- What is the network?
- How to apply?
- Its objectives and purposes
- Salient features
- Relevance for India
- Critical analysis
Recently, when Donald trump visited India, the two countries were expected to have a word on the blue dot network. India and United States may not have signed this trade deal during visit of US president, but Washington was able to ask India to participate in the blue dot network, an offer that will certify the finance quality infrastructure and development projects.
The blue dot network targets to develop quality infrastructure investment, socially and environmentally sustainability and co-operate with international standards, laws, rules and regulations.
On 25th February 2020, INDIA PM NARENDRA MODI AND US PRESIDENT DONALD TRUMP have expressed interest in blue dot network initiative.
United States is working with many partners of Australia and Japan, to develop the BDN, a wide initiative to guarantee that the infrastructure of the future is built in a safe, transparent, and accountable manner and countries around the globe have access to private sector-led, sustainable, and trustworthy options for high-quality infrastructure development.
WHAT IS BLUE DOT NETWORK?
Launched by – The blue dot network was jointly instituted by United States, japan, (Japanese Bank for International Cooperation), Australia (Department of Foreign Affairs and Trade) and led by US’s DFC (International Development Finance Corporation).
Launched on – the concept of BDN was instituted on 4th November 2019 at INDO PACIFIC BUSINESS FORUM IN BANGKOK, (sidelines of the 35th ASEAN Summit in Thailand).
- It will be a multi-stakeholder gambit that targets to bring the private sectors, government, and civil societies to encourage high quality trusted global infrastructure development.
- Blue Dot is a network that will bring all countries together under the ambit of developing future infrastructure in a safe, transparent and accountable manner.
- It is a certification project for features that enfolds infrastructural projects that are principally focused on transparency and sustainability.
- BDN will be authorized in developing countries globally with a productive goal to incorporate global rules and regulations and meet international standards.
- The country which sets a standard of excellence will be approved and marked as BLUE DOT.
- It also helps in attracting foreign investment to help the economy to flourish.
HOW TO APPLY FOR BLUE DOT NETWORK?
- Projects that aim to obtain the certification from blue dot will have to apply online. It is completely an online process.
- They have to fill an undertaking by agreeing all the terms and conditions of BD NETWORK. (Information provided in the application will be subject to both preliminary and ongoing audit.)
- After filling the undertaking, they have to submit that undertaking to BDN. The undertaking received by the BD network will be then evaluated and scrutinized.
The infrastructural program have to follow:
- the G-20 principles for Quality Infrastructure Investment, focused at sustainable purchasing and selling,
- the G7 Charlevoix adherence on Innovative Financing for Development, and
- The Equator Principles, which orders financial institutions to assess and manage social and environmental risks in a given projects.
OBJECTIVE AND PURPOSE OF BLUE DOT NETWORK.
The main objective of blue dot network is to unite all the countries together for developing the high quality infrastructure for future in a sustainable and transparent manner.
The object of this network is to bring the public sectors, private sectors, and civil societies for promoting high quality development globally in an open and inclusive way.
This network was set up to fully unlock the power of quality infrastructure development to grab all the opportunities and progress.
It creates a unbreakable foundation for infrastructure global trust standards.
Blue dot network strengthens the need of developing trust in digital sector, mining sector, financial services, and research.
It aims at promoting of quality infrastructure investment adherence G20 countries.
This project is responsible for financial function to promote transpacific investment and safeguards natural resources with strategic importance.
- Launched jointly by US, AUSTRALIA AND JAPAN.
- Led by US’s international development finance corporation.
- Launched on 4th November 2019 at indo pacific business forum in Bangkok.
- It is a multi- stakeholder program.
- Aims to unite the public, private sectors together for developing high quality og infrastructure for future.
- Developing the infrastructure in an effective and efficient manner.
- Upholds the principle of transparency and financial viability.
- BD network will serve as a globally certified seal of approval for major infrastructure projects, letting people know that projects are sustainable and not illegal.
- Promoting G20 principles, G7 Charlevoix adherence on Innovative Financing for Development and the Equator Principles.
RELEVANCE FOR INDIA
If India joins the blue dot network than as its partner it will boost its project capability efforts.
If India obtains the certification of the blue dot network, it will be seen as adhering to the highest level of global standards.
Entrance to private and public financing projects will help mitigate financing risks,
acting as an impulsion for developing countries like India to smoothly undertake expansion of projects domestically as well as internationally.
An enlarging country that agrees to institute BDN standards states that the government values high-quality infrastructure that benefit local communities.
The Blue Dot Network will provide countries with clear project standards. Projects, companies, and governments that meet or uphold the standards can develop public confidence in their adherence to good practices.
CRITICAL ANALYSIS OF BLUE DOT NETWORK
The Blue Dot Network initiative was stated by OPIC’s David Bohigian at the Indo-Pacific Business Forum in Bangkok, Thailand.
The arrangement of this Network was discussed and unveiled during a board discussion.
Through Blue Dot Network, transparent, sustainable, and socially and environmentally responsible critical infrastructure has been predicted for widespread economic empowerment.
The US is very happy being a partner of this network to fully unlock the power of quality infrastructure to grab unprecedented opportunity, progress, and stability.
The private sector companies and civil society and the governments around the globe are responsible for respect for transparency and accountability, the sovereignty of property and resources, local labor and human rights, rule of law, the environment, and sound governance practices in procurement and financing.
Australia’s commitment to this Network is to promote
and facilitating private sector investment in the Indo-Pacific region,
and this commitment is shared by East Asia Summit leaders.
The project complements efforts by OPIC, DFAT, and JBIC to enhance development finance cooperation in support of principles-based infrastructure and efficient economic growth.
In the end, Blue Dot Network member will form a directing committee to offer partners representing sovereign governments, economies, the private sector, and civil society to connect the effort and support the Network.
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