New Eurasian Land Bridge Economic Corridor (NELBEC)Ģ. The Silk Road Economic Belt is a long-term vision for the infrastructural development, connectivity and economic cooperation of Eurasia and is spanning six development “corridors”, namely:ġ. The (land based) Silk Road Economic Belt, comprising six development corridorsĪdditionally the map shows the Polar Silk Road, referring to the Northern Sea Route (NSR), as officially mentioned in China`s Arctic policy. The Belt and Road Initiative combines two initiativesġ. According to the Belt and Road Portal, currently 71 countries are taking part in the Initiative, together representing more than a third of the world`s GDP and two thirds of the world`s population. Aims of the Belt and Road InitiativeĪccording to the official outline, BRI aims to “promote the connectivity of Asian, European and African continents and their adjacent seas, establish and strengthen partnerships among the countries along the Belt and Road, set up all-dimensional, multi-tiered and composite connectivity networks, and realize diversified, independent, balanced and sustainable development in these countries.”īRI is a global initiative but by its nature of building on the historic Silk Road puts a major focus on countries in Asia, Eastern Africa, Eastern Europe and the Middle East, a region mainly composed of emerging markets. On March 28, 2015, the official outline for the Belt and Road Initiative was issued by the National Development and Reform Commission (NDRC), the Ministry of Foreign Affairs (MOFA) and the Ministry of Commerce (MOFCOM) of the People`s Republic of China (PRC), with authorization of the State Council. The Initiative was unveiled in 2013 by China`s president Xi Jinping and until 2016, was known as OBOR – One Belt One Road. This includes, among others, the Association of South East Asian Nation (ASEAN) Connectivity initiative, the Central Asia Regional Economic Cooperation (CAREC) Program, the Greater Mekong Sub-Region (GMS) Cooperation Program, the South Asia Sub-regional Economic Cooperation (SASEC) Program, and the Belt and Road Initiative (BRI).īRI is a transcontinental long-term policy and investment program which aims at infrastructure development and acceleration of the economic integration of countries along the route of the historic Silk Road. To address this gap, various regional and sub-regional initiatives aim to develop better transport connectivity within Asia. According to the Asian Development Bank (ADB), Asia faces an infrastructure funding gap of estimated USD 26 trillion through 2030.
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