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China launched this initiative in 2013 as part of an ambitious plan to accelerate infrastructure development and trade cooperation between it and the countries of Southeast Asia, as well Central Asia, Middle East, Europe and Africa. South China Sea.
According to the Lowy Institute, an independent Australian think-tank, the "belt" aims to connect China's underdeveloped countryside to Europe via Central Asia, while the "road" aims to connect China to Southeast Asia. Silk Road.
A separate report from consulting firm Baker & Mckenzie indicated that Indonesia could be the largest beneficiary in the region, potentially attracting more than $ 87 billion worth of infrastructure projects as part of this initiative.
China would be willing to invest in international port developments and industrial zones in several locations in Indonesia as part of the Belt and Road initiative.
Shinta quoted a statement from the Hong Kong Trade Development Council (HKTDC), which stated that China had pledged to invest a total of $ 9 billion in 50 projects in Indonesia, which were supposed to be completed now.
However, the slow pace of land acquisition and funding difficulties hindered the progress of these projects, resulting in the completion of only nine projects. These include a stainless steel processing area in Morowali, central Sulawesi.
Most belt and road initiative projects in Indonesia are financed by long-term, low-interest loans from Chinese banks, with some of the projects apparently being carried out by Chinese companies .
At a meeting between President Joko "Jokowi" Widodo and Chinese President Xi Jinping last year, it was agreed that the two countries would strengthen cooperation in several areas, including l & # 39; 39, Belt and Road Initiative.
China is the fourth-largest investor in Indonesia, accounting for 8.3 percent of total foreign direct investment in the first quarter of this year. Chinese investment in Indonesia rose 16.8% to $ 700 million between January and March this year.
Hong Kong, meanwhile, is the fifth-largest investor in Indonesia, accounting for 6.3 percent of total foreign direct investment in the first quarter. Investment from Hong Kong increased 24% to $ 500 million over this period.
Role of Hong Kong
Hong Kong, a special administrative region of the People's Republic of China, plays a key role in the Belt and Road Initiative as a facilitator and matchmaker.
Jimmy Chiang, Deputy Managing Director of Invest Hong Kong, a government agency focused on facilitating foreign direct investment in the city, said they were providing professional services in a myriad sectors allowing the city to act as integrator. companies are making inroads in other regions.
"Hong Kong can bring a lot of benefits to this initiative, especially from an economic point of view, because we have experience in logistics and financial services," said M Chiang.
He said that Hong Kong and China are very serious about Southeast Asia, as evidenced by the fact that the agency has recently established a representative office in Jakarta, with the intention to open a neighbor in Thailand.
Hong Kong general manager Carrie Lam said 97 Chinese state-owned enterprises have been responsible for about 1,700 projects in 65 countries under the Belt and Road initiative over the past five years. years. It is estimated that China needs a total investment of $ 5 trillion in countries along the new Silk Road.
This investment will cover projects in traditional sectors such as roads, ports, railways and tourism, while exploiting more advanced sectors such as artificial intelligence, smart cities, technology financial and biomedical technology.
More than 5,539 participants from 55 countries attended the summit, hosted by the Hong Kong government and HKTDC.
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