Belt and Road May Be Next Phase of Global Growth, Says Singapore Minister in Davos

FROM EIR DAILY ALERT

Belt and Road May Be Next Phase of Global Growth, Says Singapore Minister in Davos

Jan. 25, 2018 (EIRNS)—Speaking at a session on the Belt and Road Initiative (BRI) at the World Economic Forum in Davos on Jan. 24, Singapore Minister in the Prime Minister's Office Chan Chun Sing, a former Chief of the Army, described the Belt and Road Initiative as "a potential catalyst for the next phase of growth in the global economy," Agence France Presse reported today.

Pointing out that he has heard people in the region are hesitant about China's massive economic growth, Chan said: "But this is an important historical opportunity for China to convince the rest of the world that actually its actions have a broader perspective. If China is able to use its power and capacity to catalyze this, it will win the trust and confidence of the world."

The panel was attended by Asian Infrastructure Investment Bank (AIIB) President Jin Liqun, Caixin Global Managing Director Li Xin, Russian Direct Investment Fund CEO Kirill Dmitriev, AECOM CEO and Chairman Michael Burke, Singapore Minister Chan Chun Sing, and China National Machinery Industry Corp. Chairman Ren Hongbin, Pakistan Today reported.

Pakistan's Premier Shahid Khaqan Abbasi also addressed the panel. In his speech, Abbasi said Pakistan is one of the 80 countries through which the Belt and Road passes or which it would have an impact upon, stating that Pakistan calls it the China-Pakistan Economic Corridor (CPEC). CPEC's impact is already being felt by Pakistan as new power projects are coming up, and the country's railway sector is being upgraded, along with the building of new motorways, road structures, and more.