Panellists of the China's One Belt One Road Initiative: Opportunities for ASEAN Energy Market roundtable at SIEW 2015
By Serene Chua
The Chinese government is promoting its One Belt, One Road (OBOR) vision as the connector of more than 60 economies but panellists at Singapore International Energy Week 2015 said on Thursday it is not yet clear how the initiative will channel investment into Southeast Asia.
Initiated by President Xi Jinping in 2013, OBOR aims to improve land-based and maritime trading routes, create new links and open business opportunities between China and countries across Asia, Europe, the Middle East and Africa.
“OBOR seeks to increase connectivity and economic development along both routes through the movement of goods, services, information and people in the exchange of culture,” said Dr Liu Qiang, secretary general of the Global Forum on Energy Security and director of the Energy Economics Division at the Institute of Quantitative & Technical Economics at the Chinese Academy of Social Sciences.
While lauding OBOR as a great vision, panellists at the roundtable discussion debated over the actual benefits that Southeast Asian countries could see in the near future. Citing a lack of implementation strategies and stumbling blocks such as foreign exchange, political and policy risks, they said more clarity is needed before OBOR could kick off and make an impact on investment.
“It’s not new, it got bigger. But how is it going to work? I do not know,” said Dr Philip Andrew-Speed, principal fellow at the Energy Studies Institute at National University of Singapore.
It was unanimously agreed that China is taking active steps to contribute more to the global environment. The panellists said Chinese investment in Southeast Asian energy projects will continue but will not be substantial in the next few years.
About Singapore International Energy Week (SIEW)
In its 8th edition, Singapore International Energy Week is the premier platform in Asia for energy insights, partnerships and dialogue, bringing together the world’s leading conferences, exhibitions and roundtables in one week and one location. SIEW enriches the global energy conversation by convening political, business, academic and energy industry thought-leaders to define and advance the world’s energy challenges, solutions and actions across the spectrum of oil and gas, clean and renewable energy, and energy infrastructure financing.
Please visit www.siew.gov.sg for more information.
About the Energy Market Authority
The Energy Market Authority (EMA) is a statutory board under Singapore’s Ministry of Trade and Industry. Our main goals are to ensure a reliable and secure energy supply, promote effective competition in the energy market and develop a dynamic energy sector in Singapore. Through our work, we seek to forge a progressive energy landscape for sustained growth.
Please visit www.ema.gov.sg for more information.