European Union set to unveil massive worldwide infrastructure plan

The European Union recently is set to unveil a multibillion-euro plan aimed at bolstering the 27-nation bloc’s worldwide infrastructure and influence.

The program is expected to mobilize up to 300 billion euros ($341 billion) in public and private funds by 2027.

Key Highlights

• Although the European Commission, the EU’s executive branch, does not present the project as an attempt to counter China’s massive infrastructure initiative seeking to connect Asia with Africa and Europe, the German ambassador to the EU said the so-called Global Gateway “has the potential to turn the EU into a more effective geopolitical player.”
• China’s program aims to develop markets and new trade routes connecting China with the rest of the world by weaving a network of ports, bridges and power plants that will yield diplomatic clout and global power.

• The EU is China’s biggest trading partner, but they are also economic competitors and strategic rivals. As Beijing has become more assertive in recent years, the bloc has struggled to balance its commercial interests with a country that it has human rights concerns about and sees as “a systemic rival.”

SOURCE: The Hindu

Download as PDF