Belt and road Initiative (BRI), famed as engine of modern development on international landscape, will shift global growth into high gear in 2024 showing robust muscles of resilience and sustainability in everchanging geoeconomics, geo strategic and geopolitical environment.
China is expected to continue to green-align its overseas BRI projects, with a broader and more transformative focus on environmental sustainability. Greening the BRI emphasise China’s firm commitment to encourage a low-carbon global economy as a responsible international stakeholder. China’s endeavors to increasingly green-align the BRI are, in fact, the cumulative outcome of its sagacious policy measures put in force over the last several years. The share of green energy engagement is expected to see a radical rise in 2024.
Meanwhile, China will make more strides in trade facilitation in all dimensions regionally and internationally. A World Bank report revealed that if the proposed BRI projects are executed, travel times along the participating countries’ transport corridors will be cut by 12 percent by 2030 due to improved transport infrastructure. This reduction in travel time would, in turn, decrease trade costs. China is also expected to enhance the BRI image with the vision of common good. Kribi, a small coastal town in Cameroon’s south region, is gradually becoming a key logistical hub in central and western Africa. The Kribi Deep Seaport, which set into motion in 2018, today offers countries in the region convenient access to the sea. As a part of China’s support for other countries under the framework of the Belt and Road Initiative (BRI), it is a shining example of this project. The BRI is likely to make more strides in this area.
Bahawalpur win U-16 Inter- Division Athletics Championship As a partner of the BRI, Pakistan will continue to be beneficiary of greener BRI vision. Before the start of 2024, Chinese solar solutions giant LONGi announced to achieve the magnificent goal of 2 gigawatts (GW) in Pakistan. With the help of more Chinese companies, it is highly likely that Pakistan’s solar energy market size is expected to grow from 1.3GW to 9.77GW by coming years. Besides Chinese companies individually and in collaboration with Pakistan’s local enterprises have launched numerous EVs projects in the country. Many Chinese EV brands are plying on local roads. Under the framework of CPEC, ML-1, mega rail transport project, is likely to come into action during current year in order to play a pivotal role to modernise Pakistan’s trade, industry and commerce. Caretaker Prime Minister Anwaarul Haq Kakar has longed for start of Main Line-1 (ML-1) project on a priority basis as it would improve connectivity between the country’s seaports with its economic zones, describing the ML-1 railway project under CPEC as most favourable transit route for the regional countries.
Pakistan’s Foreign Policy Three key words that may encompass the BRI’s development in 2024 and next 10 years surround around global development initiative, global security initiative and global civilisation initiative. Reasoning is that these key words are next version of BRI in the face of impending challenges relating to everchanging geopolitical, geoeconomic and geostrategic landscapes. Both BRI and new three initiatives are the masterstrokes of President Xi Jinping to chart new course of common development and shared destiny led by multilateralism, coexistence, rule-based world order, respect to one another sovereign boundaries, peace and harmony.
BRI, as engine of international development growth, has immense potential to keep shining on diverse global stage. It has many dimensions and vibrancies. Across the spectrum of its engagements, the BRI extends its influence into diverse array of domains, spanning economics, culture and ecology. With focus on landbased roads, sea routes, airways and soft connectivity, BRI enhances rules and standards, people to people connectivity in various arenas like education, culture, sports, tourism, archeology. The Five Eyes alliance is an intelligence-sharing arrangement between five English-speaking democracies: the US, UK, Canada, Australia and New Zealand. It evolved during the Cold War. But recently it has straightened its guns towards China and Chinese projects especially BRI. Another forum named Quad, officially the Quadrilateral Security Dialogue, is a group of four countries: the United States, Australia, India, and Japan. The recent meeting of Quad can be interpreted as the beginning of the creation of an Asian NATO. The Quad’s narrative is more tilted toward strategic balancing against China. Hideous media campaigns to dwarf role of BRI on global stage is also another challenge. The Belt and Road Initiative (BRI) has not been without its critics and challenges.
Tragic Blaze One of the major concerns raised is the issue of debt sustainability. Critics argue that some participating countries may face difficulties in repaying the loans obtained for BRI projects, potentially leading to a debt trap. The concept of the “Chinese debt trap” theory, often raised by Western media and critics, is a subject of debate in development discussions. China’s involvement in the Belt and Road Initiative (BRI) through investments and lending has been accused of burdening developing countries with excessive debt. However, a closer look reveals that China’s role in creating debt traps is often exaggerated.
In the case of Sri Lanka, for example, China is blamed for the majority of the country’s debt burden. However, reports indicate that China only accounts for 10 per cent of Sri Lanka’s debt, with the rest coming from other sources such as international currency markets, the Asian Development Bank, and Japan. While China has been accused of being a “neocolonial power,” little is mentioned in Western media about China’s debt relief efforts. Over the years, China has written off approximately $9.8 billion of debt to other countries, particularly in Africa. China has also extended debt relief to poor countries under the G20 framework. The China International Development Cooperation Agency and the Export-Import Bank of China have suspended debt service payments from 23 countries, amounting to $1.353 billion. Notable examples of debt forgiveness include Cuba ($6 billion), Pakistan ($500 million), and Cambodia ($490 million).
Variant Alert Yasir Habib Khan
The writer is the president of Institute of International Relations and Media Research (IIRMR). He tweets at @ yaseerkhan
BRI in 2024
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08.01.2024
Belt and road Initiative (BRI), famed as engine of modern development on international landscape, will shift global growth into high gear in 2024 showing robust muscles of resilience and sustainability in everchanging geoeconomics, geo strategic and geopolitical environment.
China is expected to continue to green-align its overseas BRI projects, with a broader and more transformative focus on environmental sustainability. Greening the BRI emphasise China’s firm commitment to encourage a low-carbon global economy as a responsible international stakeholder. China’s endeavors to increasingly green-align the BRI are, in fact, the cumulative outcome of its sagacious policy measures put in force over the last several years. The share of green energy engagement is expected to see a radical rise in 2024.
Meanwhile, China will make more strides in trade facilitation in all dimensions regionally and internationally. A World Bank report revealed that if the proposed BRI projects are executed, travel times along the participating countries’ transport corridors will be cut by 12 percent by 2030 due to improved transport infrastructure. This reduction in travel time would, in turn, decrease trade costs. China is also expected to enhance the BRI image with the vision of common good. Kribi, a small coastal town in Cameroon’s south region, is gradually becoming a key logistical hub in central and western Africa. The Kribi Deep Seaport, which set into motion in 2018, today offers countries in the region convenient access to the sea. As a part of China’s support for other countries under the framework of the Belt and Road Initiative (BRI), it is a shining example of........
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