Editor's note: Moiz Farooq is an executive editor with the Pakistan Economic Net. The article reflects the author's opinions and not necessarily the views of CGTN.
An initiative full of great vision, designed to interconnect Asia, Europe, and Africa through an extensive network of roads, railways, ports and other essential infrastructure, was introduced by China a decade ago. It would reshape the global economic environment in the future.
Chinese President Xi Jinping announced the Belt and Road Initiative (BRI) in 2013, and it has since developed into one of the largest and most significant infrastructure and economic development initiatives in the history of China as well as the entire world. As we celebrate the 10th anniversary of this mighty initiative, it is essential that we highlight its importance, achievements and future.
This initiative aims to rebuild the famous ancient Silk Road trade routes, and promote economic development, trade and cooperation. The Silk Road trade channels have been effectively revived by the BRI over the last 10 years. The construction of new infrastructure, such as vast motorways, railways and ports, has increased trade volumes between countries involved and has greatly decreased transportation costs. An effective network of connectivity has transformed what was once a logistical burden, turning faraway regions into neighbors with similar economic objectives.
One of the main objectives of BRI is to fill connection gaps in less developed areas. New roads and railroads have turned this idea into reality, enhancing access to markets, education and healthcare in isolated remote areas. Take Pakistan for example, there are 24 transportation Infrastructure projects under the China Pakistan Economic Corridor (CPEC) with a total length of 5,584 kilometers. There are many other major projects like the CPEC underway in other participating countries, which boosting infrastructure development in these countries.
In addition to improving connectivity, the BRI has also increased China's economic influence. China has expanded its own economy by securing new markets for its goods and services and funding infrastructure projects all around the world. Mutually beneficial cooperation has paved the way for innovation, job growth and economic diversity. Between 2013 and 2022, trade between China and the BRI participating countries amounted to over $19 trillion, with an average annual growth rate of 6.4 percent. China's total exports and imports to BRI nations in 2022 reached nearly $2.9 trillion, more than doubling those of 2013. It is also important to remember that two-way investment in the same period reached more than $380 billion.
The vision of BRI supports the Sustainable Development Goals of the UN by utilizing development projects to lift millions of people out of poverty. China eliminated extreme poverty in just 42 years. Given that they finished this enormous task 10 years ahead of schedule, it is quite an accomplishment.
According to a World Bank report, by 2030, Belt and Road cooperation is expected to raise global real income by between 0.7 percent and 2.9 percent, and help lift 7.6 million people out of extreme poverty. Therefore, if implemented effectively, the BRI can play a crucial role in socioeconomic development and the fight against poverty in many participating countries.
Usually, in the case of such huge initiatives, attention to environment and climate safety is undermined. However, in the case of BRI, there's a strong emphasis on sustainable development, making the initiative more unique and valuable than the others.
According to data provided by the Green Finance and Development Center at Fudan University in Shanghai, close to half of Belt and Road energy projects announced in the first half of 2023 were wind and solar projects. Numerous other such projects are already functional in the participating countries. These programs have improved energy security and resilience of these countries, lowering their dependency on fossil fuels and fostering a move toward cleaner energy sources, therefore contributing to the fight against climate change.
Beyond its economic and environmental aspects, BRI has spurred tremendous progress in promoting cultural exchange and understanding among participating nations. BRI emphasizes how important interpersonal relationships are in today's society.
Through a number of platforms, the BRI has aggressively fostered cultural exchanges. Students from participating nations have been given access to educational opportunities and scholarships to pursue higher education in China and vice versa. In the case of Pakistan, over 20,000 students are receiving higher education from China in different fields on scholarships.
The initiative has made it simpler to travel and engage in tourism among the participating nations, encouraging individuals to discover new places and discover other cultures. In terms of China's tourism trend, data from a World Tourism Alliance report reveals that China's outbound tourism sentiment index reached 28 in the first half of 2023, marking a 21-point increase from the same period in 2019. This shows that BRI also helps advance cross-cultural understanding, fostering closer diplomatic relations and enduring friendships.
Less highlighted but equally important is the role of BRI in fostering peace and stability in participating nations. The restoration of diplomatic ties between Iran and Saudi Arabia is a prime example. As a stabilizing force, BRI's attempts to improve the socioeconomic conditions of participating countries have helped to create an environment that is favorable to peace and cooperation.
In addition, international cooperation is frequently required for infrastructure projects. Such projects foster diplomatic communication and trust-building among participating nations, furthering the promotion of friendly ties.
As we celebrate the 10th anniversary of the BRI, it is pretty evident that it is a comprehensive initiative grounded in a shared future and destiny. It goes far beyond building infrastructure to promoting peace, environmental sustainability, cultural interchange and economic progress.
As the initiative enters its second decade, it will continue to be a symbol of hope for a more connected and prosperous world and serve as an image or a symbol of global cooperation. This initiative provides a chance for nations to work together on common objectives and tackle urgent global challenges. Its dedication to adaptation and positive impact highlights the fact that it will continue to hold an important position on a global scale. Its vision extends far into the future, offering a roadmap for sustainable development, cultural exchange and diplomatic collaboration.