Shandong province invests 2.5 billion yuan in BRI partners

A view of the fully automated container terminal at the Port of Qingdao in Qingdao, East China's Shandong province, June 8, 2018. [Photo/IC]

East China's Shandong province has increased cooperation with countries and regions involved in the Belt and Road Initiative (BRI) in trade, energy, infrastructure, finance and people and cultural exchanges, according to the Shandong commerce bureau.

Foreign trade between the province and BRI countries and regions reached 127.22 billion yuan ($18.9 billion) in the first quarter of this year, a year-on-year increase of 13 percent, according to commerce bureau statistics.

The province has also invested 2.51 billion yuan in BRI countries and regions in the first quarter of this year.

The province further signed in 2019's first quarter a batch of new agreements with BRI partners in electric power engineering, transportation and housing construction.

Shandong has additionally spent 40.5 billion yuan in BRI countries and regions during the past five years, with foreign trade with BRI partners surpassing two trillion yuan.

Cities in the province to date have developed sister city relationships with 50 cities in 24 countries under BRI.