The European Union is holding its summit to compete with China's "Belt and Road Initiative." In this context, the EU union will host the leaders of 20 member countries in Brussels for the "Global Gateway" project, the foundations of which were laid by European Commission President Ursula Von Der Leyen in 2021. The ultimate goal of the project is to expand Europe to turn it into a "global transportation base."
While international agencies say, "The EU's project rivals China's 10-year investment move," the project, which has a budget of 300 billion euros, or 322 billion dollars, will support private and public infrastructure projects of countries that will contribute to the green transformation. However, the union wants the projects to be within the scope of sustainability.
100 Billion Dollar Investment from China
In his 10th anniversary speech of the "Belt and Road Initiative" launched in 2013, Chinese leader Xi Jinping announced that they allocated 100 billion dollars to the trade corridor until 2033. Within the scope of the 10th Anniversary Meeting of the "Belt and Road Initiative" held in Beijing, the capital of China, on October 18, speeches were made to transport Chinese goods to the whole world by sea and land. This formation, initiated by China and growing gradually, has become a giant project covering 130 countries, including Türkiye, over time. At the summit attended by representatives of these 130 countries, Chinese President Xi Jinping explained what would be done in the second decade of the trade corridor and stated that they would transfer more than 100 billion dollars to the project in the new period.
Partnership with African Countries
At this week's summit, the EU will sign two memoranda of understanding with the Democratic Republic of Congo and Zambia. Aiming at a railway project that will connect Angola, Democratic Republic of Congo, and Zambia; the project aims to activate the Trans-African Corridor and transport the raw materials and minerals extracted through this corridor to ports in East and West Africa. It was also stated that Egypt and the Democratic Republic of Congo administration were invited to the summit, but no positive response has yet been received from these two countries.
The summit will be held on 25-26 October. Senior executives of major EU companies, including Orange, Allianz, Alstom, Danone, Enel, Siemens, and Telefonica, are expected to attend. The panels will mainly evaluate investments in digital technologies, climate and energy, transportation, health, education, and research sectors.
What is Europe's Global Gateway Project?
The European Union Global Gateway Project (EU Global Gateway), implemented by the European Union (EU), is designed to support private and public infrastructure in digital technology, international trade, health, energy, education, and research. The launch of the European Union Global Gateway Project was held on December 1, 2021. Within the scope of this project it is aimed to support the global economic recovery process for the European Union and other cooperation countries between 2021 and 2027.
Why is the Global Gateway Project Important?
Covid-19 has caused a significant global crisis in recent years and has caused major problems in the worldwide infrastructure and supply chain. Disruptions in the supply chain, especially the closure of border gates , have increased the importance of investments in global infrastructures. Therefore, the 'Global Gateway' project aims to reduce such problems and supports private and corporate investments. In addition, it is of great importance to provide more financing in line with the Sustainable Development Goals in countries that cooperate with the European Union within the project's scope. Creating a global infrastructure development program based on the cooperating countries' needs and maintaining a stable environment in the international arena should be the permanent goal.