Vietnam, Singapore, Indonesia are Asia’s top spots for China’s belt and road plan: executives
- The three countries topped a survey of nearly 50 senior figures across various industries
- Infrastructure projects being eyed by regional companies include smart cities, industrial estates and roads
The infrastructure projects they are eyeing include smart cities, industrial estates and roads, according to the Singapore Business Federation and professional services firm PwC, which canvassed close to 50 senior executives across various industries, most of whom were based in Singapore.
Details of the study were announced at the start of a two-day infrastructure summit in the city state, which is positioning itself as a broker for much-needed infrastructure projects across Southeast Asia. The Asian Development Bank has estimated that Southeast Asia’s economies will need US$210 billion a year in infrastructure investment from 2016 to 2030, to ensure they continue growing.
But the belt and road has also been criticised as a tool for China to legitimise its geopolitical ambitions, with countries receiving its funds for infrastructure finding themselves in a “debt trap”.
It was a point raised by the Asian Infrastructure Investment Bank president, Jin Liqun, who gave a keynote address, stressing the need for a greener approach in infrastructure projects.
Ho Kwon Ping, executive chairman of Banyan Tree Holdings, said Singapore could bring its expertise in “smart nation” technologies to bear on infrastructure development.
“We are not only able to offer a lot of services to developing countries, but also to cities of the future,” he said.
Boon Chin Hau, managing director of Singapore’s sovereign wealth fund GIC, said Singapore could market itself as a base for world-class construction companies that would work with counterparts across the region.
Liew Mun Leong, chairman of Changi Airport Group and government infrastructure consultancy Surbana Jurong, said the city state had many “showcase projects” from airports to bridges that counted as “intellectual property” it could export.
China’s Ambassador to Singapore, Hong Xiaoyong, during his speech, said 80 per cent of inbound investment into China from countries along belt and road routes came via Singapore.
Hong said the protesters’ actions were “against the rule of law” and that they posed a threat to people’s lives.
“It has reached an abnormal level … In any country, it would be unacceptable and should not be tolerated … It should be condemned,” he said in Mandarin.
In reference to how a participant had earlier in the forum posed a question on the general impact of the protest, Hong said: “Don’t let issues in Hong Kong ruin the atmosphere of the discussions today.”