BRI hailed for bolstering connectivity

China-backed infrastructure projects aiding regional economic well-being, says expert

China's Belt and Road Initiative plays an important role in strengthening ties and promoting infrastructure development in Southeast Asia, said Lee Chang-ho, chairman of the Korea-China Exchange Promotion Committee, a civil group in South Korea.

"Under the BRI, infrastructure constructions have been carried out in various ways," said Lee, noting that projects in Laos, Thailand and other members of the Association of Southeast Asian Nations will help enhance connectivity.

With the investment and jobs the Belt and Road Initiative has created, Lee said he believes the initiative will be a Silk Road that is heading towards the future amid the rise of multilateralism.

This year marks the tenth anniversary of the Belt and Road Initiative. Over the past decade, China has signed more than 200 cooperation documents with 152 countries and 32 international organizations for joint construction of the Belt and Road, with the partnerships covering 83 percent of the countries with which China has diplomatic relations.

The BRI has established more than 3,000 cooperation projects and galvanized nearly $1 trillion of investment, Chinese Foreign Ministry spokesman Wang Wenbin said on Aug 31.

According to the World Bank, by 2030, BRI transport infrastructure, if fully implemented, is expected to increase global real income by 0.7 to 2.9 percent, lifting 7.6 million people from extreme poverty and 32 million people from moderate poverty.

Noting that the BRI can help reduce transport costs among countries involved, especially in terms of the transport of passengers and goods, Lee said lower logistics costs will help promote exports.

"Therefore, the economy will be more vibrant and prosper," said Lee.

Based on the principles of extensive consultation, joint contribution and shared benefits as well as the theme of connectivity, Lee said he hopes the BRI can further explore new cooperation areas in the green and digital Silk Road, demonstrating its role in promoting international cooperation and shared development.

The third Belt and Road Forum for International Cooperation will be held in Beijing in October. As of Sept 7, representatives from more than 90 countries have confirmed their attendance for the event.