Belt and Road Initiative: Risk or Opportunity?

Abstract

Contrary to popular belief, the historical background of the “Silk Road Economic Belt”, which was put forward by the People’s Republic of China (PRC) leader Xi Jinping in her speech titled “Create a Better Future” in Kazakhstan in 2013, and the “Maritime Silk Road”, which she stated in her speech to the Indonesian parliament in October of the same year, dates back to 2007-2008. The project’s latest name is the “Belt and Road Initiative (BRI). The project’s rapid progress to date can be attributed to statements such as “shipping will become cheaper, exports will reach the UK from China without interruption, and this transportation will take place in a much shorter time.” However, there is almost no evaluation of how the countries through which the project will take place will benefit from this project. In addition, as the BRI developed day by day, the project became controversial over time because its borders, budget, and responsibilities of the party countries were unclear, and the legal situation regarding the solution of the problems in the event of disputes that may arise in the coming period was not clearly stated. Moreover, the statement “the countries through which the project passes will become richer”, which was effective in the rapid growth of the project, has been replaced by the statement “every country through which the project passes is increasingly indebted.” With all these aspects, the study will reveal whether the Project is a risk or an opportunity for Türkiye, and by evaluating the issue on the financial data between the two countries, determinations will be made regarding the areas considered risky.

Keywords: Belt and Road Initiative, Republic of Türkiye, People’s Republic of China, Export-Import, Risk, Opportunity.