm invitation by expressingthat she will bring a delegation of Chinese enterprises to Lebanonasan opportunitytoincrease culturaland commercial exchanges.She also iteratedthat SRCIC is willing to act as a bridge and a tie to match the projects between two countries. Both two sides praised theefficacy ofmeetinghoping to have the deepened cooperation. Ms. Tian Xiaohongand Mr. Walid Daoukarelooking forward to seeing each otheragain at the 2019 Silk Road Business(Hong Kong) Summit in early December.
SRCIC Vice Chairman and Secretary General Li Zhonghang attends 2019 Asia Pacific Business Forum
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SRCIC Vice Chairman and Secretary General Li Zhonghang attends 2019 Asia Pacific Business Forum
21 Jun 2019
On June 20, SRCIC Vice Chairman and Secretary General Li Zhonghang was invited to attend 2019 Asia Pacific Business Forum (AFBF) held in Port Moresby, capital of Papua New Guinea. Undertheme of Global Goals, Local Opportunities, participants discussed and exchanged views on topics includingClimate and Disaster Resilience for SMES, Infrastructure and Connectivity Game Changers, Inclusive Business in Asia Pacific, Best Practice and Emerging Opportunities in Resources and Energy, and Green Finance and Financial Inclusion. Dr. Armida Salsiah Alisjahbana, Under-Secretary-General of the United Nations and Executive Secretary of Economic and Social Commission for Asia and the Pacific (ESCAP) and Dr. George Lam, President of ESCAP Sustainable Business Network delivered welcoming speeches respectively at the opening session. H.E. James Marape, Prime Minister of Papua New Guinea delivered opening speech. Li Zhonghang,SRCIC Vice Chairman and Secretary General (L1), Dr. Armida Salsiah Alisjahbana, Under-Secretary-General of the United Nations and Executive Secretary of ESCAP, and Lee Ju Song, Executive director of ICC Asia David Morris, Chairman of 2019 Asia Pacific Business Forum (L1), Li Zhonghang,SRCIC Vice Chairman and Secretary General, Dr. George Lam, President of ESCAP Sustainable Business Network Li Zhonghang, along with Vajira Piyasena, CEO of Fiji Ports Corporation, Simon Lacey, Vice President of Huawei Technologies Co., Ltd, Roy Mumu, Secretary Department of Transport, and Paul Komboi, Managing Director of Dataco Limited, participated the panel session on Infrastructure and Connectivity Game Changers. Panel Session Mr. Li indicated that Pacific Island isan organic component of the south route of the 21st Century maritime silk road and an indispensable part of the Belt and Road Initiative (BRI). “Duringthe process of BRI construction and cooperation with South Pacific countries, the connectivity and business links have been significantly strengthened not onlyconfining inPacific countries, but also reaching out to Pacific countries and Eurasian countries.”Mr. Li emphasized. On the same day, Li Zhonghang signed the Memorandum of Understandingwith John Lacey, President of Papua New Guinea Chamber of Commerce. Mr. Lialso expressed his views on the cooperation between China and Papua New Guinea in an interview with Papua New Guinea Commercial Television (EMTV). Li Zhonghang(L),SRCIC Vice Chairman and Secretary General and John Lacey (R), President of Papua New Guinea Chamber of Commerce, signingMemorandum of Understanding. Li Zhonghang was interviewed by Papua New Guinea commercial television (EMTV). Both Lee Jusongand David Morrisexpressed their gratitude to Li Zhonghang for attending the forum, and discussed the follow-up cooperation and the possibility of co-hosting of Asia Pacific Business Forum. Li also invited them to attend the 2019 Silk Road Business Summit to be held in Hong Kong in early December.
