India in talks with US and Russia to build infrastructure parallel to China’s BRI
India is in talks with US government’s ‘Overseas Private Investment Corporation’ (OPIC) to join US, Japan and Australia for infrastructure development in Indo-Pacific region parallel to China’s ‘Belt and Road Initiative’ (BRI).
On Monday, September 24, OPIC President and CEO, Ray Washburne told the famous news paper ‘South China Morning Post of Hong Kong’, that after signing agreements with the overseas finance development arms of Japan and Australia and the Overseas Private Investment Corporation (OPIC) is in discussions with India right now to reach a memorandum of understanding with India.
Washburne said, “If concluded, the agreement will reflect very much like the one we have with Japan and Australia”.
Hong Kong based paper reported, “Those partnerships allow the three countries to streamline the process of joint investments in energy, transport, tourism and technology infrastructure. The investments are also meant to attract private capital to the projects — investments that are, in some cases, many times larger than those of the three governments”.
India is partnering with both the US and Russia to build connectivity networks and related infrastructure in the Indo-Pacific region that will run parallel to China’s mega Belt and Road Initiative.#IndoRussia #BRIhttps://t.co/Oac9y09CeR pic.twitter.com/7rRhFOYeEr
— ET Defence (@ETDefence) September 27, 2018
It said, “OPIC’s influence in the Indo-Pacific region is set to grow after the passage of a Bill that would give the agency authority to invest equity in development projects instead of just providing loans”.
On July 30, 2018 OPIC announced on its official website about trilateral partnership between US-Japan-Australia for infrastructure development in Indo-Pacific region, it said, “Indo-Pacific business Forum, hosted by the US Chamber of Commerce, leaders from OPIC, the Japan Bank of International Cooperation (JBIC) and Australian government announced a trilateral partnership to invest in infrastructure projects in Indi-Pacific region that build infrastructure, address key development challenges, increase connectivity, and promote economic growth”.
India may start talks with Russia, during Russian President Vladimir Putin’s visit to India for India-Russia annual summit from October 5, for development of a transport corridor connecting Russia-Kazakhstan-Turkmenistan-Iran-Oman-India, as reported by ET.
This corridor will complement the International North South Corridor, with India’s association in Iran’s Chabahar Port and Ashgabat Agreement.
India has refused to be part of China’s BRI and the only country which did not endorse BRI in SCO summit.
