The three-day forum is expected to be attended by nearly 40 world leaders including Russian President Vladimir Putin, Pakistani Prime Minister Imran Khan, Philippine President Rodrigo Duterte, and Cambodian Prime Minister Hun Sen. The BRI is a development strategy proposed by Chinese President Xi Jinping in 2013 as a union of the Silk Road Economic Belt and the 21st century Maritime Silk Road. According to the Chinese government, it is aimed at enhancing regional connectivity by developing infrastructure projects that create land and sea networks connecting Southeast Asia, Central Asia, the Middle East, Europe, and Africa. China and Vietnam signed a memorandum of understanding on promoting connectivity between the "Two corridors, one economic belt" initiative and the BRI in 2017, during President Xi Jinping's visit to Hanoi. The "Two Corridors, One Belt" initiative was proposed in 2004 to promote cooperation between the two countries in many fields such as commerce, industry, … [Read more...] about Vietnam PM to attend Belt and Road Forum in Beijing
Beijing infrastructure investment
The Hanoitimes - Chairman of China`s largest private builder wants to invest in an expressway project that runs across Vietnam. Vietnam plans to pour US$435 million into expressway projects in 2019 Japan eyes mega infrastructure projects in Vietnam China Pacific Construction Group (CPCG), the country’s largest private builder by revenue, has expressed its interest in building expressways in Vietnam, including a project running across the country, local media reported. A section of the north-south expressway. Illustrative photo According to the Vietnamese Ministry of Transport (MOT), CPCG’s Chairman Yan Jiehe met Deputy Transport Minister Nguyen Van Cong on March 7 to discuss the possibility to make an investment. Yan Jiehe suggested that Vietnam’s north-south expressway project could be invested under either engineering-procurement-construction (EPC) or build-transfer-operate (BTO) and CPCG is able to do both. He emphasized that … [Read more...] about Chinese firm wants to invest in Vietnam expressway projects
Australia pledged on Tuesday (Jun 19) to provide Pacific nations with better funding to counter Chinese development money which it fears will leave some countries with massive debt burdens and undermine their sovereignty. Australian Foreign Minister Julie Bishop said she wanted to ensure neighbouring countries had an alternative option to the often opaque financing from China AFP/Nhac NGUYEN Projects are increasingly being constructed in the region through China's signature infrastructure-building Belt and Road Initiative (BRI) and Canberra is worried some small nations may get trapped with unsustainable debts, handing Beijing influence. Foreign Minister Julie Bishop said she wanted to ensure neighbouring countries had an alternative option to the often opaque financing from China, which Australia says can have unfavourable terms. "They are sovereign nations," she told the Sydney Morning Herald. "We want to ensure that they retain their sovereignty, that they have sustainable … [Read more...] about Australia vows to compete with China funding in Pacific
Donald Trump dangled the carrot of foreign investment in front of North Korean leader Kim Jong Un at their nuclear summit, but analysts say few will want to put money into one of the highest-risk business environments in the world. The U.S. president showed Kim a movie of bright lights, high-speed trains and soaring tower blocks - pitching a future that could be possible if Pyongyang gives up its weapons. Optimists say that with mineral wealth, cheap labour, and a helpful geographical location, the North has huge potential. But the history of overseas firms who have tried to set up operations in the isolated, impoverished country is a long and sorry one. Rules that can change on a whim, bills that are never paid, and the threat of expropriation hang over foreigners who step into the wildest of wild east investment destinations. For now, dozens of restrictions apply under the various sanctions regimes imposed on the North over its nuclear ambitions. Joint ventures are banned by the U.N. … [Read more...] about Invest in North Korea: money pit or golden opportunity?
Malaysia was once a loyal partner in China's globe-spanning infrastructure drive but a new government is now pledging to review Beijing-backed projects, threatening key links in the much-vaunted initiative. Kuala Lumpur's previous regime, led by scandal-mired Najib Razak, had warm ties with China and signed a string of deals for Beijing-funded projects, including a major rail link and a deep-sea port. But the long-ruling coalition was unexpectedly turfed out of power last month by voters disgusted at allegations of corruption and angered at rising living costs. Critics say many agreements lacked transparency, fuelling suspicions they were struck in exchange for help in paying off debts from a financial scandal which ultimately helped bring down Najib's regime. The new government, led by political heavyweight Mahathir Mohamad, has pledged to review Chinese deals seen as dubious, calling into question Malaysia's status as one of Beijing's most cooperative partners in its infrastructure … [Read more...] about Malaysia power shift hits China infrastructure drive