The European Union (EU) today unveiled a $ 300 billion global investment program as an alternative to China’s ‘One Belt One Road’ program.
The program, dubbed the Global Gateway, is expected to run from this year until 2027, with the aim of implementing more transparent investment and infrastructure development programs.
Launching the program, EU Chairperson Ursula von der Leyen said this program of EU should be able to win the confidence of everyone.
The head of the European Commission pointed out that the countries involved in the new investment program need to implement projects that can achieve practical results with high transparency and good governance.
In the future, these programs will focus more on the African region and will be implemented as an alternative to the One Belt One Road program being carried out by China.
China has now invaded the Indo-Pacific region, the African region as well as Europe under its One Belt One Road program.
Under these programs, large scale projects are being implemented in the countries of the respective regions and the benefits to the countries concerned in practice have become very problematic. Accordingly, many countries in the African region are already trapped in a debt trap with China.
This situation can be seen in Sri Lanka as well, among which are a number of projects that have to pay large loan installments without any significant economic benefits.
Meanwhile, China has already made such investments in the European region and Greece has now become its biggest victim. Accordingly, two-thirds of the port of Pareos in Greece is owned by Cosco in China. China has already built a large bridge in Croatia.
This move by China could have an impact on the global balance of power in the future. During G7 summit last June, China’s One Belt One Road program was able to gather attention and many countires came together to find a solution.
