Plans Submitted to Improve Infrastructure and Connectivity to Boost Multilateral Ties and Growth
The Belt and Road initiative together with the Asian Infrastructure Investment Bank has proposed to China plans to improve infrastructure and connectivity in the region that is set to boost multilateral ties and economic growth in the region. Thanks to the joint efforts of China and related countries on the infrastructure development and connectivity in the region and then Asia Pacific countries will be seeing a stronger social development and fast economic growth in the coming years.
A study made by the Asian Development Bank found out that $8 trillion dollars is needed for infrastructure investment in the Asia Pacific Region. Asia Pacific countries are realizing that with better infrastructure facilities that develops faster and a shared recognition show that regional economic integration is beneficial. The Belt and Road initiative was proposed as a trade and infrastructure network that will connect Asia to Europe and Africa by the Silk Road Economic Belt and the 21st Century Maritime Silk Road. With ample investment, countries can accelerate infrastructure construction so as to push forward economic growth.
In the past two years, the Belt Road initiative offered opportunities for joint development among participating countries, which was widely accepted and recognized by countries in the three continents. The initiative is essential for bridging massive infrastructure spending deficit in Asia since China is in a unique position in improving inter connectivity and improve overall infrastructure landscape in Asia.