Asean stands to gain from Belt and Road Initiative despite challenges

CHINA'S Belt and Road Initiative, or the BRI, is a potential game-changer that may have significant win-win implications for both China and the more than 80 countries and international organisations that have already joined. The BRI's aim, in short, is to connect countries via a combination of the land-based "Silk Road Economic Belt" which encompasses six economic corridors, and the ocean-crossing "Maritime Silk Road". All this will entail massive and multi-decade infrastructure investment.

What's in it for Asean? The region is well-positioned to reap significant benefits as it is part of not only the China-Indochina Economic Corridor but also the Maritime Silk Road. Indeed the Maritime Silk Road was first proposed by President Xi Jinping when he visited Jakarta in 2013.

The rollout of the BRI is also happening at a time when the Asean governments are in overdrive to build infrastructure which cannot be fully funded by their own budgets considering the sheer size of their needs. The BRI provides a platform for Asean to fast-track the implementation of their infrastructure projects, with China helping with both financing and technical expertise.