A business alliance, aimed at boosting multilateral economic cooperation between China and countries and regions along the Silk Road Economic Belt, has been launched in Beijing.

Members of the Belt and Road Industrial and Commercial Alliance (BRICA) pose for group photos at the BRICA founding ceremony at the Diaoyutai State Guesthouse in Beijing on Thursday, June 16, 2016. The business alliance, sponsored by China Federation of Industrial Economics, has brought together business leaders and government officials from more than 20 countries and regions along the Silk Belt Road. [Photo: CRIENGLISH. com/Ma Ruohan]

The new alliance is offering a whole range of services aimed at supporting and encouraging trade.

Business leaders and government officials from more than 20 countries and regions along the economic belt gathered in Beijing to attend the launch ceremony of the Belt and Road Industrial and Commercial Alliance - or BRICA.

The new alliance, which was sponsored by the China Federation of Industrial Economics, aims to boost trade and investment among its members, providing comprehensive services in funding support, investment consultation, and resource sharing.

Li Yizhong is the Chairman of the Federation. He says the initiative has began to benefit both the infrastructure and economic development in the regions along the route since it was promoted by Chinese president Xi Jinping three years ago.

He added that the founding of BRICA can only take its development to a new level.

"The One Belt, One Road initiative launched by China is developing in accordance with the global multilateral trend in economy, culture and society. It will boost economic prosperity and peace development around the world. So under such circumstances, the Belt and Road Industrial and Commercial Alliance could inject new energy to the regional cooperation between countries along the Silk Belt Road."

Irmuun Demberel is the Vice President of the Mongolian Economic Cooperation Confederation. He believes the founding of the new alliance has come at exactly the right time in terms of the distribution of financial resources among participant countries:

"It is actually a very timely initiative because there are over twenty-seven members that are joining together to create a platform to boost economic activities among the countries; And most importantly, this organization actually has this tremendous potential to mobilize financial resources and also redistribute these resources to mutually benefit projects from all over the world."

The Belt and Road initiative launched by China in 2013 connects countries from the continents of Asia, Europe and Africa.

Inevitably, one stumbling block encountered so far has been the huge number of languages being used by the trading partners found along the way.

It was a problem recognized by the new business alliance.

Xiong Meng, Executive Vice Chairman of the China Federation of Industrial Economics says BRICA has developed an online language service, allowing all members to do business in their own languages:

"One big challenge faced by our members is language. There are many different languages spoken by countries along the Silk Road Economic Belt. We have resolved technical issues and so are able to help member countries share and negotiate their investment information using their native languages."

The business alliance has also built a platform to facilitate fund raising, with some 46 billion U.S. dollars collected from more than 60 Chinese companies so far.

Vasyl Khmelnytsky, the First Vice President of Ukrainian League of Industrialists and Entrepreneurs, has welcomed the funding platform offered by the China-sponsored alliance and is calling for an expansion in investments.

"Agricultural products produced by Ukraine are very popular in the Chinese market, and so we should consider greater cooperation in manufacturing and the building of factories funded by the two sides."

BRICA has also developed a range of investment and trade consulting services from business leaders and financial experts worldwide, covering areas such as finance, policies, techniques, and laws and regulations.