Palestinian tycoon Munib Al-Masri announced Sunday a plan to create a company devoted to developing projects in the Gaza Strip in support of China's Belt and Road Initiative.
Al-Masri, chairman of Palestine Development and Investment Co. and deputy chairman of the International Chamber of Commerce for Silk Road, told a press conference in Gaza that the company will be established soon with a capital of 100 million US dollars.
He said the company "will focus on development of Gaza Strip, and has been supported by the Palestinian private sector," highlighting that the company's main mandate is to cooperate with China's Belt and Road Initiative.
"The Silk Road will pass at least 65 countries, including Palestine, therefore, it is essential that Palestine is represented and benefits from the development projects that contribute to developing infrastructure, especially in Gaza Strip," Al-Masri said.
Put forward by Chinese President Xi Jinping in 2013, the Belt and Road Initiative aims to build a trade and infrastructure network connecting Asia with Europe, Africa and beyond along the ancient Silk Road trade routes.
Al-Masri explained that the company will seek partnerships with Chinese companies in order to benefit from the initiative's goals and reach out to build projects in "water, power, industrial zones and agricultural development" in Gaza.
He said the Chinese initiative is important for the Middle East region, and Palestine is seeking to utilize it to benefit its development.
Last week, Chairman of the Silk Road Chamber of International Commerce (SRCIC) Lu Jianzhong headed a delegation to the West Bank and held various meetings to explore economic opportunities.
The delegation met with Palestinian President Mahmoud Abbas and Economy Minister Abeer Odeh.
The SRCIC was established in Hong Kong, China, to promote investment, financial and logistics development, in addition to increasing the trade exchange among countries along the Silk Road.