EU to Unveil 40 Billion Euro Technology and Infrastructure Investment Plan Next Week to Counter China
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[Asia Economy Reporter Park Byung-hee] The European Union (EU) is set to unveil a technology and infrastructure investment plan called 'Global Gateway' next week, Bloomberg reported on the 11th (local time). The report described the plan as the EU's key strategy to counter China's Belt and Road Initiative.
The Global Gateway aims to invest more than 40 billion euros (approximately 54 trillion won) in the digital, transport, energy, and trade sectors to enhance the EU's competitiveness. It will also include measures to establish sustainable environmental standards and promote values such as democracy, human rights, and the rule of law.
This investment plan follows discussions at the G7 summit held in July. At that time, U.S. President Joe Biden led talks on a plan called 'Build Back Better World (B3W).' B3W aims to assist infrastructure development in middle- and low-income countries but is widely analyzed as a move to counter China's Belt and Road Initiative.
The U.S. government announced on the 8th that it plans to invest in large infrastructure projects worldwide related to B3W. The investment will target 5 to 10 projects, with the first investment locations to be announced in January next year.
The EU stated that, according to its medium-term budget plan through 2027, investments that strengthen interconnectivity, such as the Global Gateway, will significantly increase. Investments enhancing connectivity under development aid programs are expected to rise, with the budget reaching approximately 79.5 billion euros.
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Additionally, the Global Gateway budget will secure 40 billion euros from the European Fund for Sustainable Development Plus (EFSDP) and will be supplemented by several billion euros in other grants. The EFSDP is part of the strategy included in the 'New EU Climate Change Adaptation Strategy' announced by the European Commission in February.
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