Daily Management Review

Malta considers joining Chinese Belt and Road


03/13/2019


Malta has become another member of the European Union which is considering the possibility of joining China’s large-scale infrastructure initiative “Belt and Road”.



foxypar4 via flickr
foxypar4 via flickr
“Certain prejudices” should not interfere with good business, said Malta’s Minister of Finance Edward Scicluna in an interview with CNBC.

“We should be wary of any country, especially with political ambitions or any ambitions, but this is life,” he said. "You have to be careful, but this does not mean that you say no to any business... Any country needs diversification in order i to survive and be competitive, especially such a small country as we are," said Scicluna.

Beijing’s trade and infrastructure initiative “Belt and Road” is designed to connect more than 60 countries in Asia, Europe, Africa and the Middle East by land and sea routes. In addition to increasing trade and investment, China seeks to stimulate exchanges in areas such as science, technology, culture and education.

Earlier, it was reported that Italy planned to sign up a paper to become part of the Chinese initiative later this month.

Rome’s plans sparked a harsh responce from Washington. US stated that the project won't probably help the European country's economy. Other European countries, namely Greece and Portugal, also support Beijing’s efforts.

Pierre Moscovici, Commissioner for Economic and Financial Affairs, said that Italy’s priority should be to improve its industrial potential. "Member States [of the EU] can pursue their own policies... but I think that China is also an asset, a partner; this can also be a problem if it acts too aggressively," said Moscovici. "But with regard to Italy, my opinion will be somewhat different, this country should strengthen its industrial base... should strengthen its competitiveness," he added.

source: cnbc.com






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