(MENAFN- Emirates News Agency (WAM)) The joint effort by China and the Arab world to implement the "Belt and Road" initiative will further enhance regional economic cooperation and help promote stability and prosperity in the area, a senior Chinese political adviser has said.
Wang Zhengwei, Vice Chairman of the National Committee of Chinese People's Political Consultative Conference, CPPCC, made the remarks while addressing the sixth session of the Conference of Arab-Chinese Businessmen in Beirut on Tuesday, according to China's state-run news agency, Xinhua.
He said that China and the Arab world enjoy a long-running friendship, strong political ties and economic complementarity, as well as growing trade connections.
The Chinese official called on both sides to build a community of common destiny and shared interests for a better and brighter future.
Also in his speech, Wang urged the two sides to step up their strategic energy cooperation, increase two-way trade and mutual investment, boost inter-connectivity of their infrastructure, and promote exchanges between the industrial and business communities of the two.
Lebanon's Prime Minister Tammam Salam also attended the opening session. He said that his country is looking forward to playing a key role in the economic course of the Silk Road initiative, due to its special geographic position.
The "Belt and Road" initiative was proposed by Chinese President Xi Jinping in 2013, and is aimed at reviving the ancient trade routes that span Asia, Africa and Europe.
"The Arab-Chinese Businessmen Forum constitutes the key pillar of cooperation between the Arab world and China. This event also coincides with the 60th anniversary of the first trade agreement between Lebanon and China," Salam said.
"China has become the largest trading partner for Lebanon, and we expect this partnership to extend owing to the new horizons of cooperation," he added.
Salam also indicated that Lebanon is determined to join the Asian Infrastructure Investment Bank, AIIB.
The AIIB is designed to finance infrastructure construction on the continent. It will have authorised capital of US$100 billion and the initial subscribed capital is expected to be around US$50 billion.
The bank, which will be headquartered in Beijing, is expected to be officially established at the end of this year.
The two-day forum is being held to introduce China's "Belt and Road" initiative to local businesses and to deepen bilateral cooperation in areas such as energy, agriculture, food, machinery, light industry, textiles, infrastructure, finance, and investment.
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