EU proposes a “real alternative” to the new Chinese Silk Road

The European Commission (EC) presented a plan to mobilize up to 300,000 million euros in infrastructure in Latin America, Africa and Southeast Asia, which is “a true alternative” to the new Chinese Silk Road, according to President Ursula Von der Leyen .

The head of the Executive of the European Union (EU) said that hers is a “geopolitical Commission” that has set the objective of investing in the next six years in sectors such as transport, energy, digitization or education.

Model other than China

Von der Leyen assured that the EU is “definitely” capable of offering a different model to the great geostrategic project that Beijing has been applying since 2013 with investments in the five continents, which in Europe affects countries such as Germany, Italy or Greece and that in The total represents more than a third of the world’s GDP and more than half of the planet’s population, according to data from the Organization for Economic Cooperation and Development (OECD).

“Countries have had their experiences with Chinese investments and they need better and different offers,” said the German leader.

Von der Leyen promised that “there will be no unsustainable levels of debt” for countries that want to participate in the new European project and was convinced that they will do so because “they know that we are transparent.”

“They know that we design projects with them in an inclusive way” and that “local communities will really benefit from the added value of the investment,” he continued.

In addition, he pointed out that the EC wants to involve the private sector when it comes to mobilizing the 300,000 million euros “which in a certain way does not exist in China”, so the European Union plan “is a true alternative.”

“We want to show that an approach based on democratic values ​​can respond to the most urgent challenges,” said the EC President, explaining that investment priorities will focus on fostering the ecological and digital transition that the EC aspires to foster as well. within the EU.

Thus, he gave as examples to produce sustainable hydrogen or the installation of submarine cables that allow the exchange of data between continents.

The project has been designed under the direction of the high representative for EU Foreign Policy, Josep Borrell, who said that with this strategy Brussels is “reaffirming” its “vision of promoting a network of connections, which must be based on standards, rules and internationally accepted regulations to provide a level playing field ”.

European strategic value

Von der Leyen added that the plan “benefits the EU because it is also about our strategic interests in the world.”

By helping others, the EU will also contribute to promoting its own interests, strengthening the resilience of its supply chains and opening up more business opportunities for the EU economy, on which some 38 million jobs depend. of international trade ”, indicates the document presented by the EC.

The president of the Community Executive said that the first test of this project will be the summit between the EU and the African Union to be held in the spring of next year.

The 300,000 million euros in investments that the EU aspires to mobilize will come from the European Fund for Sustainable Development + (135,000 million), from financial institutions such as the European Investment Bank and the European Bank for Reconstruction and Development (145,000 million), of different European programs of foreign aid (18,000 million in subsidies) and of funds destined by the Member States.