BRICA to fuel China’s ‘Belt and Road Ini­tia­tive’

Pakistan Observer - - ECONOMY WATCH -

BEI­JING—The Belt & Road In­dus­trial and Com­mer­cial Al­liance (BRICA), with 22 found­ing mem­bers from 20 coun­tries, was re­cently founded in Bei­jing. “The es­tab­lish­ment of the al­liance will pro­mote in­dus­trial in­vest­ment and eco­nomic and trade co­op­er­a­tion among coun­tries along the Silk Road Eco­nomic Belt and the 21st-Cen­tury Mar­itime Silk Road,” said Li Yizhong, co-chair of BRICA. The Silk Road Eco­nomic Belt con­cept was first in­tro­duced by Chi­nese Pres­i­dent Xi Jin­ping dur­ing his visit to Kaza­khstan in Septem­ber 2013. On March 28, 2015, China un­veiled the prin­ci­ples, frame­work, and co­op­er­a­tion pri­or­i­ties and mech­a­nisms in the Belt and Road Ini­tia­tive.

“Given the back­drop of the vul­ner­a­ble eco­nomic re­cov­ery af­ter the world fi­nan­cial cri­sis, China’s Belt and Road Ini­tia­tive strat­egy helps ex­plore new modes in in­ter­na­tional co­op­er­a­tion and global gov­er­nance,” Li added. BRICA mem­bers also jointly launched the project to es­tab­lish a Belt and Road In­dus­trial Co­op­er­a­tion Think-Tank to pool ex­perts and tal­ents in var­i­ous coun­tries for multi-field co­op­er­a­tion on pol­icy stud­ies, in­dus­trial plan­ning, and project con­sult­ing to pro­vide in­tel­lec­tual sup­port for the de­vel­op­ment of BRICA mem­bers. In or­der to pro­vide fi­nan­cial sup­port to co­op­er­a­tion among BRICA mem­bers, the Global In­vest­ment, Merger and Ac­qui­si­tion Fund Al­liance was also es­tab­lished to­day.—Agen­cies

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