The Belt and Road Initiative benefits Spanish trade as the country's Bilbao port started to operate with investment from Chinese company. Analysts say the projects will provide opportunities for local companies and people. Richard Bestic has more.

A thriving port since Spain's Age of Discovery in the 15th century, Bilbao is rebooting. Chinese freight giant, COSCO, with a $230 million dollar share in the port, giving it an operations upgrade linked to China's Belt and Road initiative.

RICHARD BESTIC BILBAO, SPAIN "Bilbao here is a hub Port, connecting Spain with markets along Europe's North Atlantic coastline. However, in a Chinese context it is just part of a global strategy. Valencia on Spain's Mediterranean coastline, also part of the plan, extending COSCO's ports and terminals network and targeting trade from China to Europe and back again. There are, however, economic benefits for the Spanish economy locally and the wider region, according to International law firm Baker McKenzie and its China Outbound unit."

MAITE DIEZ, CORPORATE AND M&A PARTNER BAKER & McKENZIE, SPAIN "The Belt and Road Initiative, I think the Spanish economy and Spanish companies could benefit a lot from that, not only from Chinese investments coming into Spain, but also from Spanish companies participating in those projects."

Plans to upgrade operating systems in Bilbao and Valencia will its intended assist COSCO to integrate the two terminals into a wider regional and global Belt & Road network.

MAITE DIEZ, CORPORATE AND M&A PARTNER BAKER & McKENZIE, SPAIN "For example, in Valencia it's been announced there's to be a new terminal, that will increase the capacity of the port and the same investments are being considered in Bilbao and Barcelona. And Chinese investors are crucial for that."

Those improvements in Port facilities are seen as key to attracting ships from the most competitive trade routes. And for people locally? It's anticipated, according to lawyers Baker McKenzie, an economic mini boom with investments in conference and exhibition centres as well as hotels already underway. RB, CGTN, Bilbao, Spain.