Peking (ots/PRNewswire) – China and El Salvador have experienced rapid growth since signing a memorandum of understanding (MoU) on cooperation under the Belt and Road Initiative (BRI) in 2018.
China has also increased its involvement in El Salvador’s infrastructure projects.
Projects such as the construction of the National Library and the Port of La Libertad not only created employment opportunities for locals, but also boosted the local economy and improved people’s livelihoods.
According to China’s General Administration of Customs, trade volume between the two countries reached $1.892 billion in 2022, up 9.6 percent year-on-year.
“Relations with China under the BRI have been extremely productive for five years,” El Salvador’s Deputy Foreign Minister Adriana Mira told China Media Group, adding that this is a great opportunity to join other countries under the BRI to approach.
The BRI, proposed by Chinese President Xi Jinping in 2013, is one of the most discussed buzzwords in international cooperation. Aimed at paving a new path for common development and prosperity through cooperation, it has achieved more than just connectivity in 10 years of development.
During his visit to Kazakhstan in September 2013, Xi gave a speech of far-reaching significance at Nazarbayev University.
In his address, Xi reminded the audience of the time over 2,100 years ago when a Chinese envoy was sent to Central Asia with a mission of peace and friendship and opened a Silk Road that has since transported Chinese silk, tea and porcelain to other parts of the world and brought back spices, furs, fruits and precious stones.
Instead of focusing on nostalgia, he was inspired by the trade routes of the ancient Silk Road and proposed building an “economic belt along the Silk Road.”
A month later, in Indonesia, Xi encouraged the construction of the 21st Century Maritime Silk Road, which, along with the Economic Belt proposal, eventually became the BRI.
The initiative promotes openness and more inclusive growth. Xi believes that further opening up a country leads to greater strength and prosperity.
In an effort to financially support the construction of BRI projects, China announced the establishment of the Silk Road Fund in 2014 with an investment volume of $40 billion.
In 2015, China released the vision and measures to jointly build the Silk Road Economic Belt and the 21st Century Maritime Silk Road to accelerate the implementation of the BRI and more closely connect the countries of Asia, Europe and Africa for mutually beneficial cooperation .
As a new type of multilateral financial institution initiated by China and jointly established by 57 countries, the Asian Infrastructure Investment Bank (AIIB) was officially established in January 2016.
With the aim of promoting social and economic progress in Asia, the bank has grown from 57 founding members to 109 approved members and has developed a portfolio of 202 projects in 33 countries with a total value of US$38.8 billion.
In 2016, the United Nations Development Program and the People’s Republic of China signed a memorandum of understanding (MoU) on cooperation within the framework of the BRI.
This is the first memorandum of understanding (MoU) between the Chinese government and an international organization to promote the initiative. The involvement of an international organization is a new and innovative development within the BRI.
The first Belt and Road Forum for International Cooperation was successfully held in Beijing in May 2017. More than 1,600 representatives from over 140 countries and over 80 international organizations, including heads of state and government from 29 countries, attended the event.
The forum produced a list of 76 points with more than 270 concrete outcomes that represent an international consensus on how to build the BRI together.
The second Belt and Road Forum for International Cooperation also took place in Beijing in 2019. More than 6,000 foreign guests from 150 countries and 92 international organizations attended the meeting, including 37 foreign heads of state, the UN Secretary-General and the Managing Director of the International Monetary Fund.
The participating parties reached an important consensus on the joint high-quality construction of the BRI and the establishment of a global connectivity partnership, resulting in a number of practical cooperation results. This means that the joint construction of the BRI has entered a new phase.
As a vivid example of building a global community with a shared future, the BRI has become a global public good and a cooperation platform that China provides to the world, said a September 26 release from China’s State Council Information Office Information Office) published white paper.
China has been committed to open, green, clean and high-quality cooperation to promote sustainable development and improve people’s lives, and has pushed forward high-quality Belt and Road cooperation.
Together, the participants of the initiative have advanced “hard connectivity”, “soft connectivity” and “people-to-people connectivity”, creating an important platform that enables broad participation, builds international consensus and the strengths of everyone those involved.
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