Andrieieva Tetiana: My Life in China
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Andrieieva Tetiana: My Life in China
19 Jun 2019
Andrieieva Tetiana, an Ukrainian student sponsored by SRCIC Silk Road Sunshine Fund International Understanding No.4 2019, a magazine sponsored by Chinese Association, published an article“My Life in China”from Andrieieva Tetiana, an Ukrainian student sponsored by SRCIC Silk Road Sunshine Fund. The full text is as follows: I am studying in Xi`an Jiaotong University for one and half year. During this time I improved my Chinese language , learned Chinese culture, participated in various events and festivals. I also met many people from different countries, it is very interesting to communicate with them, to discover the customs and traditions of other countries. Study in Xi`an Jiaotong University is not very easy, but interesting. My major is international Economics and Trade. Last year we studied Chinese language and mathematics, and this semester we began to study specialized subjects. I am very pleased with the quality of my study here, most of the teachers are very good specialists. After class I usually go to library, because it is very comfortable place for study. I want to learn Chinese culture so besides my classes I also attended Chinese drawing and Chinese cuisine classes . Of course, during my study here I often take part in various events where every foreingn student can represent his country or own talents. Last year in winter we took part in a cultural festival. This is a very interesting event where took part a people from 60 countries. Each country presents own traditions, cuisine, national clothes, dances and much more. The event was very fun. Also in the spring we went to the Tianshui . There foreign students taught in schools, talking about their countries and every participant represented own talents like dancing, singing and much more. We visited the local attractions ( Fuxi Temple, Maijishan Grottes, Yuquan temple) and met with Chinese high school students. It was an interesting experience. In summer, together with foreign students, we visited one of the most famous sights of XI'an – the Terracotta army. I was impressed of this sight, it was very interesting. Recently our University held a New Year's concert. It involved a lot of foreign students from 西北大学,西北工业大学and others. Folk dances of many countries and Chinese performances were presented there. I like take part in events because it give a opportunity to meet new interesting people. In my free time I like to walk around the city, visit Xi`an sights( Drum Tower, Bell Tower, Giant Wild Goose Pagoda, Shaanxi History Museum), parks, City wall, Muslim Quarter or find new interesting places. China is a country with the help of which I can realize my dreams. I sincrely thank Silk Road Chamber of International Commerce to give me such a wonderful opportunity. After four years of studying at the university, I believe that I am ready to take the next step toward my dream. By accomplishing this, I will show myself that I can achieve something significant in my life, I can be who I want to be. At this point I am looking to gain the required skills and relationships to grow as a professional; I know that China is the right place for me to accomplish this objective.
AIIB offers local-currency funding to private sector
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AIIB offers local-currency funding to private sector
17 Jul 2019
The Asian Infrastructure Investment Bank (AIIB) will start this month to offer local-currency financing to private-sector clients from India, Indonesia, Thailand, Turkey and Russia, the lender disclosed in a statement sent to the Global Times on Wednesday. The AIIB's offer meets the financing needs of local companies at a time when they are feeling increasingly insecure about the US dollar, as the Trump administration often imposes financial sanctions on other countries, an expert said. The rollout of local-currency financing will begin this month, with other currencies to be added according to client needs and priorities, the China-proposed investment bank revealed in the email. "Offering financing alternatives in local currencies will help the AIIB's private-sector clients hedge against volatile foreign exchange markets ...When clients secure funding in their local currency, they are better equipped to manage and grow sustainable businesses, thereby becoming stronger credit for AIIB's loan portfolio," an AIIB senior press officer told the Global Times. AIIB President Jin Liqun said recently during the AIIB's fourth annual meeting that the bank's local-currency financing decision was born to meet the needs of emerging economies, thepaper.cn reported. The AIIB's local-currency financing offer comes at a time when many countries are feeling insecure about the US dollar, particularly as the Trump government often uses financial sanctions as a means of political punishment. In June, US Treasury Secretary Steven Mnuchin said the US government would launch measures to freeze billions of dollars in Iranian assets. "The Trump administration's trade protectionism and financial hegemony are damaging the greenback's international reputation, as countries are taking action to depeg their currencies from the US dollar," Zhou Yu, director of the Research Center of International Finance at the Shanghai Academy of Social Sciences, told the Global Times on Wednesday. "The AIIB's local-currency financing offer helps countries to shake off their dependence on the US dollar and avoid possible exchange rate risks - that's why the proposal is welcomed among local economies," he said. Of the five countries where the AIIB will offer local-currency financing soon, Russia and Turkey have already withdrawn from the list of major US government bond holders. In 2018, the value of the Turkish lira nosedived against the US dollar, causing alarm not only in the country but on global financial markets. In the fourth quarter of 2018, the US dollar's share of global foreign exchange reserves dropped to about 61 percent, the lowest since 2013, data from the International Monetary Fund showed. The US Fed's move to further cut interest rates would also weaken the US dollar's position as the dominant international currency, Zhou said. In comparison, the yuan had a share of about 1.9 percent of global foreign exchange reserves by the end of 2018. "There's still a long way to go for the yuan to challenge the US dollar's dominance, but the yuan is slowly gaining. In the future, there is room for the yuan to increase its internationalization level as China's economy stabilizes," Zhou commented. Source: Global Times
