One Belt, One Road Becomes More Significant After TPP Stalls

MELAKA (Malaysia), Nov 17 (Bernama) -- China's One Belt, One Road (OBOR) initiative has become even more significant for the world's economic development as the United States is unlikely to proceed with the Trans-Pacific Partnership (TPP). Minister in the Prime Minister's Department Dr Wee Ka Siong said this course of economic development was significant especially for Malaysia and ASEAN needed to continue looking after its best interest economically through its regional partners. "So far, the initiative is supported by nearly 60 nations and shows promising signs for the development of new trade passages, as well as revamping China's domestic economic overcapacity through investing abroad. "The belt-road strategy is representative of China's growing interest in economic harmony, connectivity and diplomacy," he said at the 8th World Chinese Economic Summit (WCES) 2016 in Bandar Hilir here Thursday. Also present were Plantation Industries and Commodities Minister Mah Siew Keong and former Indonesian president Susilo Bambang Yodhoyono who is also honorary adviser of WCES. More than 300 delegates from several countries, including China, Hong Kong, Kuwait and Malaysia are participating in the two-day summit starting Wednesday. Wee said the OBOR initiative represented two major economic corridors that would revitalise China's ancient trading routes, one will be inland while the other is by sea and both routes will link the Eurasian landmass with the waterways surrounding the Middle East with East Asia, South Asia and Southeast Asia. He said Melaka Gateway, one of the projects in the OBOR route, would attract US$9.8 billion (RM43 billion) from China and China's Guangdong province had stated its intent to invest US$1.82 billion (RM8 billion) in an energy project in Melaka that will spur economic growth while creating 5,000 to 20,000 employment opportunities for the locals. (US$1 = RM4.38) Meanwhile, Wee said the e-commerce market in Malaysia this year was expected to reach RM4.1 billion in revenue, while the global industry was projected to surpass RM14.5 trillion within the next five years. "Hence, it would be wise for us to shape a digital free trade zone with the input of Jack Ma of AliBaba Group in order to tackle the vast potential of the Internet market in the years to come," he said. Meanwhile, Mah said the implementation of OBOR provided a new momentum for peace and stability in the South China Sea that would boost infrastructure development across industries, knowledge sharing and increase employment opportunities for locals. He said the numerous cooperation agreements signed between China and Malaysia was a testament to Chinese President Xi Jinping's support towards Malaysia's economic and infrastructure development for the greater good of Malaysia and ASEAN region. Mah said the recent agreement signed between the Malaysian Government and AliBaba and its launch of Alitrip would allow Malaysian tour operators and service providers to have instant and direct access to AliBaba's 100 million active online travel products customers. "Malaysia looks forward to attract two million Chinese arrivals by end-2016 and eight million by 2020. "We will achieve TN (National Transformation) 2050 with China as our strategic partner as we deepen the special relationship between the two countries anchored on our shared values and mutual respect," he said. Susilo said the relationship between Indonesia and China would continue to grow across the globe as the latter's ability to lead hundred of millions of citizens out of poverty was an inspiration to developing countries. -- BERNAMA