The China-proposed Belt and Road Initiative (BRI) serves as an excellent example to strengthen cooperation for everybody around the world, said Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF).

Schwab made the remarks when delivering a speech at the sixth Belt and Road Summit, which runs from Wednesday to Thursday online under the theme of "Driving Growth through Fostering Regional and International Trade."

The BRI is "the most ambitious template for inter-regional trade and development ever," he said. "If its future expansion is built on the pillars of sustainability, of inclusiveness and of resilience, it may also be the greatest contributor to economic and social development ever."

Noting the importance of trade and cooperation, Schwab said, "If we look back at the economic progress the world has made in the past 75 years, economic cooperation has played a decisive role and has lifted hundreds of millions of people out of poverty."

"The goal of increased economic trade and cooperation today is clear. It should help provide more prosperous outlook for all people involved and ensure we can continue to benefit from a healthy planet for many generations to come," he added.

To strengthen globalization, Schwab thinks strengthening regional cooperation should be the priority now. "We should promote intra-regional and inter-regional cooperation, especially in the fields of economy, trade, science, but all the technology," he said.

Schwab said he believes more regional and global cooperation are needed in digital trade and governance, in tackling the COVID-19 pandemic, in green infrastructure and in global supply chains.

"By connecting a large part of the world, it (BRI) allows for cooperation between countries with economic complementarity that creates excellent scope for win-win commercial exchange," Schwab pointed out.

The event, jointly organized by China's Hong Kong Special Administrative Region government and the Hong Kong Trade Development Council, is expected to bring together more than 6,000 government officials, entrepreneurs and business leaders from more than 80 countries and regions to exchange insights on multilateral cooperation and explore concrete business opportunities.