China views the Middle East as a partner in the Belt and Road Initiative. The Arab states and China have enjoyed mutual cooperation and friendship since the ancient Silk Road and are now partnering in advancing the Belt and Road Initiative. The Belt and Road Initiative upholds the principles of cooperation, partnership, human development, peace and prosperity for all. Existing bilateral and multilateral cooperation mechanisms will be utilized to promote the integration of the countries’ development strategies. Steps will be taken to advance the signing of co-operation Memorandums of Understanding or co-operation plans for the establishment of numerous bilateral cooperative development projects.
China and the Arab countries are seizing the opportunity to enhance pragmatic cooperation under the Belt and Road Initiative. As countries in the Middle East face many changes, the provision of new opportunities for Chinese investors, especially in the high-tech sector and other emerging strategic industries, infrastructure, energy, natural resources, production capacity, and commercial activity, arise.
Financial integration is a major goal of the Belt and Road Initiative and actions are being taken to enhance coordination in monetary policy, expand the scope of local currency settlement and currency exchange in trade and investment between countries, deepen multilateral and bilateral financial cooperation, set up regional development financial institutions, strengthen cooperation in monitoring, managing and mitigating financial risks.
In partnership with the Asian Financial Cooperation Association (AFCA), the Union of Arab Banks and Fransabank are organizing the first “China-Arab Banking & Business Forum” to facilitate discussions on new areas of partnership between China and Arab Countries under the Belt and Road Initiative. The event will gather high profile leaders from regional and international economic, financial, and banking sectors, in addition to public and private sector officials, to meet and share first-hand information, insights, solutions and business cases related to this important initiative.