New China-Europe freight train route links Xi'an, Bishkek
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New China-Europe freight train route links Xi'an, Bishkek
17 Jul 2019
XI'AN, July 17 (Xinhua) -- A freight train left Xi'an, capital of northwest China's Shaanxi Province, heading for Bishkek, capital of Kyrgyzstan, on Tuesday, marking the opening of a new China-Europe freight train route. The train carried 50 containers of goods including mechanical equipment, industrial raw materials, clothing and shoes from the provinces of Shaanxi, Zhejiang and Jiangsu. It will leave China through the Horgos Pass in Xinjiang and pass Kazakhstan before reaching its destination. The whole trip will take seven days, compared to the previous 10 days when there was no direct freight train from Xi'an to Bishkek, said Yuan Xiaojun, general manager of Xi'an Free Trade Port Construction and Operation Co., Ltd. The new freight route will serve as a fast and efficient logistics corridor between China and Kyrgyzstan and will bring new opportunities for the two countries in various fields such as trade, culture and scientific and technological exchanges, said Sun Yimin, director of the administrative committee of Xi'an International Trade and Logistics Park. Xi'an, known in ancient times as Chang'an, is the starting point of the Silk Road and plays a key role in the Belt and Road Initiative. Xi'an launched its first China-Europe freight train on Nov. 28, 2013. The city launched 1,235 China-Europe freight trains in 2018, 6.4 times the number in 2017, transporting a total of 1.2 million tonnes of goods with a value of 1.72 billion U.S. dollars, according to local customs authorities. Source: Xinhua
Uzbekistan – China: Active Development of Bilateral Cooperation under the Framework of the Belt and Road
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Uzbekistan – China: Active Development of Bilateral Cooperation under the Framework of the Belt and Road
16 Jul 2019
Shukhrat Umirov, Press -attaché of the Embassy of the Republic of Uzbekistan in China In the past, the Great Silk Road was of great importance in relations between different countries and people, promoting the development of trade relations in the vast expanse of Eurasia. Moreover, there was an exchange of information, spread new products and crops through the Great Silk Road, there was mutual enrichment of different cultures and civilizations. The territory of modern Uzbekistan, its ancient cities such as Tashkent, Samarkand, Bukhara and Khiva were in the heart of the Great Silk road, acting as a bridge between the regions of Asia and Europe. Today, centuries later, the Belt and Road initiated by Chinese President XI Jinping is designed to revive this ancient silk road, contributing to the deepening of cooperation in the fields of trade and investment, transport communications and energy, infrastructure development and tourism. Thanks to the joint efforts of both sides, bilateral cooperation under the framework of the "Belt and Road" initiative has been developing actively in recent years. By the end of 2018, the trade turnover between our countries reached 6.4 billion dollars, increasing by 35%. Last year, during the SCO summit in Qingdao, 46 investment projects worth $ 6.86 billion were signed. Moreover, in 2018, the direct investment of Chinese companies in Uzbekistan exceeded $ 500 million. The basic principles of the Belt and Road initiative have very important conceptual significance, which also determines the success and efficiency of the projects implemented under this initiative. This is also proved by the results that China has achieved over the past five years. It is impossible to achieve such great results without "mutual consultation" and without considering the interests of all parties involved in the implementation of "Belt and Road" project. Naturally, these countries can only become long-term cooperative partners with common goals and tasks if they consult together and take into account the interests of all parties. It should be noted that the strategies of actions in five priority areas of development of the Republic of Uzbekistan from 2017 to 2021 have a lot of common with the Belt and Road. I would like to emphasize that today the relations between the Republic of Uzbekistan and the People's Republic of China have reached such a high level of comprehensive strategic partnership. There are several contributing factors. First, an open and trusting personal relationship has been developed between the two leaders. This is also a guarantee for further consolidation of the comprehensive strategic partnership between the two countries in the future. Second, Uzbekistan and China are neighbors linked by centuries of friendship and cooperation forged over thousands of years. Uzbekistan and China are now close strategic partners of cooperation. On the basis of the principle of equality, mutual respect and mutual benefit, Uzbekistan and China have resolutely deepened the multi-dimensional and long-term cooperative relations in an all-round way. Third, Uzbekistan and China have been actively cooperating under the SCO and the Belt and Road framework. Uzbekistan, a country on the great Silk Road in history, is an important partner of China under the framework of the Belt and Road Fourth, Uzbekistan and China share similar and consistent positions and approaches to resolving regional and international issues. Uzbekistan and China support each other on key security issues, especially in central Asia. Such high-level bilateral relations have laid a solid foundation for deepening bilateral cooperation in various fields, not only in the political and economic, but also in the people and culture exchange. In short, Uzbekistan and China have long-term and mutual interest in each other. This, no doubt, is an important guarantee for the successful cooperation between the two countries under the framework of the Belt and Road. It is believed that the implementation of this large-scale project, which now involves 60% of the world population, will promote the formation of a unified zone of peace, tranquility and prosperity, and strengthen the cooperation and friendship between countries and people.
