Classifieds powered by Gulf News

DP World sees ‘huge potential’ in China’s One Belt One Road initiative

DP World chair: Focus needed on funding to make Chinese strategy successful

Gulf News

Abu Dhabi: The Chairman and Chief Executive Officer of DP World Group, Sultan Bin Sulayem, said he sees “huge potential” in China’s One Belt One Road (OBOR) initiative, but focus is needed on funding and collaboration for the initiative to be truly successful.

Speaking at the Asian Logistics and Maritime Conference in Hong Kong, Bin Sulayem highlighted the potential of the One Belt One Road (OBOR) strategy to be the world’s largest project for global and regional trade collaboration over the next few decades.

“The resources required to develop OBOR are vast, with estimates between $2 trillion and $3 trillion (Dh7.34 trillion and Dh11 trillion) per year. While government-backed financial institutions have been created, there is a need to address the gap between public and private funding,” he said in a statement. “At the same time, collaboration is key to harmonise customs processes, develop multimodal connectivity, and remove complexities from the global supply chain, with policies and procedures that promote cross-border trade and investment.”

Bin Sulayem added that opening up the ancient trade routes of the Silk Road will require entrepreneurship and creativity. He said the UAE and China are trade partners, and will work together and with other nations to realise the goals of the OBOR initiative.