29 June, 2022
8 Min Read
PGII to counter China's Belt and Road Initiative
In the recent G7 summit in Germany, the ambitious Partnership for Global Infrastructure and Investment (PGII) was unveiled, with the aim of collective mobilization of $600 billion by 2027 for transparent investment in infrastructure projects in developing and middle-income countries.
It’s a G7 initiative to counter China’s multi-trillion-dollar Belt and Road Initiative which the West considers China’s strategy to increase its geopolitical influence in Asia and other developing and low-income countries in the disguised identity of connectivity, infrastructure, and trade projects.
What is PGII?
Kinds of Projects undertaken by PGII
PGII projects for investment will be driven by four priority pillars:
Projects that are set to begin under PGII
PGII in comparison to China’s BRI
About China’s Belt and Road Initiative
India opted out of China’s BRI initiative due to China’s increasing influence in the Indian Ocean Region and its neighbourhood, but a PGII project has been announced in India which shows India to be the beneficiary of this partnership.
Source: The Hindu
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