Business alliance BRICA to help companies tap Belt and Road Initiative

Li Yizhong, co-chairman of the Belt and Road Industrial and Commercial Alliance (BRICA), speaks at the Conference of the China Council of BRICA, held in Beijing on Dec 21, 2016. (Photo provided to chinadaily.com.cn)

An alliance of industry and business associations from countries and regions covered by China's Belt and Road Initative expects to play a bigger role in the initiative.

At a conference held in Beijing on Wednesday, alliance co-chairman Li Yizhong said they would actively encourage members to participate in the initiative, facilitate information sharing and matching of projects, and link the initiative with the Made in China 2025 strategy.

Membership of the Belt and Road Industrial and Commercial Alliance, or BRICA, founded in June this year, includes 23 industrial or business associations from 22 countries and region, representing 2.3 million enterprises.

Li said the China Council of BRICA, as a branch of BRICA, must make good use of its service system and provide guidance for Chinese companies in their bid to go global.

It should also identify synergies between various parties and innovate the model of cooperation, Li added.

The Belt and Road Initiative, launched by China in October 2013, has made fruitful achievements and been positively received by related countries.

Han Yong, commercial counselor of the Department of Outward Investment and Economic Cooperation of the Ministry of Commerce, speaks at the conference in Beijing on Dec 21, 2016. (Photo provided to chinadaily.com.cn)

Foreign direct investment by Chinese companies in 53 countries within the Belt and Road area reached $13.35 billion between January to November, accounting for 8.3 percent of the total FDI, according to the Ministry of Commerce.

During the first 11 months, the value of contracts awarded to Chinese companies in 61 countries along the Belt and Road reached $100.36 billion.

Commercial counselor of the Department of Outward Investment and Economic Cooperation of the Ministry of Commerce Han Yong highlighted the complex situation of overseas investment and warned against homogenous completion of contracted projects.

In order to help companies find appropriate and trustworthy projects, meet their demand for professional services and help them overcome language barriers, a Belt and Road cloud platform was released at the conference.

The platform, developed by Brlinked (Beijing) Information and Technology, can certify enterprises and projects with its standardized certification system and provide counseling, legal, insurance and financing services, as well as language services.

More than 300 business leaders, experts and scholars attended the conference.

More than 300 people attended the conference in Beijing on Dec 21, 2016. (Photo provided to chinadaily.com.cn)