KUALA LAMPUR: Malaysian International Trade and Industry Deputy Minister Ong Kian Ming has said that the BRI will continue to be the primary driver of economic development amidst the expected global economic slowdown. He was speaking at the World Bank’s launch of a report on the Belt and Road Initiative (BRI). He explained that amid brewing tensions between US and China, the latter will work towards finding new markets for trade and investment.
He further said that countries that are part of BRI need to better understand the initiative and realize that it is not just aimed at infrastructure development. The member countries need to identify and utilize opportunities for growth presented to them by the BRI. The BRI not only offers opportunities in sectors like roads, rails, ports and energy but these ventures also attract investment from either state-owned enterprises or privately owned Chinese companies.
Dr Firas Raad, World Bank Group (WBG) representative to Malaysia and country manager, said the BRI and its associated economic corridors, have the potential to substantially boost trade, increase foreign investment, and improve living conditions for citizens in participating countries.
Source: Xinhua News Agency