BRI plays key role in driving economy

CAIRO — The China-proposed Belt and Road Initiative (BRI) plays a significant role in driving economic development across participating countries, an Egyptian economic expert said.

Waleed Gaballah, a member of the Egyptian Association for Political Economy, Statistics and Legislation, said the initiative is a groundbreaking model for fostering global growth, highlighting its transformative impact on infrastructure, trade and technology.

"Launched in 2013, the BRI...aims to create new paths for the global economy, by pumping huge investments into the participants," he told Xinhua News Agency in a recent interview.

The initiative is working to promote international trade by fostering a broader and less costly exchange, while supporting the development of industries that create more job opportunities, Gaballah said.

He further noted that the BRI is distinguished by its focus on infrastructure projects, along with its emphasis on social sectors like health and education.

Gaballah also highlighted the extensive reach of the initiative, under which over 150 countries and over 30 international organizations have signed cooperation documents with Beijing, and its implementation has a well-planned and adaptable timetable that avoids both impulsive actions and undue caution.

The Egyptian expert praised China's commitment to fair and mutually beneficial economic cooperation within its initiative, affirming that China "seeks to share the benefits with all involved, rather than monopolizing them for itself."

The BRI stands out due to its noncompetitive nature, he noted, adding that the West failed to implement similar infrastructure investment projects with their stated intentions in Africa and other regions.

"The BRI has fostered increased development rates in participating countries. This is achieved through its infrastructure projects, including roads, ports, railways and other projects, which have generated employment opportunities for local populations and contributed to an improved quality of life," the expert said.

He explained that the initiative's focus on facilitating more affordable foreign trade has contributed to lower inflation rates in participating countries, adding that China's openness to technology transfer and clean energy projects is transforming life in countries involved in the initiative.

Gaballah highlighted several projects in Egypt that fall under the BRI, including the textile city project in Sadat City, north of Cairo, the Central Business District (CBD) of Egypt's new administrative capital, and the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Ain Sokhna, east of Cairo.

"Chinese projects have shifted the perception of the average Egyptian citizen toward China. Previously seen as a source of imported goods, China is now increasingly viewed as a development partner that contributes to job creation and improved living standards," the expert said.

Chinese companies have a considerable presence in Egypt's renewable energy sector, the expert said, pointing to their involvement in projects such as the Benban solar plant and wind farms in the Gulf of Suez. These projects are instrumental in enhancing the sustainability of Egypt's energy mix, he said.

"China possesses 'future technology' in sectors such as solar and wind power generation, electric vehicle production and other areas that are highly sought after globally," Gaballah said. "Providing access to these technologies at a reasonable cost to countries participating in the BRI could significantly make a major shift in the way of life in their societies."

Xinhua - China Daily