Hangzhou companies seek deeper cooperation with BRI countries

As the digital economy opens up new possibilities for small and medium-sized enterprises and entrepreneurs around the world, an ever more extensive cooperation network is needed in the international community.

Zhang Yong, CEO of China's e-commerce giant Alibaba Group, made the remarks at the Second Belt and Road Forum for International Cooperation in Beijing on April 25.

"The digital economy has brought the world closer together, and that means a need for stronger cooperation," said Zhang.

Aside from Alibaba Group, a number of established companies from Hangzhou, Zhejiang province also participated in the forum, demonstrating the city's important role in the Belt and Road Initiative (BRI).

Proposed by China in 2013, the BRI aims to build a trade and infrastructure network connecting Asia with Europe and Africa based on ancient land and maritime trade routes. It comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

Since the establishment of the initiative, economic and trade exchanges between Hangzhou and BRI countries have become increasingly frequent. In 2018, Hangzhou's foreign trade volume with BRI economies totaled 157.55 billion yuan ($23.41 billion), up 5.7 percent from a year earlier and accounting for 30 percent of the city's total import and export value.

The deepened bilateral cooperation has also led to closer financial ties. Last year, Hangzhou invested a total of $1.07 billion into 56 projects in countries involved in the BRI.

The Thai-Chinese Rayong Industrial Zone, developed by the Hangzhou-based Holley Technology Ltd and Thailand's Amata Group in 2005, was one of China's first overseas economic and trade cooperation zones.

As of March this year, it has successfully attracted 120 companies and propelled China's investment in Thailand to more than $3.5 billion, while also creating more than 10,000 job opportunities for Thai locals.

This year, Hangzhou plans to step up international cooperation and cultivate a series of overseas industrial parks in the areas of scientific and technological R&D, manufacturing and agriculture.