Interview AIIB's membership expansion to 100 reflects int'l community's confidence president
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Interview AIIB's membership expansion to 100 reflects int'l community's confidence president
15 Jul 2019
Jin Liqun, president of Asian Infrastructure Investment Bank (AIIB), speaks to Xinhua in an exclusive interview after AIIB's fourth annual meeting held in Luxembourg, July 13, 2019. (Xinhua/Zhang Cheng) LUXEMBOURG, July 15 (Xinhua) -- The Asian Infrastructure Investment Bank (AIIB) on Saturday further expanded its membership to 100, reflecting the international community's confidence in the multilateral institution, the bank's head has said. Lauding the achievements made in the past three years, AIIB President Jin Liqun recently told Xinhua that the AIIB has established a fundamental operating system and nurtured its own enterprise culture, adding that it also managed to expand the scale of loans and obtain the status of United Nations permanent observer. These achievements stemmed from the concerted efforts of all AIIB members and close cooperation with other banking institutions and the private sector, including the World Bank, the Asian Development Bank and the European Bank for Reconstruction and Development, he said. The AIIB members have various needs, and a relatively large difference in their appeals exists between the developing countries and the developed, Jin said. "We have limited funds, so it's hard to solve all the problems overnight." Though not all of their expectations can be fulfilled in the short term, the institution will continue its efforts to expand the camp of borrowers and promote infrastructure construction and sustainable development, the president said. "It won't be easy to fulfill everyone's expectations, but I have full confidence in realizing the goals," he added. Moreover, the international bank holds the development principle of "quality first" instead of blindly pursuing unbridled growth, Jin noted. The bank must take three factors into consideration when assessing investment projects: financial sustainability, ecological sustainability and whether the investment can improve living standard, he explained. "We offer loans to our members in order to help them develop their economies, but not trap them into a debt crisis," Jin said. The multilateral focuses on sustainable development, and the unswerving support of major AIIB shareholder China for the Paris Agreement on climate change is great encouragement for the institution, he said. From its practice, people can tell that China is a responsible country, which strives "not just for its own benefits, but also for the world's development," Jin said. Jin made the remarks after the fourth annual meeting of the AIIB's Board of Governors was concluded in Luxembourg on Saturday. During the meeting, the AIIB expanded its membership to 100 with the approval of the African newcomers of Benin, Djibouti and Rwanda. The China-initiated multilateral financial institution began operation in January 2016 with 57 founding members, with an agenda focused on supporting sustainable development through infrastructure and other productive sectors in Asia and beyond. So far, the AIIB has approved 46 projects worth 8.5 billion U.S. dollars for 18 members and includes building highways and power plants. Source: Xinhua
China signs Belt and Road cooperation documents with 18 Arabian countries
China signs Belt and Road cooperation documents with 18 Arabian countries
15 Jul 2019
China has signed cooperation documents on jointly building the Belt and Road with 18 Arabian countries, the Ministry of Commerce (MOC) said Friday. China-Arab joint efforts to push forward cooperation on the Belt and Road has reached notable achievements, showing great potential and broad prospect, Vice Minister of Commerce Qian Keming told a press conference of the fourth China-Arab States Expo. In 2018, bilateral trade volume between China and Arabian countries reached 244.3 billion U.S. dollars, jumping 28 percent year on year. Chinese enterprises signed 35.6 billion dollars of new project contracts in Arabian countries, with a yearly increase of 9 percent, while direct investment from Chinese companies in Arabian countries totaled 1.2 billion dollars, involving sectors such as energy, infrastructure and manufacturing. Qian said China will further strengthen connections of development strategies with Arabian countries so as to jointly build the Belt and Road. Chinese enterprises and financial institutions are encouraged to deepen cooperation with the Arabian side in sectors of port, railway, electricity and telecommunications, said Qian. More efforts should be made to promote cooperation between the two sides in fields of low-carbon energy, finance and high technologies, he added. The fourth China-Arab States Expo will be held in Yinchuan city, northwest China's Ningxia Hui Autonomous Region, from Sept. 5 to 8. The expo will focus on fields including cross-border e-commerce, infrastructure as well as trade and investment, aiming to promote mutually beneficial cooperation between China and Arabian countries in these areas. Source: Xinhua News Agency
AIIB reaches milestone of 100 members
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AIIB reaches milestone of 100 members
14 Jul 2019
