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Transportation links to drive prosperity along Belt and Road: Volvo Group

Xinhua, October 27, 2016 Adjust font size:

Better transportation links and infrastructure will help drive prosperity along the China-proposed Belt and Road and offer plenty of opportunities for foreign companies to participate, a recent white paper released by manufacturing giant Volvo Group said.

Regional infrastructure development creates win-win outcomes for all participating countries, and improving transportation networks in the region will bring gains through increased market access, reduced trade costs and more efficient energy production and use, according to the white paper released during the Global Sustainable Infrastructure and Connectivity Summit jointly held by Volvo Group and Tsinghua University.

Infrastructure is fundamental for production and people's lives. Sustainable infrastructure, to some extent, determines the sustainability of the whole economy, said Qian Xiaojun, director of the Green Economy and Sustainable Development Research Center of Tsinghua University.

It is vital to achieve synergy and consensus on policy regulation, industrial standards, technological innovation and upgrades, and marketization to move toward a shared ambition of sustainable development, Qian added.

Improved transportation infrastructure and networks will offer plenty of business opportunities by spurring demand for construction equipment, efficient long-haul transportation, and exchange and use of transportation-related data, according to the white paper.

However, transportation development along the Belt and Road routes still has to address geopolitical and security challenges, business operation risks, inadequate infrastructure and incoherent transportation policy in cross-border movement, said Huang Zheng, public affairs and communication vice president of Volvo Group China.

No single actor can solve the challenges, and China will need new forms of cooperation to successfully address complex tasks. In transportation connectivity areas, cities or project developers need to collaborate with both public and private organizations, contractors, suppliers, service providers, transportation operators, insurance companies and others, the report advised.

Multinational companies with a presence in China can collaborate with Chinese companies to contribute to the initiative with their expertise in localization and complementary advantages in technology and services, Huang added.

The Volvo Group has been in China for 24 years and China has become its second "home market" after Volvo's Global Headquarters in Sweden. It has already participated in projects along the Belt and Road such as the China-Pakistan Economic Corridor.

The white paper called for more information from the government about the implementation plan and relevant policies and a fair business environment open to all willing stakeholders.

The Belt and Road Initiative, proposed by Chinese President Xi Jinping in 2013, comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road. Endi