The Partnership for Global Infrastructure and Investment (PGII) is a collaborative effort by Group of Seven to fund infrastructure projects in developing nations based on the trust principles of the 

Blue Dot Network The Blue Dot Network (BDN) is a multi-stakeholder initiative formed by the United States, Japan, and Australia to provide assessment and certification of infrastructure development projects worldwide on measures of financial transparency, env ...

. It is considered to be the bloc's counter to China's

Belt and Road Initiative The Belt and Road Initiative (BRI, or B&R), formerly known as One Belt One Road ( zh, link=no, 一带一路) or OBOR for short, is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in nearly 150 ...

and a key component of the "Biden Doctrine".

History

The partnership plan was announced for the first time in June 2022 during the 

48th G7 summit The 48th G7 summit was held from 26 to 28 June 2022 in Schloss Elmau, Krün, Bavarian Alps, Germany. Germany previously hosted a G7 summit in 2015 at Schloss Elmau. Leaders at the summit The 2022 summit was the first summit for German Chan ...

 in Germany. According to an article by Center for Strategic and International Studies, PGII is the repackaged version of the 

Build Back Better World Build Back Better World (B3W) is an initiative undertaken by the G7. Launched on June 12, 2021, it would provide an alternative to China's Belt and Road Initiative (BRI) for infrastructure development of low- and middle-income countries. The ini ...

 (B3W) initiative which President Biden announced at the

47th G7 summit The 47th G7 summit was held from 11 to 13 June 2021 in Cornwall, England, during the United Kingdom's tenure of the presidency of the Group of Seven (G7), an inter-governmental political forum of seven advanced nations. The participants include ...

in the United Kingdom.

Blue Dot Network

The Blue Dot Network (BDN) is a multi-stakeholder initiative formed by the United States, Japan, and Australia to provide assessment and certification of infrastructure development projects worldwide on measures of financial transparency, environmental sustainability, and impact on economic development, with the goal of mobilizing private capital to invest abroad. It was initially led by the  U.S. International Development Finance Corporation (DFC),

Japan Bank for International Cooperation The , JBIC, is a Japanese public financial institution and export credit agency that was created on October 1, 1999, through the merger of the Japan Export-Import Bank (JEXIM) and the Overseas Economic Cooperation Fund (OECF). JBIC became the in ...

, and

Department of Foreign Affairs and Trade The Department of Foreign Affairs and Trade (DFAT) is the department of the Australian federal government responsible for foreign policy and relations, international aid (using the branding Australian Aid), consular services and trade and inv ...

of Australia. On 4 November 2019, U.S Under Secretary of State Keith Krach formally launched the Blue Dot Network with his Australia and Japan counterparts with access to $60 billion of capital from the DFC at the Indo-Pacific Business Forum. Krach made three major related announcements in energy, infrastructure and digital initiatives which consisted of a new multilateral infrastructure initiative unveiled by the U.S., the signing of a $10 billion agreement strengthening the Japan-U.S. Strategic Energy Partnership; and the plan to spur digitally driven economic growth economic in the

Indo-Pacific The Indo-Pacific is a vast biogeographic region of Earth. In a narrow sense, sometimes known as the Indo-West Pacific or Indo-Pacific Asia, it comprises the tropical waters of the Indian Ocean, the western and central Pacific Ocean, and the ...

. In all three economic pillars, Under Secretary Krach engaged in

US-ASEAN Business Council The US-ASEAN Business Council (also known as "US-ABC" or "USABC") is an advocacy group that aims to foster economic growth and trade ties between the United States and the Association of Southeast Asian Nations (ASEAN)'s ten member countries. I ...

and U.S. Chamber of Commerce by implementing advanced U.S. efforts in establishing a set of global trust standards. On 29 January 2020, Blue Dot Network's steering committee holds its first meeting in Washington with US, Australia and Japan. Under Secretary Krach commits $2 million of U.S. State Department seed money for the steering committee and issues a public invitation to all other G-7 members to come on board. On 25 February 2020, the Blue Dot Network is incorporated in the India-U.S. Comprehensive Global Strategic Partnership Joint Statement. Bi-khim Hsaio and Ingrid D Larson signed MOU re EPP

