Did you know that Victoria is the first and only Australian state to support China's One Belt, One Road initiative?
Premier Daniel Andrews and Chinese Ambassador Cheng Jingye finalised a Memorandum of Understanding between Victoria and China on the initiative on 25 October 2018, making Victoria the first and only Australian state to reach an agreement on the Belt and Road Initiative with the Chinese government. The Australia-China Belt & Road Initiative (ACBRI), established to help Australian business gain clarity on Belt & Road opportunities, will also set up a new headquarter in Melbourne, providing a vital link for Australian industries and businesses to focus on identifying and pursuing commercial opportunities with Chinese enterprises in relation to the Belt and Road Initiative.
The Belt and Road Initiative is one of the world’s largest and most ambitious trade and infrastructure plans. It seeks to revive the Silk Road by creating two modern transit and trade corridors between China and Europe. Although Australia is not physically located on the Belt and Road, China has noted that the initiative is inclusive and open to any countries who are interested in participating.
Belt and Road Initiative projects will be many and varied, but will have an early focus on infrastructure. Implementation over the long-term will require substantial skills in sectors in which Australia has recognised global strengths, including infrastructure, energy and resources, advanced manufacturing, education and banking and finance.
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