Jin Liqun, president of Asian Infrastructure Investment Bank (AIIB), makes a speech at the Asian Infrastructure Forum during the fourth annual meeting of the AIIB in Luxembourg, July 13, 2019. (Photo/Xinhua) Jin Liqun, president of the Asian Infrastructure Investment Bank, said he wants AIIB to become the bank that connects Asia to the world as it marked a total of 100 approved memberships during the past weekend. The AIIB Board of Governors approved on Saturday the applications of three African countries — Benin, Djibouti and Rwanda — at the bank's annual meeting in Luxembourg. This would bring the total number of AIIB members to 100, including 70 whose memberships have been ratified by their parliaments. "AIIB members collectively account for 78 percent of the world's population and 63 percent of global GDP. With the backing of all of our members, we are building a lean, clean and green institution that can help to support their sustainable development," Jin said. Finance Minister Liu Kun said at the meeting on Saturday that he hopes the AIIB will give play to its own advantage as a multilateral development bank to link its strategy with the development blueprints of its members, the Belt and Road Initiative and the Connecting Europe and Asia Strategy of the European Union. "China, an AIIB shareholder and a country that hosts AIIB's head office, will continue to support the bank's development," Liu said. Liu suggested that AIIB come up with an overall strategy based on previous operating experiences to guide its further development, its features, new trends of global growth and the diversified requirements of members. Uzziel Ndagijimana, Rwanda's minister of finance and economic planning, called AIIB "a great bank". "We are happy to join as the 100th member. We are looking forward to not only having fruitful cooperation with the bank, but also with the member countries to promote infrastructure and promote trade and investment between Asia and Africa," he said on Saturday. The three new prospective nonregional members will officially join AIIB once they complete the required domestic processes and deposit the first capital installment with the bank. At the annual meeting, the first held outside of Asia, Luxembourg Finance Minister Pierre Gramegna praised AIIB as "arguably the most modern and international financial institution in the world". "The bank has emerged as a beacon of multilateralism while surpassing expectations of growth," he said. Luxembourg was the first European nation to join the AIIB, as the United States government was trying to lobby European countries not to join the multilateral development bank initiated by China. Gramegna said membership of European members has been beneficial for both European and Asian countries, especially given the AIIB's motto of being lean, clean and green. "Looking at the results of the past three and a half years, we can all be very pleased with what has been achieved, both in terms of financial operations and the quality of the work that has been done," he said. Since January 2016, the AIIB has provided $8.5 billion in loans to 45 projects in 18 member countries, many in renewable energy and green infrastructure. It also has received the highest credit ratings from the world's three biggest rating agencies — Standard &Poor's, Moody's and Fitch Group. In May, the AIIB's five-year dollar bonds drew investors from dozens of countries. Jin said the bank has a good working relationship with other multilateral development banks such as the World Bank, Asian Development Bank and European Bank for Reconstruction and Development. "We set the bar at the par with other multilateral development institutions and other institutions, so we can work together," he said. "We are happy to see that we are recognized as such a bank." But he also said there is no room for complacency. "We are the new kid on the block, and we have a lot to learn from our sister institutions," he said. Jin said people should take a realistic view, that it takes time to help developing countries in their transition from high-carbon to low-carbon to zero-carbon economies. "So it's really a very tough job. And we are doing our very best," he said in response to criticism that AIIB is not doing enough. The two-day annual meeting had some 30 sessions, including on climate change, debt sustainability, digital connectivity and private equity for sustainability infrastructure. The bank's next annual meeting will be held in Beijing in 2020, the AIIB Board of Governors announced on Saturday. Liu, the finance minister, was elected chairman of the fifth Board of Governors. By the end of 2018, the AIIB's total investment had reached $7.5 billion, up from $4.196 billion a year earlier, according to the AIIB's annual report released on its website. Moody's affirmed the bank's rating of Aaa with a stable outlook in March. "AIIB will maintain the health of its stand-alone credit metrics beyond its initial growth phase into the next decade," the agency said. Source: China Daily
The President of the European Council visits the new Port of Baku
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The President of the European Council visits the new Port of Baku
9 Jul 2019
