Firms urged to step up BRI role

Experts in Spain are describing the Belt and Road Initiative as a crucial platform for upholding multilateralism and boosting global trade, and they are urging more Spanish companies to partner with Chinese ones on projects in the initiative.

"The BRI is a promising way of promoting physical and digital connectivity in Eurasia and beyond," said Andres Ortega, a senior researcher at the Elcano Royal Institute in Spain.

"Great opportunities exist for Spanish companies in the infrastructure, construction and power sectors. Spanish firms, with understanding and existing relationships in countries across Latin America and Africa, face a great opportunity to work with Chinese firms in these markets, and they have great expertise to offer in such partnerships," he said.

Angel Saz-Carranza, director of Spain's ESADE Center for Global Economy and Geopolitics, agreed and added that better BRI connectivity could also benefit Spanish companies wanting to export their renewable energy technology, and also boost Spain's tourism sector.

The Belt and Road Initiative, proposed by President Xi Jinping in 2013, advocates improved connectivity of infrastructure, trade, ideas and knowledge among countries and regions.

BRI collaboration was mentioned by Xi in a signed article he wrote for Spanish newspaper ABC ahead of his visit.

"We need to synergize the Belt and Road Initiative and Spain's 'Strategic Vision for Spain in Asia' and the 'Mediterranean Corridor', and actively explore cooperation in third markets for win-win cooperation in broader areas," Xi wrote.

Reyes Maroto, Spain's minister of industry, trade and tourism, reaffirmed in Beijing last month Spain's eagerness to further participate in BRI-related development.

"Two axes of this initiative are very important for Spanish companies: connectivity and trade facilitation," Maroto said.

In recent years, Spain has benefitted in various ways from the BRI. A new cargo train service connecting Yiwu, Zhejiang province, with the Spanish capital, Madrid, has significantly reduced freight costs for Spanish exports, compared to airfreight costs.

Saz-Carranza said Spain should now push for further engagement as BRI development momentum accelerates globally.

"Our geographic location, at the Western end of the European continent, gives us both an opportunity and a challenge," he said. "If we do not engage proactively, we face the risk of being left out as other European countries engage with Asia for trade and connectivity. On the other hand, we have the opportunity to become a catalyst to accelerate Africa and Latin America's engagement. I feel the Spanish government could make its commitment to BRI engagement even more explicit."