KIEV, Oct. 4 (Xinhua) -- With its trade and transit potential, Ukraine sees vast development opportunities under the China-proposed Belt and Road Initiative, Ukrainian First Vice Prime Minister Stepan Kubiv said here on Wednesday.

"Ukraine's strategically advantageous position on the crossroads between Asia, Europe and Africa is a key to new opportunities for Ukraine's economic development," Kubiv said Wednesday during the Ukraine Silk Road Trade Finance Executive Forum held in capital Kiev.

The Belt and Road Initiative can be an instrument for Ukraine to develop its infrastructure, enter new overseas markets and attract fresh investment, Kubiv said.

If Ukraine fully harnesses the opportunities offered by the initiative, it can become an innovation-driven economy from a resource-based one, he added.

Kubiv, who led the Ukrainian delegation to the Belt and Road Forum for International Cooperation in Beijing, China, in May, also highlighted the importance of the project for the development of global trade.

He said it is playing a leading role in ensuring fair trade by rejecting protectionism, which is impeding global economic growth.

The Belt and Road Initiative, put forward by Chinese President Xi Jinping in 2013, is aimed at building the Silk Road Economic Belt and the 21st Century Maritime Silk Road by promoting trade, financial integration, infrastructure inter-connectivity and people-to-people exchanges between Asia, Europe and Africa.

Ukraine formally joined the project in 2015. Subsequently, in April 2017 it launched a cargo train service via the Trans-Caspian International Transport Route, which connects China and Europe through Georgia, Azerbaijan and Kazakhstan.