What is OBOR?
One Belt One Road or OBOR is an initiative of global infrastructure development strategy by the Chinese government in 2013. This initiative was also included in the constitution of China in 2017. The ‘Belt’ refers to the ‘Silk Road Economic Belt, which is a series of routes of the silk roads of the late middle ages. The ‘Road’ refers to the sea routes and the 21st-century Maritime silk road.
What is the objective of One Belt One Road?
The objectives of OBOR are creating a unified large market that makes use of both domestic and international markets, facilitates cultural exchanges and integration, and enhances mutual understanding and trust of member nations that will foster an innovative Environment with capital inflows, and talent pool, and technology database.
OBOR- Purpose and Economic Corridors
The main purpose of this initiative of One Belt One Road was to restore the silk routes which connect Asia and Europe. It involves the development of new and bigger roadway networks, railways, etc. It contains six economic corridors.
1. The New Eurasian Land Bridge- It connects Northern China to Western Russia.
2. The China-Mongolia-Russia Corridor– Connects North China to Eastern Russia via Mongolia.
3. The China-Central Asia-West Asia Corridor– Connects Western China with Turkey via Central and West Asia.
4. The China-Pakistan Corridor connects Southwestern China with Pakistan to Arabian sea routes.
5. The China-Indochina Peninsula Corridor- It connects southern China to Singapore via Indo-China.
6. The Bangladesh-China-India-Myanmar Corridor connects southern China to India via Bangladesh and Myanmar.
Importance of OBOR to China
- It aims to boost the domestic and economic growth of the country.
- The OBOR will connect the less-developed border regions of China to developed international borders which will give them an economic boost.
- It is expected that the opening of OBOR will lead to the creation of new opportunities for the Chinese market.
- It is also expected that it will enable the manufacturing powerhouse to gain control of cost-effective routes to export their materials easily.
- China has invested about $1 trillion in various infrastructure projects and many participating countries like Tajikistan, and Kyrgyzstan support OBOR due to China’s huge investment.