A business forum focusing on China's Belt and Road Initiative was held on Tuesday in Lebanon's capital Beirut to discuss ways of strengthening ties between China and the Arab world.
The China-Arab Banking and Business Forum, organized by the Union of Arab Banks (UAB) in coordination with the Asian Financial Cooperation Association (AFCA) and Fransabank, one of Lebanon's oldest banks, was themed "Building on the Belt and Road Initiative."
Proposed by China in 2013, the initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aiming at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road trade routes to seek common development and prosperity.
In his keynote remarks, Yang Zaiping, secretary general of the AFCA, called for cooperation between China and the Arab world within the framework of the Belt and Road initiative.
China will "focus on promoting policy coordination, connectivity of infrastructure and facilities, unimpeded trade, financial integration, and closer people-to-people ties through extensive consultation, joint contribution and shared benefits," Yang said.
China has signed cooperation agreements with nine Arab states, including Lebanon, on the Belt and Road Initiative, he noted.
Yang also encouraged financial interconnection in the region and beyond to "jointly safeguard the regional financial stability and economic prosperity."
Meanwhile, Mohammad Jarrah Al Sabbah, chairman of the UAB, said Chinese-Arab relations have grown tremendously in the past years on various levels.
"Trade between China and the Arab World reached 200 billion U.S. dollars in 2017, up fivefold from 2014," he said.
Adnan Kassar, Fransabank's chairman, highlighted sustainable economic development for cooperation between China and the Arab world.
According to Raed Charafeddine, first vice governor of the Banque Du Liban, Lebanon enjoys great potential in developing trade with China.
"The strategic catalyst behind Lebanon's potential is its highly distinguished human resources, highly qualified labor force evident in some global knowledge and entrepreneurship indicators," he said.
