Is the historical Silk Road being revived? Where does Turkey stand on this new Silk Road?
We have compiled a list on what you must know about the oft-mentioned “One Belt, One Road Initiative”.
- Xi Jinping, the president of the People’s Republic of China, announced a project in 2013 to revive the historical Silk Road.
- There are 65 countries expected to take part in the project, with Turkey being one of them.
- China has created the Silk Road Economic Belt Fund in 2014, allocating resources worth USD 40 billion for the project. To further aid its development, the country has also founded the Asian Infrastructure Investment Bank in 2014 with an investment of USD 100 billion. Turkey was a founding member of the bank.
- There are five proposed routes in the Silk Road project, Turkey is situated on the “China – Central Asia – West Asia corridor.
- The modern Silk Road project is an initiative of great substance, holding significance for improving political relations and strategic partnerships between Turkey and China. The former’s geopolitical position renders it highly special in this new project.
- The “One Belt, One Road Initiative” will make transportation easier between Turkey and China. Turkish goods will make their way to Chinese market more readily. Thus, it is expected for Turkey’s trade deficit with China to balance out, as the gap between exports and imports decreases.