Want... Founding members of the Asian Infrastucture Investment Bank at a signing ceremony in Beijing, Oct. 24, 2014. (File photo/Xinhua)
Founding members of the Asian Infrastucture Investment Bank at a signing ceremony in Beijing, Oct. 24, 2014. (File photo/Xinhua)
Efforts by the United States to discourage its allies from joining the China-led Asian Infrastructure Investment Bank (AIIB) suffered a major setback this month when the UK, France, Germany and Italy all said they hoped to join the bank as founding shareholders. Australia and South Korea are also likely to take part.
The AIIB is closely related to China's "One Belt, One Road" development strategy to deepen and expand cooperation with neighboring trading and strategic partners. The bank will help promote connectivity among Asian and European countries and has attracted the participation of 27 countries in Southeast Asia, Central Asia, South Asia and the Middle East. If the four European countries are included, the number of founding members of the bank will exceed 30 by the end of this month.
The focus of the AIIB is different from that of the Asian Development Bank (ADB), led primarily by the United States and Japan. The former aims to provide finance to infrastructure projects in the Asian region, while the latter is mainly aimed at reducing poverty. The two will not compete with each other but can complement each other.
Taiwan, which has not been able to play an effective role in the ADB, should discuss with China the possibility of joining the AIIB.
Taiwan should have the wisdom to overcome the "US factor." By making a contribution to infrastructure investment in the Asian region, Taiwan will avoid marginalization, fulfill its responsibility to the international community and help its businesses expand their international presence.