Bi-khim Hsaio and Ingrid D Larson signed MOU re EPP

On 20 November 2020, Taiwan joins the Blue Dot Network with the signing of the U.S.-Taiwan Economic Prosperity Partnership (EPP) between Taiwan Minister John Deng and Under Secretary of State Keith Krach at the EPP Dialogue's inaugural meeting in Washington. On 19 October 2020, on behalf of the Twelve Three Seas nations, President Kersti Kaljulaid endorses the Blue Dot Network and the Clean Network at the Three Seas Summit in Tallinn, Estonia. U.S. Under Secretary of State Krach commits a $1 billion investment with the initial investment of $300 million in trusted clean infrastructure, as described in the Blue Dot standards for roads, bridges, railways, 5G, ports, and energy projects in the Three Seas region between the Baltic, Adriatic, and Black seas. The goal is to stimulate investments by each member country. On 14 January 2021, Georgia adopts the Blue Dot Network as part of joining the Clean Network Alliance of Democracies at the signing ceremony between Georgian Minister of Economy and Sustainable Development Natia Turnava and US Under Secretary of State Keith Krach. On 7 June 2021, the OECD commits to supporting the Blue Dot Network at meeting of the Executive Consultation Group in Paris, France.

Build Back Better World

G7 leaders roundtable meeting on Day 1 Carbis Bay summit (2)

On 12 June 2021, the Group of Seven (G7) announced the adoption of the 

 (B3W) initiative built off the progress and principles of the Blue Dot Network to counter China's BRI to address the $40 trillion worth of infrastructure needed by developing countries by 2035. The initiative aims to catalyze funding for quality infrastructure for of low- and middle-income countries /sup>  from the private sector and will encourage private-sector investments that support "climate, health and health security, digital technology, and gender equity and equality." On 26 June 2022, the initiative was relaunched and renamed as the Partnership for Global Infrastructure and Investment (PGII) at the 

 in Germany. As of at least mid-2022, it was unclear how far PGII initiatives had progressed towards realization.

G7 2023 Hiroshima Summit

On 20 May 2023 on occasion of

49th G7 summit The 49th G7 summit was held from 19 to 21 May 2023 in the city of Hiroshima in Hiroshima Prefecture. Leaders of G7 countries joined in Hiroshima to discuss a number of challenges to peace and prosperity facing the global order while consulting wi ...

, a side event of Partnership for Global Infrastructure and Investment (PGII) was held. Three documents including "Factsheet on the G7 Partnership for Global Infrastructure and Investment" were issued.

Standards and principles

The PGII efforts are in line with the standards and trust principles of the 

 (BDN), which Under Secretary of State 

Keith Krach Keith J. Krach (born April 1, 1957) is an American businessman, and former diplomat. He is the former chairman and CEO of DocuSign.Organisation for Economic Co-operation and Development (OECD) committed to support the BDN at the meeting of the latter's executive consultation group in Paris, France. On 16 June 2021 Krach was awarded the Westernization Award by StrategEast for his work as Under Secretary of State in the country of  Georgia for leading the Clean Network and Clean Infrastructure initiatives, which provide an alternative to the "One Belt One Road" for the countries of Eurasia and is supported by all G7 countries as the Build Back a Better World. In March 2022, Krach was nominated for the

2022 Nobel Peace Prize The 2022 Nobel Peace Prize was awarded jointly to one individual and two organisations which advocate human rights and civil liberty. The recipients were the Belarusian activist Ales Bialiatski (born 1962), the Russian human rights organisation ...

for developing the 'Trust Principle' doctrine as a peaceful alternative to authoritarian's 'power principle.' Under Secretary Krach committed $2 million (USD) of U.S. State Department seed money for the steering committee and issued an invitation to other G7 members to join. On 19 October 2020, on behalf of the twelve Three Seas nations, President  Kersti Kaljulaid endorsed the BDN and the Three Seas Summit in 

Tallinn, Estonia Tallinn () is the most populous and capital city of Estonia. Situated on a bay in north Estonia, on the shore of the Gulf of Finland of the Baltic Sea, Tallinn has a population of 437,811 (as of 2022) and administratively lies in the Harju ' ...

Objectives

Over the next five years, the G7 governments and its private business sector will invest $600 billion. It aims to offer an alternative to China's estimated $1 trillion infrastructure investments worldwide over the past decade. According to Singapore Forum experts, with the advent of the G7-led PGII, notions such as economic development and foreign direct investment could be "merged" with geopolitical and military objectives:

Member states

References

{{authority control Foreign direct investment G7 summits