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China's Proposed Maritime Silk Road: Challenges and Opportunities with Special Reference to the Bay of Bengal Region

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  • Asiatic Society of Bangladesh

Abstract

The aim of this article is to explore the challenges and opportunities of the 21st Century Maritime Silk Road - presumably a gigantic economic project launched by China - for better connectivity and economic cooperation in Asia. The article examines the variables that may either limit or bolster its implementation. The project, once implemented, is likely to give rise to both economic and strategic upshots. Economically, it is likely to be win-win for both China and other powers in Asia who are willing to participate. On the other hand, it may get trapped because of the presence of geopolitical issues and great powers rivalry, specifically in the Bay of Bengal region. The article, in the final analysis, attempts to provide certain policy prescriptions, mainly for China, for maximum optimization.
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... Another factor that is influencing the port authorities to inspire the shipping companies to use natural gas (LPG-Liquefied Petroleum Gas, LNG-Liquefied Natural Gas and others) instead of fossil fuel. To cope with the challenges and opportunities of the 21st century Maritime Silk Road for better connectivity and economic cooperation, it is essential to develop the country itself to stay in the Bay of Bengal meaningfully and had the opportunity to serve the landlocked region, India's northeast, China's southern, Nepal and Bhutan that would be the value added to the regional development and economic growth [32] . ...
... Port authority in leading leadership roles sets the larger role for terminal operators who bear the market's considerable risk and face the demands of an increasingly stringent environment regime [5] . Bangladesh acutely needs the deep seaport in the Bay of Bengal to increase the supply side against the increased demand for port facilities, in addition, to supporting the neighbours or region for doing port transport business as a part of economic sustainability [32,35] . Historically, the port is the entry point of international trade for a country that helps to attract the international trader to do business and it's a key logistics performance indicator. ...
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... The goal must be inter-dependence, not dominance' (Jaishankar, 2017). This is to be noted that, China's rise has also compelled Australia, Japan, South Korea etc. nations to develop a stronger strategic partnership with India due to convergences in concerns (Karim, 2015;Siddiquee, 2022). Japan, another key actor in the BoB, shares India's concerns over China's expansion. ...
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... 12 Therefore, Bangladesh is in need of one or two new deep-sea ports that will be very necessary to meet the demand that will occur from the revival of the ancient maritime silk route. 13 China has also promised to give about $9 billion dollars in order to enhance the capability of the Chittagong seaport. 14 ...
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