Taleh Ziyadov, Director-General of Baku International Sea Trade Port has welcomed the President of the European Council Donald Tusk and said that the advanced IT system currently used at the port, by automating all operations, provides the cargo owner with the ability to monitor the cargo online, determine the location in the territory and gives other advantages. He noted that for fast and efficient loading and unloading, the time limit for loading onto ships and unloading of containers and dry cargo delivered by heavy trucks is set through the port’s operational information system. Thus, the processes are carried out in accordance with this schedule. This operating system, which works online, immediately informs the cargo owner about its delivery to and from the Port of Baku. The latest technological and engineering solutions used at the port make the complex the most modern and convenient cargo handling center in the region that meets international requirements, and also enhance its transit and transportation capabilities as an important transportation hub. During the visit to Port of Baku, Donald Tusk got acquainted with the infrastructure created there. Mustafayev said that the area of the port covers 400 hectares, there are 12 berths, the total length of which is 2,100 meters. The port has 2 berths for Ro-Ro type vessels, a universal dry cargo and container terminal consisting of 7 berths, 2 ferry berths, and a berth for service fleet vessels. The length of the berth for service fleet vessels is 155 meters, 11 ships can moor there at the same time. The annual transshipment capacity of the port is 15 million tons, including 100,000 containers. In general, after completion of all construction works, the port will be able to transship 25 million tons of cargo, including 500,000 containers, thanks to the 17 berths available. Baku International Sea Trade Port was previously located within the city. Taking into account the bid of the country to become one of the major commercial and transportation hubs in the region and facilitate regional transformation, the state decided to move it to a new location, 70 km south of the capital Baku, near a settlement called Alat, which is located at the strategic crossroads of the regional railroads and highways. The port in Alat is a transportation hub linking the west (Turkey & EU), south (Iran & India) and north (Russia). In addition, the port's location is linked to existing highways and railways, connecting the port to the inland regions of the country. In 2018, the total volume of cargo transportation at all terminals of the Port of Baku was about 3.8 million tons, of which 84.5 percent (3.2 million tons) accounted for transit cargo. Moreover, Director-General Taleh Ziyadov informed the guests about the joint projects implemented between the Port of Baku and the European Union since 2016. The ongoing projects include improving operational capabilities, preservation of the environment around the port, the “Green Port” project, waste management and disposal, study tours to the leading European ports, and application of international standards to the work of the new Port of Baku. Source: Port of Baku official website
July Star- The Federation of Bangladesh Chambers of Commerce & Industry
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July Star- The Federation of Bangladesh Chambers of Commerce & Industry
9 Jul 2019
Introduction The Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) was founded in 1973 and has its headquarters based in capital Dacca. As Bengalese representative body of the business community, FBCCI avails itself to act as a pivotal role in providing consultation and safeguarding the interests of the private sectors. FBCCI plays a key advisory role in the development of business, industrial and financial policies at the national level. Objectives To coordinate and promote the interests of its member bodies – Chambers of Commerce and Industry, Trade and Industrial Associations To foster trade and investment growth across industry, agriculture, tourism, human resources and communication sectors in Bangladesh To provide support and assistance to the private sectors through effective communication and consultation with the government To assist the Chambers of Commerce and Industry and Trade Associations in organizing Trade and Industrial Fairs at home and abroad Recent activities Seminar on Bangladesh- China (Dalian) Trade and Investment Promotion On July 1-3, 2019, the world-famous meeting- China Summer Davos Annual Meeting was held in Dalian city. Prime Minister of Bangladesh Sheikh Hasina attended the meeting, leading a delegation of 53 enterprises from FBCCI. On July 2, the Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) and China Council for the Promotion of International Trade (CCPIT) Dalian Sub-Council jointly organized Seminar on Bangladesh-China (Dalian) Trade and Investment Promotion. FBCCI signed a memorandum of understanding with CCPIT-Dalian. Both sides unanimously promised to strengthen cooperation in promoting exchanges of economic and trade groups, supporting mutual exhibitions, and facilitating trade and investment facilitation, so as to achieve win-win cooperation and to build an efficient and convenient service platform. MOU signing between CCPIT-Dalian and FBCCI Afterwards, 53 enterprises from FBCCI and more than 150 enterprises in Dalian city were present at Business to Business Meeting. Nearly one-third of participants