How Technology Can Unlock the Growth Potential along the New Silk Road
- January 17, 2017 World Economic Forum
The ancient and historic trade route between China and Europe is coming back to life as one of the biggest infrastructure projects of the 21st century, with major implications for economies around the world. One Belt/One Road is an all-encompassing effort to restore old trade routes and streamline the transport of goods from Asia to Europe. It’s a wide-ranging endeavour that stands to create a significant economic boost to more than 60 countries that represent 70% of the global population, more than half of global GDP and 24% of global trade.
China already has invested over $51 billion and more than 100 countries have signed on—with free trade, collaboration agreements or other partnerships—in a project that involves more than 12,000 engineering contracts. When completed, OBOR could result in the creation of 70,000 new jobs, vastly improving the economies of such countries as Kazakhstan, which already is receiving significant sums in foreign direct investment. It could open the doors for small and medium enterprises from both Asia and Europe to enter new markets which may not be easily accessible today.