Year: 2024
Type: article
Abstract: The Belt and Road Initiative, commonly referred to as BRI, has significantly contributed to tremendous economic growth, integration of the regions, and shifting of geographical politics through infrastructure projects. This research examines the economic, environmental, and social impacts of two significant BRI projects: CPEC and the Djibouti Port. There are two major cases, where OBOR bypasses China’s economy. The China-Pakistan Economic Corridor (CPEC) is the first example of the OBOR, in which China completely avoids its economy and directly connects the Chinese new city of Gwadar to the Persian Gulf through the Karakoram Highway. The two projects have led to economic growth, improving the connectivity of regions as well as fostering the frameworks of strategic cooperation. However, in terms of limitation, they also harbour certain problems regarding funding, environmental impacts, social displacement, political and governance questions, social equity and income, security questions. This is why the mentioned challenges should be solved to achieve the desired success and sustainable development of the BRI. From this research, the following key areas deserve special consideration: adequate and sound financial management structures; environmental and social risk management policies; governance structures; development policies and plans that are sensitive to people’s needs; adequate security and sound environmental legislation. In this regard, the BRI can foster sustainable and inclusive development involving the countries in the realization of the plan by integrating economic development with environmental conservation, social equity, and sound governance frameworks.
Author: Khalid Taimur Akram
Language: English
Topic: Belt and Road Initiative
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4409330284