(File photo)

Five years into China’s introduction of the Belt and Road Initiative, the concept has become a buzzword among international business players, who all set eyes on opportunities brought by the worldwide development plan.

As China’s first annual high-level international conference right after the two sessions, the 2018 China Development Forum that ended Monday specifically set up sessions on Belt and Road Initiative to meet needs of the foreign business community.

“Foreign companies used to take a wait-and-see attitude toward the Belt and Road Initiative proposed by China, but the more they understood it, the more they saw opportunities,” noted Lu Mai, Secretary General of China Development Research Foundation and organizer of the forum.

As one of the most active players, German powerhouse Siemens on March 22 launched a Belt and Road office in Beijing to boost international cooperation.

“We are one of the earliest companies to partner with Chinese enterprises to explore the overseas market. We can play an indispensable role of driving forward global collaboration, and co-creating values for the benefits of China as well as the countries along the Belt and Road where Siemens has an unrivaled presence and knowledge of local markets,” Cedrik Neike, a member of the Managing Board of Siemens, told People’s Daily Online.

By 2017, Siemens had worked with over 100 Chinese Engineering Procurement Construction (EPC) in more than 100 markets worldwide.

Another key player under the initiative, Switzerland-based power grids manufacturing giant ABB Group has participated in EPC led by Chinese companies in over 70 countries and regions, offering consulting, manufacturing, and engineering services to more than 400 Chinese companies in 2016 as they headed overseas.

Volvo Group is also working closely with Chinese EPC partners to engage in regional infrastructure programs, such as the China-Pakistan Economic Corridor and China-Mongolia railway projects.

In an interview with People’s Daily Online, Martin Lundstedt, President and CEO of Volvo Group, contributed the rapid development of China to effective and innovative solutions from society, which can be demonstrated through the example of Belt and Road Initiative.

In addition to basic infrastructure construction, Lundstedt also stressed that technological exchange and cooperation are also critical under the initiative.

Meanwhile, other companies and institutes are looking at a softer aspect of the Belt and Road Initiative.

WeWork, leader of co-working space industry, seeks to tap into the global development plan as it connects cities and countries around the world including Singapore, India, and Israel, where the company’s operations are in full feather, according to Adam Neumann, co-founder and CEO of WeWork.

As more and more Chinese companies eye the overseas market, the company has set its eyes on helping them connect with local resources in foreign countries, while bringing foreign companies along and beyond the route back into the Chinese market, Neumann added.

Jonathan Pershing, Program Director of Environment at the William and Flora Hewlett Foundation, pointed out that China, which itself is committed to cutting emissions, has played an increasingly important role in green investment along the Belt and Road, which he praised for helping the world realize the goal of cutting carbon emissions.