Infrastructure is regarded as a pillar industry for all countries, and sustainable and green projects built with China's Belt and Road Initiative have greatly enhanced connectivity and contributed to better growth of the developing world, experts say.
The two-day 13th International Infrastructure Investment and Construction Forum, or IIICF, opened on Wednesday in Macao, with Chief Executive Ho Iat-seng in attendance.
Fang Qiuchen, chairman of the China International Contractors Association, hosted the IIICF's opening ceremony and said the forum's theme followed the pulse of global expectations.
One of the highlights of the event was the launch of The Belt and Road Infrastructure Development Index 2022 and The Report on the Belt and Road Infrastructure Development Index 2022.
Li Fei, assistant minister at the Ministry of Commerce, said this forum is focused on consolidating collaboration, expanding collaboration, and extensively carrying out dialogue and exchanges.
"I believe it is of great significance for the high-quality joint construction of the Belt and Road, the implementation of the Global Development Initiative, and the promotion of building a community with a shared future for mankind," he said in his keynote speech.
Li noted that infrastructure plays an important role in supporting economic and social developments. Last year, China's foreign investment cooperation overcame the impact of the COVID-19 pandemic and achieved stable and healthy development with annual foreign direct investment of $178.8 billion, up 16 percent year-on-year, and with new contracts for foreign contracted projects of $258.5 billion, achieving a turnover of $154.9 billion.
A number of major infrastructure projects steadily advanced, and small but meaningful livelihood projects have been implemented one after another, making positive contributions to the recovery of the global economy and enhancing the well-being of people of all countries, he said.
Li also said the upcoming 20th National Congress of the Communist Party of China will draw up a grand blueprint for China's future development. "We will continue to bring new opportunities to the world with China's new development … promote the joint construction of the Belt and Road, continue to deepen pragmatic cooperation with other countries in the field of infrastructure, and work together to create a better future."
Suhail Mohamed Al Mazrouei, minister of energy and infrastructure of the United Arab Emirates, said the relationship between China and the UAE has become increasingly close over the years, and the two countries' ties are characterized by broad development potential and positive prospects.
He said the UAE has contributed to more than 650 projects with Chinese investments, and more than 4,000 Chinese companies operate in the UAE today, creating more than 400,000 jobs.
"By granting foreign investors full ownership of different enterprises, we aim to stimulate investment cooperation between our two countries in different areas such as the digital economy, green economy and circular economy," he said. "In its vision for the future, the UAE is seeking to shift to a more sustainable green economic model."
Wee Ka Siong, Malaysia's transport minister, described in a video address the infrastructure development as the backbone of the nation "to spur progress and improve the well-being of its people".
He said Malaysia remains committed to working on "quality and sustainable infrastructure that will have a high catalytic impact" toward the goal of achieving a high-income developed economy. Also, priority is placed on improving connectivity across regions through the integration of various transport modes.
Wee also said there have been massive high-tech investments from foreign partners over the last 10 years, citing the Gemas-Johor Bahru electrified double-tracking project and the East Coast Rail Link among mega projects with substantial investment from Chinese enterprises.
Mahbub Ali, Bangladesh's state minister for civil aviation and tourism, said in his video address that infrastructure investment and construction are essential to each nation's economic and social growth.
"The traditional friendship between China and Bangladesh has a long history and has a broad space for cooperation in the field of infrastructure," he said, adding that Bangladesh's Ministry of Civil Aviation and Tourism has maintained close communication and exchanges with Chinese companies.
"The Padma Bridge greatly promotes the connectivity between Dhaka and southwest area of the country — regional connectivity, and provides millions of employment opportunities along the route," he said, citing the completed bridge built by a Chinese contractor.
Joao Baptista Borges, Angola's minister of energy and water, said via video link that China is the country's main economic partner, achieving around $23 billion in trade exchanges.
The Caculo Cabaca power plant, an important infrastructure project, will be the largest hydroelectric undertaking built in Angola. It is an ecologically sustainable clean energy project with a capacity of 2,172 megawatts, and it is the largest investment for a single project financed by China, or any other source, in Angola.
The 13th IIICF saw 20 percent more attendance as compared with last year. More than 1,300 participants, including leaders and executives from government departments, financial institutions, international contractors and enterprises, attended this year's forum.