China’s Belt and Road Initiative (BRI) represents a “new world trade order”, says Siemens global president and CEO Joe Kaeser.
In a keynote address at the first Belt and Road International Summit, in Beijing, China, this week, he urged more countries to get actively involved in the BRI.
To date, the BRI is worth €1-trillion and contributes 50% to global gross domestic product, with about 70% of the world’s population benefitting from it.
Kaeser reiterated that the BRI was a promoter of free trade where partners benefitted equally.
“It is imperative that we promote trade and liberalisation globally as this will ensure a better world”.
During the summit, Siemens also advocated for a digital ecosystem to foster future-oriented infrastructure development.
More than 1 000 industry leaders and delegates from over 30 countries attended the summit, with more than ten cooperation agreements signed with Chinese enterprises.
Under the terms of the agreements, companies from Nigeria, Mozambique, Indonesia and the Philippines will enter into partnership with Chinese engineering, procurement and construction companies.
Siemens has partnered with Chinese companies that form part of the BRI by providing them with innovative technology solutions that cater for industries such as infrastructure, oil and gas, energy and chemicals.
*Zandile Mavuso attended the summit as a guest of Siemens.