found their potential cooperative partners. FBCCI visits SRCIC Beijing Office On July 5, a delegation led by Mr. Md. Muntakim Ashraf, the Senior Vice President of FBCCI visited SRCIC Beijing Office. Mr. Wang Yan, the Deputy Secretary General of SRCIC received the delegation. Mr. Md. Muntakim Ashraf hoped that SRCIC would mobilize its abundant member resources and introduce more enterprises to invest in Bangladesh. Mr. Wang Yan expressed that SRCIC would provide its efforts on facilitating the economic growth of Bangladesh. FBCCI Senior Vice President Mr. Md. Muntakim Ashraf (R7) and SRCIC Deputy Secretary General Mr. Wang Yan (L6) Interactiveness As a founding member of SRCIC, FBCCI has been making great contribution to the development of SRCIC. As the vice Chairman of SRCIC, Mr. Md. Shafiul Islam, the Immediate Past President of FBCCI attended the 2017 Silk Road Business Summit in Xi’an city and the 2018 Silk Road Business Summit in Zhangjiajie city. As one of the SRCIC Executive Board Members, Mr. Md. Shafiul Islam attended the 6th and 8th SRCIC Executive Board Meetings, sharing his invaluable suggestions for the development of SRCIC. FBCCI Immediate Past President Mr. Md. Shafiul Islam attending the 8th SRCIC Executive Board Meeting (Back Row, R5)
Sheikh Fazle Fahim:BRI-related investments bring substantial benefits for Bangladesh
u=3573650910,3618788662&fm=85&app=57&f=JPEG
Sheikh Fazle Fahim:BRI-related investments bring substantial benefits for Bangladesh
5 Jul 2019
Bangladesh's presence in the Belt and Road Initiative has considerably expanded since 2016, said Sheikh Fazle Fahim, president of the Federation of Bangladesh Chambers of Commerce and Industry. BRI-related projects in the South Asian country, which have reached a value of around $10 billion, are expected to create jobs, boost industrial development, contribute to gross domestic product growth, and make Bangladesh a more attractive destination for foreign investors, Fahim said in an exclusive interview with China Daily on Wednesday. "For Bangladesh, BRI-related investment is spread across multiple sectors which will contribute to Bangladesh's rapid GDP growth, including infrastructure, connectivity and shipping," he added. The $165 million Bangladesh Power System Upgrade and Expansion Project has benefited the country by helping provide electrical connections to more than 2.5 million rural people, significantly improving their lives, said Fahim. In addition to infrastructure and manufacturing projects, the official said there is also great potential in the information and communication technology sectors as well as those yet to be tapped under the initiative. "In the future, we could also focus on innovation-driven development with joint collaboration in the new generation of information technology such as artificial intelligence, big data, quantum information and biotechnology, in addition to the expansion of smart technologies including intelligent human computer interactions, industrial robots, smart factories and smart logistics," he said. Fahim spoke highly of the economic cooperation between Bangladesh and China and said he believes it would become wider and deeper in the future. China is Bangladesh's largest trading partner. Bangladesh has become China's second-largest trading partner in South Asia, with bilateral trade between the two countries having nearly quadrupled in the past 10 years to exceed $12 billion in the last fiscal year, the FBCCI said. Around 400 Chinese companies are operating in Bangladesh in power, textiles, weaving, leather, footwear, construction, engineering and non-banking financial institutions, with a net investment of $1.03 billion in 2018, Fahim explained, adding that the number is gradually rising. In addition, he said the cooperation between the two countries in finance and e-commerce is becoming increasingly active. A consortium consisting of the Shanghai Stock Exchange and Shenzhen Stock Exchange acquired 25 percent of the shares of the Dhaka Stock Exchange last year. Ant Finance has become the strategic partner to Bangladesh's biggest online payment company Bkash. And UnionPay International has cooperated with Mutual Trust Bank, a private commercial bank in Bangladesh, to jointly launch debit and credit cards with mobile payment services. "It is encouraging. However, there is more to be done," Fahim said. The official said that with China's further opening-up of its economy, the strongest sectors of Bangladesh such as leather, ICT and fast-moving consumer goods will have greater access to the huge Chinese market and this will boost the growth of Bangladeshi companies. In fields such as the telecommunication and digital economy, the presence of Chinese companies and businesses in Bangladesh would grow substantially. Fahim said the FBCCI will continue to play its role in helping Chinese investors in Bangladesh through policy advocacy and by providing services to make it easier to do business. Source: Chinadaily
The BelCCI Chairman takes part in the Belt & Road forum for Regional Cooperation and Development
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The BelCCI Chairman takes part in the Belt & Road forum for Regional Cooperation and Development
2 Jul 2019
