The European Union (EU) in recent developments has begun to give an initial picture of the global consolidation plan, where it is seen as a rival to China's Belt and Road initiative. As reported this afternoon, the EU is again showing their fangs to dominate the economy again through this alternative plan.
The preliminary figures announced by Suruhanjaya Europe today reveal that it will invest 300 billion by 2027 in infrastructure, digital and climate projects as a better alternative to China's Belt and Road Initiative.
The scheme being launched as Global Gateway aims to strengthen the European supply chain, increase EU trade, help reverse climate change, focus on digitization, health, climate, education and research and finally transportation.
On the other hand, Belt and Road is a global infrastructure development strategy used by the Chinese empire in 2013 to spread to nearly 70 countries and international organizations.
The waima of the initiative that China is showing is literally good but EU officials say that the financing terms offered by Beijing are typically one-sided, imprecise and encourage poorer economies to rely on China through debt offerings.
European President Suruhanjaya Ursula von der Leyen in a press conference held this EU scheme as a 'real alternative'. He continued, "The EU will offer its financing under fair and favorable terms to minimize the risk of debt distress," he continued.
Finally, Global Gateway has an objective to establish relations with other countries without creating dependency. Suruhanjaya said that by helping other countries the EU would also promote its own interests and strengthen its supply chain.
