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by Will Koulouris
SYDNEY, March 24 (Xinhua) -- The Belt and Road Initiative has been lauded by experts here in Australia as being the catalyst for economic and trade cooperation between Australia and China.
In an interview on Friday, former Australian Trade Minister Andrew Robb sat down with Xinhua on the sidelines of an economic forum attended by Chinese Premier Li Keqiang in Sydney, and said the Belt and Road Initiative will play a pivotal role in both China and Australia's economic success well into the future.
"Without a doubt. There is growing contact as people get to understand what the Belt and Road Initiative is," Robb said. "It is the potential for Australia."
Robb shared his hope that both Australia and China will be able to work side by side in advancing the Belt and Road Initiative, utilizing their "complementary" abilities.
"Australia can bring a lot of projects, especially expertise in social infrastructure, hospitals, schools, aged care facilities, all of these sorts of things. And of course we have construction capabilities which will compliment China's," Robb said.
Robb stressed that there has been real progress in Australia recently concerning the Belt and Road Initiative. And after people see related businesses booming, more will take part in it.
New South Wales President of the Australia China Business Council, Craig Emerson, agreed with Robb, and told Xinhua the initiative is, in a way, turning back the clock on trade.
"China is physically, as well as metaphysically, reaching out to other parts of the world, re-establishing trade routes and maritime routes, that is the next stage of China's 'opening'," Emerson said.
Chief executive of Australia's Business Council Jennifer Westacott told Xinhua on Thursday that she believed that the Belt and Road Initiative will not only be beneficial to both countries, but become part of a broader trade context.
She explained that in order for the initiative to be completely successful in providing mutually beneficial outcomes for both sides, it will be important to further educate Australian businesses of the benefits of participating in the ambitious project.
"One of the things we do need to do is explain to businesses what the initiative is, how it is going to roll out, and what are the investment opportunities." Westacott said.
"People will invest in good ideas, and things that have a return, and people will see the bigger strategic issues."
Peter Drysdale, head of the East Asia Bureau of Economic Research, wrote in the Australian Financial Review on Wednesday that Australia not only "strengthen open economic arrangements" with China, but also play a role in developing infrastructure with China to support the Belt and Road Initiative.
"The two countries can work to strengthen investment arrangements, improve air transport connectivity, jointly study opportunities for cooperation on infrastructure, and seek to promote economic cooperation and regional infrastructure investment through the Asian Infrastructure Investment Bank (AIIB) and other regional financial institutions," Drysdale suggested.
The opportunities to be a part of this infrastructure investment are immense according to Emerson, with a "very large amount of infrastructure investment" needed to ensure the initiative's success.
"I'm absolutely certain that Australian construction companies, financiers, and Australian superannuation funds will be very interested in that," Emerson said.
While the Belt and Road Initiative will lead China and Australia into a new era of trade cooperation, both countries will also benefit on a more global scale. As world-renowned economist Jim O'Neill told Xinhua earlier this month, the Belt and Road Initiative will "completely transform" the economic outlook for all the countries involved, leading to "exciting" opportunities for China and Australia.
Robb agreed, and explained that since more than 100 countries will come into contact with the initiative, the potential positive impact on a global scale is limitless.
"If they get help with important infrastructure which aids trade, and investment, and growth, you will see a great acceleration across all of those countries. They will create markets themselves, they will invest in other countries," he said.
"It could be absolutely transformative for a very large part of the world," Robb said, "and that is good for peace and stability in the world as a whole."