The Chairman of the Belarusian Chamber of Commerce and Industry Vladimir Ulakhovich took part in Belt & Road Forum for Regional Cooperation and Development hosted by the China-Belarus Industrial Park "Great Stone". The Forum has been organized by the Ministry of Economy of the Republic of Belarus and the Ministry of Commerce of the People's Republic of China. Co-organizers are the BelCCI, Great Stone Industrial Park Administration, the National Agency for Investment and Privatization, Industrial Park Development Company. Welcoming remarks at the Forum opening were made by Nikolai Snopkov, Deputy Head of the Administration of the President of the Republic of Belarus, Mr He Wei, Deputy Chairman of the All-China Committee of the People's Political Advisory Council of the People's Republic of China, Dmitry Krutoy, the Minister of Economy of the Republic of Belarus, Mr Qian Ke Min, Deputy Minister of Commerce of China, Maksim Ermolovich, the Minister of Finance of Belarus, Mattia Romani, Managing Director for Economy, Politics and Management of the European Bank of Reconstruction and Development. In total, the forum gathered about 500 participants from Austria, Belarus, Bulgaria, Great Britain, Germany, Israel, China, Latvia, Lithuania, the Netherlands, Poland, Russia, Slovakia, Turkey, Ukraine, Czech Republic, Estonia, and other countries. The key topic of the forum was Great Stone Industrial Park – Global Opportunities. It is the first large-scale event held in the park in continuation of the Belt and Road Forum for International Cooperation, which took place in Beijing in April 2019. The forum's program was rather extensive. The plenary session focused on participation of countries in the Belt and Road initiative. Four panel sessions were held to discuss innovative development and new technologies, transport and logistics systems, prospects of cooperation with financial institutions, and the development of the China-Belarus industrial park Great Stone as a smart ecocity. Source:BelCCI official website
MCCI Participates in the 11th Edition of the World Chambers Congress
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MCCI Participates in the 11th Edition of the World Chambers Congress
21 Jun 2019
The 11th World Chambers of Congress drew to end in Rio de Janeiro on Saturday 15th June 2019 following three days of engagement on key issues affecting chambers and their respective business communities. The MCCI, a member of SRCIC, represented by its President and Secretary General, Mr. Marday Venkatasamy and Mr. Barlen Pillay, respectively, attended the event. The event concluded with the following takeaways: 1. A sustainable future for all Chambers and business leaders were urged to join policymakers in the fight against climate change during our day three opening plenary on the Sustainable Developments Goals, by Mr. Luis Alfonso de Alba, United Nations Special Envoy for the 2019 Climate Action Summit 2. Skills for the future Rethinking education was also in the limelight with a focus on how chambers can play a leading role in developing a dynamic and effective global workforce. The consensus among panel participants was that with limited visibility on what the jobs of the future would be, development of skills for life-long learning such as problem-solving, collaboration, adaptation and creativity were essential. 3. Thinking beyond banks This last session featured inspirational startup case studies and examined how chambers can engage with next-generation entrepreneurs and companies. “As a company, we have a commitment to financial inclusion,” said Mastercard General Counsel Tim Murphy who said there was a role for ICC and chambers to bring business to the table to communicate private sector messages for creating appropriate regulation. 4. Chamber innovation celebrated Winners of the 2019 World Chambers Competition were announced during the Congress concluding Gala Dinner. Of 74 entries from 29 countries, 16 finalists were in Rio to present their initiatives to Congress delegates during dedicated workshops covering the three Competition categories: Best Education and Training Project, Best SME and Entrepreneurship Development Project and Best Unconventional Project. Find out who the winners were here. 5. #SeeYouInDubai! Hassan Al Hashemi, Chair of the World Chambers Congress organising committee of Dubai Chamber, presented a video giving a glimpse into what delegates of the 12th World Chambers Congress can expect in 2021. Source: MCCI official website
China-Sweden Business Council:3rd Belt&Road Business Forum for Development to be held in October
图片2_副本
China-Sweden Business Council:3rd Belt&Road Business Forum for Development to be held in October
3 Jun 2019
SRCIC member: China Sweden Business Council is arranging“3rd Belt&Road Business Forumfor Development”between 24th- 26thOctober 2019 in Stockholm, Sweden. The main purpose is to make sure that Chinese companies, agencies and investors seeking cooperation with their European counterparts meet together and with companies, agencies and delegations from Africa. African delegations and participants get the opportunity to meet verity of strong actors in different fields and industries. We sincerely invite enterprises to participate in this summit. If you are interested, please read the Background Information and Invitation Letter of the summit and fill in the Registration Formtoinfo@csbc.se.
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