That was the message from DP World group chairman and ceo Sultan Ahmed Bin Sulayem to delegates at the Asian Logistics & Maritime Conference in Hong Kong last week.
Bin Sulayem agreed the OBOR had the potential be the world’s largest project for global and regional trade collaboration over the next few decades, but only if the requisite levels of funding could be sourced.
“We believe in China’s One Belt One Road initiative and see huge potential in it, but it is essential that there is a focus on funding, collaboration between nations and innovation for it to be truly successful,” Bin Sulayem said during a panel discussion entitled “China’s Grand Initiatives: Where are the Opportunities?”
“The resources required to develop OBOR are vast, with estimates between $2trn and $3trn per year. While government backed financial institutions have been created, there is a need to address the gap between public and private funding.
“At the same time, collaboration is key to harmonise customs processes, develop multimodal connectivity and remove complexities from the global supply chain with policies and procedures that promote cross-border trade and investment. Finally, opening up the ancient trade routes of the Silk Road will require creativity, entrepreneurship and an open mind.”
Bin Sulayem said solutions to enable trade would push the boundaries of what’s possible and was why DP World had invested in the Hyperloop One.
The global port operator’s multi-million dollar investment in US-based Hyperloop One for research and development of hyperloop technology has seen Bin Sulayem elected to its board of directors. The two companies are in the midst of a feasibility study on moving containers from ships docked at DP World’s flagship Jebel Ali Port to a new inland container depot near Dubai’s new international airport on the south-eastern outskirts of the city. The study will also focus on efficient handling of containers, costs, benefits, and demand and volume patterns of moving cargo using the new technology.
DP World’s experience and expertise in markets across the OBOR region spans South Asia, China, Pakistan, India, Kazakhstan and throughout Europe. That multi-national and cultural understanding has enabled the company to become a “knowledge exporter” on trade issues, providing insight and advice to Governments involved, Bin Sulayem said.
“OBOR is a global initiative, one from which we all stand to benefit. Done in the right way, the opportunities from it will be enormous and we look forward to working with China and other nations to realise its goals. China and the UAE are partners in this journey - we are on the same ‘Belt and Road’”.
Bin Sulayem met with senior Chinese government officials during his Hong Kong visit including Carrie Lam, Chief Secretary for Administration of the Hong Kong SAR government (pictured fourth from right) and Margaret Fong Shun-man, executive director of the Hong Kong Trade Development Council (fifth from right).
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