By Dillon Goring

GUYANA is being represented by Finance Minister Winston Jordan at this year’s Belt and Road Forum in China.

The First Conference of the Belt and Road Initiative Tax Administration Cooperation Forum, BRITACOF2019, in Wuzhen, China, takes place from April 18-20, 2019.

The Belt and Road initiative is China’s Xi Jinping’s signature foreign policy plan, unveiled five years ago to boost trade through investment in ports, power plants and other infrastructure in more than 80 countries, from Asia to Europe and Africa. Having since been expanded to the Arctic and South America, the initiative has become synonymous with much of China’s diplomatic and foreign economic activities.

China says the initiative offers benefits for all countries, with major projects including rail and highways linking China with Pakistan and Laos, direct China-Europe cargo train links as well as ports in various countries, including Greece, the Netherlands and Sri Lanka.
Beijing hosted the first Belt and Road forum in May 2017 with participation from more than 100 countries, including 29 national leaders from countries such as Greece, Pakistan and Russia.

However, since then concerns have abounded that Chinese loans for projects under the initiative could increase debt risks for some participating countries. Following elections earlier this year, Malaysia and Pakistan have cancelled or sought to renegotiate billions of dollars’ worth of Chinese-funded infrastructural projects.

Guyana and China signed a MoU on July 27, 2018 for the Belt and Road Initiative. It is the first South American country to do so.

This year, Guyana and China will celebrate 47 years of diplomatic relations.