G-7’s Partnership for Global Infrastructure and Investment

The G-7 grouping of the world’s most industrialised nations — Canada, France, Germany, Italy, Japan, the U.K. and the U.S. along with the European Union — launched the Partnership for Global Infrastructure and Investment (PGII) in 2022.
The U.S. led new initiative aims at collective mobilisation of $600 billion by 2027 to invest in sustainable and quality infrastructure projects in developing countries, including India, and strengthen global supply chains.
The PGII is being seen as the G7’s counter to China’s multi-trillion dollar Belt and Road Initiative (BRI) to build connectivity, infrastructure, and trade projects in Asia, Europe, Africa, and Latin America.

The West has been sceptical of the BRI, since it was launched in 2013 by President Xi Jinping, as it was considered to be part of China’s larger strategy to increase geopolitical influence in Asia and other developing countries.
The U.S., along with G7 partners, had in 2021 announced the launch of the Build Back Better World (B3W) with the aim of narrowing the $40 trillion infrastructure gap in the developing world. PGII is therefore a relaunch of the B3W plan.
PGII is envisaged as a values-driven, high-impact, and transparent infrastructure partnership to meet the enormous infrastructure needs of low and middle-income countries and support the United States’ and its allies’ economic and national security interests.

All PGII projects will be driven by four priority pillars that will define the second half of the 21st century.
First, the G7 grouping aims to tackle the climate crisis and ensure global energy security through clean energy supply chains. Second, the projects will focus on bolstering digital information and communications technology (ICT) networks facilitating technologies such as 5G and 6G internet connectivity and cybersecurity. Third, the projects aim to advance gender equality and equity, and lastly, to build and upgrade global health infrastructure.

Why in News?

Union Minister for Commerce and Industry Piyush Goyal participated in the Investor Forum of the Partnership for Global Infrastructure and Investment (PGII).

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