BEIJING, 18th October, 2023 (WAM) -- Standard Chartered Group Chairman Jose Vinals has said that the Belt and Road Initiative (BRI) holds strategic significance for the bank, with a strong presence in BRI regions with over 40 outlets.

"In China, we have operated uninterruptedly for 165 years," Vinals said during the Belt and Road CEO Conference held in Beijing on Tuesday. The conference saw the conclusion of agreements worth US$97.2 billion, according to China Economic Net.

"Our presence, as well as our BRI activity and partnerships, have enabled us to support nearly 650 BRI-related projects with a total value exceeding $111 billion over the last five years," said Vinal.

He noted that the global trade landscape was being reshaped, with a clear trend towards regionalising supply chains. "Now, many countries in Asia, Africa and the Middle East involved in BRI are becoming new trade hubs," he added.

"BRI enters a new decade; it represents an opportunity to engage more partners to support further high-quality development and growth in important areas such as sustainability, digital innovation, inclusiveness, resilience and connectivity," he said.

China has made considerable progress in facilitating high-quality development in BRI over the past decade, with over three-quarters of the countries and major international organisations joining the initiative, according to the country's top economic regulator.