More than 700 representatives from 25 countries attended in the Belt & Road Industrial & Commercial Alliance (BRICA) Summit hosted by Turkish Industry and Business Association (TUSIAD) in mid-October in Istanbul.
The Belt and Road Initiative (BRI), initiated by China to revive ancient Silk Road, aims to increase cooperation and business relationships with 68 countries. Costing almost 21 trillion USD, this project is one of the biggest economic projects of the century.
With a special focus on Turkey, the conference demonstrated the BRI as an opportunity for country especially considering large infrastructure projects like new roads, airports, harbours, high speed trains and petroleum and gas pipelines.
In addition, delivery time is expected will be much shorter between China and Turkey and there should be greater customs and tax coordination between involved countries. Other areas that will be affected in the scope this project include: transportation, telecommunication, energy, infrastructure, financial opportunities.
Some of the other main topics discussed during the summit include:
- Duties and responsibilities of multinational companies in BRI;
- Effects of digital transformation for companies.
In the panel session, amfori President Mr Christian Ewert spoke about the business and investment environment of the BRI, addressing the following:
- the main developments in fast manufacturing consumer goods sector such as consumer behaviour, technology, trends and new sourcing destinations of brands and retailers;
- the benefits of the BRI such as reduced lead time and costs with increasing infrastructure, improved productivity and competitiveness as well as new opportunities for SMEs;
- amfori's recommendations in promoting trade, transparency and sustainability to unleash the full potential of the project.
amfori participated in this event in partnership with of the China Federation of Industrial Economics (CFIE).