Skeptics believed the Belt & Road Initiative, which was launched in 2013, would ultimately benefit China and its companies more than others, but according to the China Daily, non-Chinese, non-Asian multinational companies (MNCs) are just as well positioned to benefit massively from the initiative. Some of them have already teamed up, or are teaming up, with Chinese partners in countries and regions covered by the B&R Initiative, including Siemens.

“With our experience and world-class project management, we have the potential to be bridge builders between Chinese players and international suppliers and customers, and together with our Chinese engineering, procurement and construction (EPC) partners we will focus on paving the road to success in these countries,” said Cedrik Neike, Member of the Managing Board of Siemens. By 2016, Siemens had joined forces with more than 100 Chinese EPC players in exploring more than 60 overseas markets. According to Neike, EPC contracts by Chinese firms are worth around USD125 billion. Siemens expects the cumulative potential over the next 10 years will be over USD1 trillion.

Like Siemens, many Western MNCs with leading technologies and a global footprint have vouched support for Chinese companies seeking to go global and adapt to local markets overseas, in fields like power, oil and gas, chemicals, minerals and building materials. Boston-headquartered General Electric (GE) has decided to jointly explore new wind power opportunities in Pakistan by teaming up with Power Construction Corp of China. This move is part of GE’s more than 10 Pakistan power projects with Chinese EPC players in recent years. John Rice, GE Vice Chairman, said the B&R Initiative is a shining example of how GE can benefit from China’s opening-up. To date, GE has partnered with over 30 Chinese EPC companies in more than 70 markets. The company and its Chinese partners will further invest in power grids, new energy, oil and gas in B&R countries and regions.

Honeywell International is supplying automation products and other technologies for infrastructure and energy projects, such as the Central Asia-China gas pipeline project. Shane Tedjarati, President of Honeywell Global High Growth Regions, said his company is well-positioned to support the Belt and Road Initiative through its China growth strategy and portfolio. Honeywell’s high-growth regions consistently drive more than 80% of the company’s growth. China accounts for the biggest chunk of that, he said, adding that the country currently is the single-largest contributor to its global growth.

Belt and Road countries and regions account for about 30% of the global economy, according to the Mercator Institute for China Studies. Projects worth some USD900 billion are now either underway or on the drawing board, the China Daily reports.

The South China Morning Post reports that Professor Jeffrey Sachs, Director of the UN Sustainable Development Solutions Network, said that more effort is needed to make the Belt and Road Initiative go green as the massive infrastructure project could be a tremendous triumph for the environment or a disaster. Sachs described the B&R Initiative as the world’s largest and most important infrastructure program, but he said he hoped it would be grounded in the principle of sustainable development.