This week, the European Union (EU) has announced a new overseas investment program called the “Global Gateway” which aims to compete with China’s flagship Belt and Road Initiative. It will focus on digital transition, clean energy conversion, transport, people-to-people connections and trade and resilient supply chains. The EU’s “Global Gateway” strategy will focus on digital, transport, energy and trade projects
The European Union strategy for more than 40 billion euros ($45.9 billion) in technology and infrastructure spending that is a key part of the West’s response to China’s Belt and Road program.
The strategy follows a US-led agreement reached during July’s Group of Seven summit where leaders agreed to launch a global infrastructure initiative called Build Back Better World to help narrow the gaping infrastructure need in the developing world and provide a green rival to China’s ambitious initiatives.
According to the draft, the EU “seeks to promote transparency and balance increasing investments from other players which use connectivity to promote their own different economic and societal model and advance their political agenda.” The bloc also wants to “reduce strategic dependencies.” The EU sees the its new infrastructure plan as an alternative to the Chinese flagship Belt and Road Initiative, also known as the ‘New Silk Road’.
