Officials arrive at One Belt - One Road Summit venue in Beijing

Officials arrive at One Belt - One Road Summit venue in Beijing

Kenya's President Uhuru Kenyatta (second left) and his wife Margaret Kenyatta (left) pose with Chinese President Xi Jinping and his wife Peng Liyuan during a welcome ceremony for leaders attending the Belt and Road Forum, in Beijing's Great Hall of the People on May 14, 2017.

Beijing also promised to import US$2 trillion worth of products from belt and road countries in the next five years.

China also will provide relevant global organizations with $1 billion to implement cooperation projects that will benefit the countries and regions related to the Belt and Road.

India had skipped so called New Silk Road meeting due to its sovereignty concerns over the United States dollars 50 billion China-Pakistan Economic Corridor which passes through Pakistan-occupied Kashmir (PoK).

One Belt, One Road spans Asia, Europe, Africa, with links to South America.

"We are pioneers in mining and metals, and produce materials essential to human progress which are also needed for the roll-out of the Belt and Road through infrastructure".

The Belt and Road Forum for International Cooperation was held in the city for two days.

He further said, "Regarding the issue of Kashmir which the Indian side is concerned about, we have been stressing that the Belt and Road is a cooperation initiative for the common development and prosperity of the region".

China has used the first worldwide conference on its Belt and Road initiative to push key infrastructure projects forward, though private-sector support remains tepid. China hopes the benefits the initiative brings will turn this diverse group into a loose union.

President Xi Jinping of China has promised to invest a further $121.7 billion in the One Belt, One Road (OBOR) initiative - an global infrastructure scheme that was launched by China in 2014 to revive the ancient east-west trade networks, collectively known as the Silk Road.

Touted as the biggest diplomatic event initiated by China, the inaugural forum was attended by 1,500 delegates from more than 130 countries to discuss Mr Xi's mega project to revive two ancient trade routes via land and sea.

At the same time, Hua said that China "welcomes the participation of India to the Belt and Road initiative, the answer is clear" when asked about India being the only major country absent at Sunday's first Belt and Road Forum (BRF) in Beijing. It was important to expanding trade and investment based on a level playing field, they said. The China Development Bank had already earmarked $890 billion for some 900 projects.

While he said "perception can become more powerful than the reality", he added that China "remains a very closed trade and investment market especially when compared to the U.S.".