the world. OBOR is not just a series of bilateral deals across Eurasian region, but it is more far reaching and global. China has entered into a letter of intent with the UNESCAP (United Nations Economic and Social Commission for Asia and the Pacific).
2 Objectives of OBOR The following are some of the key objectives which are apparent in a programme of this scale: 1. Connectivity 2. Export markets 3. Over capacity 4. Political 5. Chinese growth 6. Internationalisation of the renminbi 7. Financial markets and Islamic finance Connectivity OBOR wants to construct a developed and efficient physical route to help China’s exceptional export market. Same routes will be used to aid imports from the same partners who were in the trade agreement. Silk Road and Maritime Silk Road can be divided into six “economic corridors” as recognised by China. The New Eurasian Land Bridge, the China-Pakistan Corridor, the China- Central Asia-West Asia Corridor, the Bangladesh-China-India-Myanmar Corridor, the China- Mongolia- Russia Corridor and the China- Indochina Peninsula Corridor. The above-mentioned corridors identify sectors of special importance along the route. The reach of OBOR has no boundary restrictions. It is not only physical connectivity which the Chinese are worried about. OBOR also seeks to connect people along the route through cultural understanding, financial integration, social integration and interaction and educational ties etc. Export markets OBOR will help Chinese firms to tap new markets and in strengthening its position in the existing markets. Some of the countries in the OBOR member list are underdeveloped nations which have large demand for infrastructure and materials which China is obliged to provide. China is bound to provide an “end -to- end” answer where it can use the required finance, expertise in construction, provision for raw materials and goods and service operations. In Asia China has been strong since a very long time. In Africa and the Middle East, it has not been able to penetrate the European market. OBOR will help China to eventually be able to present itself as a result-oriented partner in European markets.