Amid rising geopolitical tensions, financial volatility, supply chain disruptions and rapid technological change, today’s global economy faces profound uncertainty.
Yet, transformative opportunities are emerging at the same time. The digitalisation of production and logistics, a growing global consensus on sustainability and the emergence of new forms of economic cooperation are creating multiple avenues for growth.
Against this backdrop, the Belt and Road Initiative (BRI) stands out as a powerful platform for international collaboration.
With its emphasis on developing infrastructure, the BRI mobilises investment, generates employment and elevates living standards, while reducing trade barriers and fostering deeper economic integration.
These insights emerged during a dialogue among senior government leaders from Kazakhstan, Malaysia, Qatar, Saudi Arabia and Uzbekistan, moderated by Hong Kong SAR Government Secretary for Commerce and Economic Development Algernon Yau, at the recently concluded Belt and Road Summit in Hong Kong.
Khaled Al Khattaf, CEO of the Saudi Investment Promotion Authority, highlighted how participating in the Initiative has supported Saudi Arabia’s economic transformation. The Kingdom has implemented more than 400 pro-business reforms, reflecting a shift in recognising the value that private sector innovation, capital and expertise bring to the economy.
“We’ve introduced special economic zones and public-private partnership frameworks to attract global players,” he said, citing the development of the Jeddah Red Sea Gateway Terminal in partnership with COSCO Shipping Ports as a prime example.
In a similar vein, the Initiative arrived at an opportune moment for Qatar’s economic re-orientation, as policymakers embarked on an ambitious plan to diversify beyond oil and gas.
According to Minister of State for Foreign Trade Affairs Ahmed bin Mohammed Al-Sayed, the country is prioritising progress in sectors, such as logistics, advanced industries, technology, chemicals and healthcare, and embraces partnerships between the public and private sectors.
“The BRI has been very important in creating win-win opportunities, fostering growth and facilitating supply chains across nations. Chinese companies have been involved in many infrastructure and transportation projects in Qatar – public and private – and they are more than welcome.”
Infrastructure as catalyst for regional growth
Turning to specific projects, the value of the Belt and Road platform is most evident in the development of essential infrastructure – the lifeblood of any economy.
This sentiment was echoed by Uzbekistan’s Deputy Minister of Economy and Finance Umid Abidkhadjaev who invoked the Chinese proverb: “To get rich, first build a road.”
Referencing flagship initiatives launched under the BRI, Dr Abidkhadjaev pointed to the China-Kyrgyzstan-Uzbekistan railway, which is expected to reduce shipping time between China and Europe by 7-8 days.
Such projects not only lower logistical costs, but also expand economic ties between China and Central Asia, where last year’s trade volume increased by 7.2%.
His thoughts were reinforced by Kazakhstan Vice-Minister of National Economy Yerlan Sagnayev who highlighted the Initiative’s role in boosting container transport between China and Europe. He noted that rail freight volume between China and Kazakhstan hit a record high in 2024.
“The rapid systemic shifts that the world is experiencing … have already reshaped the global economic architecture,” he stated. “It is clear to Kazakhstan that it can only cope with new challenges through joint action that can unite our efforts in shaping sustainable development.”
Finally, Malaysia’s Minister for Transport Anthony Loke underscored the pivotal role of transport systems in driving trade and regional integration, citing the country’s 665 kilometre-long East Coast Rail Link due for completion in 2027.
The railway will connect the country’s hinterland with coastal ports and extend its logistics networks into Thailand, Laos and China.
Mr Loke also stressed efforts to attract capital into industrial parks and associated projects located along the railway corridor.
“This is a chance for us to gain greater market access and enable more trade within the ASEAN region, a market of 700 million population,” he stated. “The BRI is an opportunity for us to uplift our infrastructure and leapfrog ahead in economic development.”