India-EU unveils global infra projects to counter China's BRI
India and the European Union (EU) are contemplating building infrastructure projects globally to counter China‟s Belt and Road Initiative (BRI). The key focus, described as a "connectivity" partnership, would be on energy, digital and transportation projects in Europe, Asia and also Africa. Both sides were at pains to emphasize that the new partnership won't attempt to "compete" with the BRI but the effort clearly is to block China from stitching together an "all roads lead to Beijing" zone in the three continents. Both sides are looking to unveil this new infrastructure-building partnership at a virtual summit in May. Indian PM scheduled to travel to Portugal for the summit but the visit has been cancelled because of the Covid-19 pandemic. In view of the Covid-19 situation, it has been decided, in consultation with the EU and Portuguese leadership to hold the virtual summit. The Ministry of External Affairs announced that India and Japan have already teamed up to develop infrastructure projects in Sri Lanka, Myanmar and Bangladesh. The partners had been scheduled to build Colombo's East Container Terminal but the Sri Lankans suddenly pulled permission when it was about to be signed. Sri Lanka has offered an alternative port project instead. But India has indicated that it is lukewarm to this proposal. The US and EU have accused China of putting up expensive projects that the host country ends up not being able to pay for. One example is Sri Lanka's Hambantota Port which added to the country's debt-servicing problems. The Chinese have taken parts of the port on a 99- year lease. Similarly, tiny Montenegro in Central Europe took a huge loan from China to build a highway and it is now trying to obtain a loan from the EU to repay it. Diplomats say the new India-EU partners would ensure that their projects do not impose a heavy debt burden, like the Chinese ones. In Pakistan, for instance, China-backed power projects have received financial backing from Chinese banks at onerous interest rates. Several highways and industrial parks are also being built under the China-Pakistan Economic Corridor (CPEC) agreements. The CPEC projects were estimated to be worth $60 billion but they have slowed since Prime Minister Imran Khan has come to power.
📅Published on:
26 April 2021
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