US warms up to ‘Belt and Road’ business potential
But success of the China-led initiative rests on transparency and private sector input, Washington warns
US envoys at the “Belt and Road Initiative” summit in Beijing said on Sunday that their country aimed to make the most of the grand plan’s business opportunities, walking back from US President Donald Trump’s antiglobalisation rhetoric and Washington’s earlier wariness.
Foreign policy analysts said the shift in the US’ position reflected fears in Washington of being left out in the cold as other countries climbed aboard the China-led project.
Check out our visual explainer of the five main projects of China’s Belt and Road Initiative
Matt Pottinger, US National Security Council senior director for East Asia, said the US embassy in Beijing and US companies had teamed up to form the American Belt and Road Working Group.
“US firms have a long and successful track record in global infrastructure development, and are ready to participate in belt and road projects,” Pottinger said.
“US firms can offer the best-value goods and services required over the life of a project.”
Pottinger said the US recognised the need for high-quality infrastructure development.
But he also warned that the project’s success would rest on several factors, including transparency in procurement and broad participation from the private sector.
