BEIJING, CHINA - Media OutReach - Aug 30, 2016 - Proposed by President Xi Jinping in 2013, the One Belt One Road (OBOR) initiative is an attempt to boost trade and political relations between China, Europe, and Asia. As one of China's leading trade partners and being one of Asia's original hub for finance and trade, Singapore is set to benefit from this initiative through infrastructure and logistics, tourism, and finance, that in return will create more job opportunities for Singapore and the countries along the Belt Road.
Infrastructure and Logistics
A leader in urban and industrial infrastructure combined with its expertise in logistics solution, Singapore is well suited to enter the Central Asian markets that have gradually opened because of the OBOR. The country's central position in Southeast Asia has helped and is still helping neighboring countries' trading and logistics development. With this, businesses in China have been actively investing in Singapore's infrastructure projects.
Once the initiative comes to its full fruition, the belt Road countries will be more connected with each other because of the improvement to transportation passageways like railways, highways, and sea ports, thus promoting cultural exchanges and increasing leisure and business tourism that is also a vital industry in Singapore.
Singapore is one of the world's financial leaders and has established its role in the ASEAN's financial hub to raise and distribute equity and debt capital to make way for investments in other Asian countries, including India. With the OBOR initiative, Singaporean and foreign companies who are looking at financing and developing projects in banking services, investment and private equity management will be assisted by creating significant opportunities for professional firms in this sector.
OBOR: One Great Source of Job Opportunities
With the consideration of all these aspects, one of the greatest benefits of the OBOR project is the creation of more employment opportunities not only in Singapore but also the countries along the Belt Road. A World Bank study states that for every $1 billion spent on infrastructure in a region, more than 100,000 jobs are created.
The opening of the China-Europe Block Train route is an evidence of how the initiative helps in creating jobs in Germany. Also known as the Modern Silk Road, it is the longest freight train route in the world, traveling more than 10,000 kilometers along the Eurasia land bridge, more efficient than traditional maritime transport less expensive than air freight. This railway has not only created great business opportunities in Germany but also improved the lives of young Germans by creating employment opportunities for them. The OBOR project would also like to do the same for Singapore.
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