Belt and Road Summit Transforms: A New Era of Digitalisation and Connectivity Deepens Through Private Sector Partnerships

Summit on Belt and Road: the commencement of a fresh stage marked by agreements, digital transformation, and enhanced connectivity

The initiative spearheaded by China is progressing with the expansion of private sector collaborations in the backdrop of digital and connectivity advancements.

"The Belt and Road Initiative (BRI) needs to develop, fostering a collaborative relationship between top-tier companies in the region and businesses elsewhere in the world," stated Iqbal Khan, the CEO of Fajr Capital, a private equity firm based in Dubai, last Thursday. He further emphasized that it's time to increase collaborations between the public and private sectors, moving beyond just government-led initiatives.

Leaders from Bahrain, Dubai, Hong Kong, Hungary, and Vietnam are convening in Hong Kong to explore prospects stemming from Beijing's initiative to connect economies throughout Asia, Europe, Africa, and South America via a trade network centered around China. The summit will conclude on Thursday after two days of discussions.

Khan highlighted the significance of a digital Belt and Road Initiative. He noted that Chinese corporations such as Ant Group have been pouring resources into digital infrastructure. He emphasized the importance of their alliance with companies and nations of the Gulf Cooperation Council, a union of six countries, as a crucial move towards building a better future.

The port management company, Hutchison Port Holdings, which is under the control of billionaire Li Ka-shing's family, currently operates in 33 regions across 14 countries within the belt and road network. The company's Managing Director, Eric Ip, has committed to ongoing investments in these locations. The company has a particular interest in Pakistan and Egypt, due to their substantial populations, which provide promising opportunities for market expansion.