China today described its new Silk Road initiative as "a project of the century" with President Xi Jinping pledging to pump in a whopping Dollars 124 billion for projects that are part of the ambitious venture linking the country to much of Asia, Europe and Africa.
As India on Sunday skipped China's Belt and Road forum to oppose the China-Pakistan Economic Corridor (CPEC), Islamabad and Beijing vowed to conclude the contentious economic route. He was due to meet Monday with Chinese officials and representatives of USA companies looking at potential "Belt and Road" opportunities, said embassy spokeswoman Mary Beth Polley.
"China-Pakistan Economic Corridor (CPEC) is playing a pivotal role and has become the flagship project of the Belt and Road Initiative", he said while speaking to APP at China National Convention Centre.
Prime Minister Nawaz Sharif has said peace and development are interlinked and achieving economic development through regional cooperation is the only way to ensure peace and security.He was addressing the plenary session of the One Belt One Road Forum in Beijing on Sunday.The Prime Minister said the Forum provides pathways for economic and financial cooperation, business-to-business collaboration, and people-to-people contacts.One Belt-One Road is an inter-continental mega-project offering unprecedented opportunities and partnerships in energy, trade, infrastructure, telecommunications, investment and industrial development.
In order to set up this planÂ´s main aims, Xi Jinping stressed that Belt and Road Initiative is now focused on Asian, European and African nations, even though it is also open to all others. "We, in Pakistan, consider President Xi's initiative not only bold and futuristic but also epic and historic", he told the leaders from all over the world participating in the Forum.
'The ancient silk routes thrived in times of peace, but lost vigor in times of war.
But Xi said the BRI should foster a "win-win cooperation" without confrontation.
Chinese Leader clarified that China has no intention to form a group detrimental to stability of the region and all countries should respect each other's sovereignty, territorial integrity, each other's development paths and each other core interests and major concerns, Xinhua News Agency quoted President Jinping as saying.
Under the "Act East" policy, we are pursuing the Trilateral Highway project; under our "Neighbourhood First" policy we are developing multimodal linkages with Myanmar and Bangladesh; under our "Go West" strategy, we are engaged with Iran on Chabahar Port and with Iran and other partners in Central Asia on International North South Transport Corridor.
Top global leaders including Philippine President Rodrigo Duterte and Russian President Vladimir Putin attended while the United States and North Korea sent their representatives.
The Vietnamese delegation was headed by President Tran Dai Quang. Other delegates at the forum include officials, entrepreneurs, financiers and journalists from over 130 countries, and representatives of key worldwide organisations.
A US delegation was attending the meeting, led by Matt Pottinger, special assistant to Trump and senior director for East Asia at the National Security Council.
"Germany does want to take part (in the initiative), but tenders need to be open to everyone, only then will German companies take part", she said. OBOR is the dawn of a truly new era of geo-economic revolution and synergetic intercontinental cooperation.
The Chinese president also said he will sign trade and economic cooperation treaties with more than 30 countries during the forum.