The EU Gathers 20 Countries for the Global Gateway Forum
Next week, the European Union will convene leaders from approximately 20 countries for a joint forum aimed at bolstering its global infrastructure plan. The forum is geared toward competing with China in strategic regions, as reported by Bloomberg, citing sources familiar with the matter.
"The Global Gateway stands for sustainable and reliable connections that work for people and the planet. It helps address the most pressing global challenges, from fighting climate change to improving healthcare systems and enhancing the competitiveness and security of global supply chains," the forum's website states.
Essentially, this is the EU's €300 billion plan, mobilized by all EU institutions and member countries from 2021 to 2027, "for sustainable and high-quality projects that meet the needs of partner countries and provide long-term benefits to local communities, promoting smart, clean, and secure connections in the digital, energy, and transport sectors."
With this initiative, the EU and its allies compete with countries like China for the development of infrastructure and communication projects in developing nations.
The forum is scheduled for October 25-26 in Brussels, just a week after China brought together representatives from over 130 countries to celebrate the 10th anniversary of its "Belt and Road" global investment plan.
In addition to the heads of state and government from the countries participating in the Global Gateway Forum, leaders from Bangladesh, Senegal, Namibia, and Moldova will also join the event. This information was shared by a high-ranking EU official speaking to Bloomberg, who wished to remain anonymous due to the confidentiality of the preparations. The participation of Egypt and the Democratic Republic of the Congo is still being determined.
Conducting the global forum aligns with the commitment made by G7 leaders in 2021 to initiate a values-driven, high-standard, and transparent infrastructure partnership to meet global infrastructure development needs. The Global Gateway Forum is fully aligned with the UN's 2030 Agenda and its Sustainable Development Goals, as well as the Paris Agreement.
Recently, President Xi Jinping of China held the "Belt and Road" forum, attended by Russian President Putin. According to the Chinese leader, over 150 countries and more than 30 international organizations signed cooperation documents at the forum. According to estimates by the Green Finance & Development Center, the project attracted $1 trillion in investments during its first decade.
In turn, the EU's executive body, the European Commission, aims to host a smaller and more focused summit than Beijing's, said an EU official. The EU Forum will kick off on the eve of the European Union Summit.