Wang Jianyi, chairman of Chinese optical cable provider FUTONG Group, lauded the company's decision to expand into Thailand as a win-win move.
"In China, competition in the rapidly growing optical cable sector is squeezing profit margins, but in Thailand the product is still in short supply," Wang said.
By manufacturing products at their destination -- in FUTONG's case at the Thai-Chinese Rayong Industrial Zone, an industrial park on the east coast of Thailand -- Chinese firms are answering demand while expanding their own businesses.
At the Thai industrial zone, companies have spent 2.5 billion U.S. dollars on building plants and facilities. These firms have generated 120 million U.S. dollars in taxes and created more than 20,000 local jobs.
The industrial park is just one project under the Belt and Road Initiative, a grand trade and infrastructure plan proposed by China in 2013. Building upon the ancient routes, the modern belt and road will be a transnational network connecting Asia with Europe and Africa and promoting common development among all the countries involved.
The industrial zone in Thailand shows that China's ambitious plan more than just visionary or political rhetoric -- it is reality, and the benefits are already being felt.
FORUM TO BUILD MORE CONSENSUS
This time next month over 1,200 representatives, including the leaders of more than 20 countries and 50 international organizations, will gather in Beijing for the first Belt and Road Forum.
Attendees of the two-day forum, which will start May 13, will discuss cooperation on infrastructure, trade and energy development, according to China's Ministry of Foreign Affairs.
The forum comes at a time when, more than ever, countries must seek to reach broader consensus on how to achieve innovative and inclusive growth amid the sagging global economy.
One event to watch, in this regard, will be the round-table summit, as world leaders will discuss policy and strategy coordination.
A number of projects, deals and longer-term initiatives are expected to be pushed forward, while a mechanism for long-term cooperation will be discussed.
"The forum will build consensus among all participants, reinforcing the international community's confidence in the Belt and Road Initiative as well as for globalization itself," said Wang Yiwei, a senior researcher at Chongyang Institute for Financial Studies at Renmin University.
