EU set for own summit in bid to rival China belt and road
European Union will host leaders of some 20 countries next week to boost its global infrastructure plan aimed at competing with China in strategic regions, according to people familiar with the matter.
The summit will come a week after China gathered representatives of more than 130 countries to celebrate the 10th anniversary of its own global investment plan, the Belt and Road Initiative.
Heads of state or government who will attend the EU’s Global Gateway Forum on Oct.
25-26 in Brussels include those of Bangladesh, Senegal, Namibia and Moldova, said a senior EU official who asked not to be named on confidential preparations. The representation of Egypt and Democratic Republic of Congo has yet to be determined.
The Global Gateway is the EU’s €300 billion ($322 billion) plan “to boost smart, clean and secure links in digital, energy and transport sectors,” according to the commission’s website.
The EU and its allies are competing with countries like China to develop infrastructure and connectivity projects in emerging countries.
The Chinese anniversary saw President Xi Jinping portray his investment drive as a sweeping alternative to the US-led world order, a vision for global economic cooperation endorsed in person by Russian President Vladimir Putin.
Xi touted the Belt and Road as a win-win solution for China and participating countries. More than 150 countries and over 30 international organisations have signed cooperation documents, he said.
The project has drawn $1 trillion in its first decade, according to estimates from think tank Green Finance & Development Center. That means an uphill struggle for the EU to compete.
The European Commission, the EU’s executive arm, aims for a smaller and more targeted
