Business / Economy

Lebanon expects Belt and Road Initiative to enhance Arab-China ties

(Xinhua) Updated: 2015-05-22 09:52

BEIRUT - Former Lebanese Minister of Economy and former President of the International Chamber of Commerce Adnan Kassar said Thursday that the Belt and Road Initiative is a project that will advance China's strategic relations with the Arab world to a new level.

The initiative of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, proposed by Chinese President Xi Jinping in 2013, is aimed at reviving the ancient trade routes that span Asia, Africa and Europe.

In an interview with Xinhua, Kassar said the initiative would contribute in fostering trade and investment relations, and driving growth rates to new heights in all the countries involved in the routes.

Compared with the previous year, Lebanon's exports to China increased by 64 percent in 2014 to reach about $63 million. Meanwhile, China's exports to Lebanon also increased by 50 percent during 2010 to 2014 to reach $2.5 billion, which made China the biggest trade partner of Lebanon.

As for the 6th Arab-Chinese Businessmen Conference and the 4th Investment Seminar that will take place in Beirut on May 26, the former Lebanese official said the he expects the event will succeed in strengthening the Arab-China economic partnership in all aspects related to the theme of the event "Building the Economic Belt for the Silk Road."

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