Nepal has signed a Memorandum of Understanding (MOU) with China on Cooperation under One Belt and One Road (OBOR) initiative.
The MoU seeks to strengthen cooperation in connectivity sectors including transit transport, logistic systems, transport network and related infrastructures development such as railway, road, civil aviation, power grid, information and communication.
The major thrust of the MoU is to promote mutually beneficial cooperation between Nepal and China in various fields including economy, environment, technology and culture.
Similarly, the MoU also aims to promote people-to-people exchanges of different levels between the two countries.
The Silk Road Economic Belt and the 21st-century Maritime Silk Road, also known as the Belt and Road Initiative, (abbreviated OBOR) is a development strategy, proposed by Chinese paramount leader Xi Jinping that focuses on connectivity and cooperation among countries primarily between China and the rest of Eurasia, which consists of two main components, the land-based “Silk Road Economic Belt” (SREB) and oceangoing “Maritime Silk Road” (MSR).
The strategy underlines China’s push to take a bigger role in global affairs, and its need for priority capacity cooperation in areas such as steel manufacturing.
OBOR Vision:
The One Belt One Road initiative is geographically structured along 6 corridors, and the maritime silk road.
1. New Eurasian Land Bridge, running from Western China to Western Russia
2. China – Mongolia – Russia Corridor, running from Northern China to Eastern Russia
3. China – Central Asia – West Asia Corridor, running from Western China to Turkey
4. China – Indochina Peninsula Corridor, running from Southern China to Singapore
5. China – Pakistan Corridor, running from South-Western China to Pakistan
6. Bangladesh – China – India – Myanmar Corridor, running from Southern China to India
7. Maritime Silk Road, running from the Chinese Coast over Singapore and India to the Mediterranean.
