This week, the bustling Asian superpower has agreed to contribute to the European Commission’s Investment Plan for Europe. This decision was imparted to EC Vice-President Jyrki Katainen by Chinese Vice-Premier Ma Kai at the High Level Economic and Trade Dialogue in Beijing on 28th September.
Today, I’m looking further into what this means for investment in Europe and the implications for businesses.
In a video explaining the Investment Plan for Europe, Vice-President Katainen explains that over £300 billion will be spent over three years in several areas across the continent. Investment will focus in areas such as supplying finance to businesses looking to expand, upgrading transport links and expanding broadband to rural areas of the EU.
The introduction of Chinese investment has been met with positive reactions. Vice-President Katainen said
“After a very constructive dialogue with Vice-Premier Ma Kai today, we have produced some real results for the future of EU-China cooperation in investment.
This is the right moment to invest in Europe, and I am delighted that China has announced its intention to contribute to the Investment Plan.”
The investment by the Chinese, the first non-EU country to contribute to the fund, has created new opportunities for synergy between Europe and China, particularly in areas such as transport, technologies and equipment.
Commenting on the new synergy, Violeta Bulc, EU Commissioner for Transport, said
“I very much welcome the establishment of the EU-China Connectivity Platform. I am confident that it will bring significant benefits to both sides by exploring synergies between our respective infrastructure and investments plans and policies, as well as by providing business opportunities that will promote employment, growth and development in our countries.”
In summary, the investment in Europe from the Chinese may warm other non-EU nations to contribute to the plan – this could prove to be very positive.
Avner Motaev is the director of Mobile2Business, a provider of telecommunications solutions to businesses in Austria. Mobile2Business is an official business partner of T-Mobile.