The West Has An Answer To China's New Silk Road — With A Lift From The Gulf
Indian Prime Minister Narendra Modi described the project as a “beacon of cooperation, innovation and shared progress,” while President of the European Commission Ursula von der Leyen called it a “green and digital bridge across continents and civilizations."
The corridor will consist of improved railway networks, shipping ports and submarine cables. It is not only India, the U.S. and Europe that are investing in it – they are also working together on the project with Saudi Arabia, Israel and the United Arab Emirates.
Saudi Arabia is planning to provide $20 billion in funding for the corridor, but aside from that, the sums involved are as yet unclear. The details will be hashed out over the next two months. But if the West and its allies truly want to compete with China's so-called New Silk Road, they will need a lot of money.
The new corridor is part of the G7’s investment program Partnership for Global Infrastructure and Investment (PGII). The seven largest industrial nations, which are all Western or Western allies, want the initiative to act as a counterweight to China’s New Silk Road program; for more than ten years now, Beijing has been building infrastructure in developing and newly industrialized countries, thereby gaining significant influence in those regions.
The G7’s program wants to be better than the Silk Road: it aims to only support projects that are environmentally friendly, socially responsible and conform to standards of good governance. And unlike the Chinese programme, no states will get into debt as a result.
Over the next five years, PGII aims to reach $600 billion, with more than half being raised from private investors. It remains to be seen whether this sum will actually be achieved. However: if we add on the contribution of the Global Gateway Initiative, the EU’s response to the Silk Road, which should represent around €300 billion, then the two together will total €900 billion of investment – around the same amount that China has invested in the New Silk Road over the past ten years.
Because the total sum is not yet confirmed, the importance of the new corridor mainly lies in the strategic signal that it sends, which can be broken down into two main areas.
Friends of convenience
Probably the most important message of the new corridor is that those states that formerly had close links to the West and have since drifted towards China and Russia are by no means a lost cause. For some time now, Saudi Arabia and the UAE have been working on building closer relationships with China. They receive investment from China, but also help in areas where the U.S. refuses to engage with them – such as support in building up their own nuclear programme, which can be used for both civil and military purposes.
However, this new project launched by Europe and the U.S. shows that the governments of the Persian Gulf have not entirely switched sides, and that India equally does not want to be seen as part of China’s sphere of influence, in opposition to the West.
Rather, these states, as middle-sized powers in a multi-polar world, are building contacts and relationships where they seem most convenient. And the West still has something to offer there. [...]
— Read the full story by Daniel-Dylan Böhmer for German daily Die Welt, translated by Worldcrunch here.
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