Economy of BRI countries including Pakistan gets boost

BEIJING: China’s outbound investment has boosted the economic development of countries and regions along the Belt and Road Initiative(BRI) and brought tangible benefits for local peoples, said Su Wei, Deputy Secretary General of China’s National Development and Reform Commission(NDRC).Su made the remark at the opening ceremony of 11th China Overseas Investment Fair (COIFAIR) here, reports Gwadar Pro net.The two-day fair themed “Collaborating on High Quality Construction for Prosperous Belt and Road Development” has attracted 2,800 participants from around 110 countries and regions.In his keynote speech, Su said China’s investment has brought capital and technologies to the destinations countries, boosted the industries’ development and created job opportunities, which has increasingly become an important force to promote the two sides’ mutually-beneficial development. China's non-financial outbound direct investment (ODI) in 56 countries participating in BRI had amounted to $11.46 billion in January-October this year, according to China’s Ministry of Commerce.The investment destination countries included Singapore, Laos, Vietnam, Indonesia, Pakistan, Thailand, United Arab Emirates, Malaysia, Cambodia, Kazakhstan and Pakistan. At the same time, Chinese enterprises have newly signed 5,494 projects contracts with 61 countries along BRI, with a total value of $112.17 billion.Su said, Chinese enterprises’ direct investment in countries along BRI had reached about $98.6 billion from 2013 to 2018. China’s foreign direct investment stocks stood at $1.98 trillion by the end of 2018. Chinese enterprises had created job opportunities for 1.87 million foreign workers at the end of 2018, which made tangible sense of gain for peoples along BRI. Chinese enterprises’ “Going abroad” backed by joint construction of BRIAs of the end of October 2019, China had signed 198 cooperation agreements about Belt and Road Initiative with 137 countries and 30 international organizations, according to Su.

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