The Silk Road Economic Belt is something that has already been built. The countries along the Silk Road are actually ready to embrace the civilization and technology of the advanced economies in the world today. They have understood the need to move forward, to develop faster. They understand that they have to create new economic zones to stay competitive. It is time that they made a stand.
The current problems that the smaller countries face are due to poor leadership, poor policies, and a lack of growth. All these are obstacles for the development of the country. In fact, they prevent the development of the region. However, when the government comes in with a strong and coherent polity and when it realizes the importance of this belt for its own development, then such obstacles can be bypassed.
How does this happen? Leaders from each country, working together, can determine the future course of development. There will be conferences, there will be forums, there will be summits. These will be the instruments that lead to progress. They will have to make wise decisions.
Why is such a big deal? For one thing, the Silk Road is the land of opportunity. It is the ultimate gold mine, a haven for all kinds of people. If you have what it takes to get to the top, you can find your luck here. Even if your country is not doing so well, developing it will set you apart and make you more attractive to investors.
Secondly, it is better to develop now, while the conditions are good. This way, you can seize the opportunities that come your way. Investors will be ready to pay a premium for whatever it is that you can produce much quicker than the rest of the competition. They will be willing to pay more, especially if you show them some evidence that your economy will be growing at a much faster rate than the others.
Thirdly, the faster you develop, the bigger the market becomes. There will be more buyers for your products, and that means there will also be more opportunities for you to make money. And it pays to do business in a strong economic environment. The Silk Road is the stage on which you are acting. You should act fast to grab the best there is Silk Road economic belt.
What about the other nations along this trade route? If you can build up your manufacturing capacity fast enough, you stand to make huge profits for yourself. This is a no brainer – countries that lag behind in terms of infrastructure tend to lag behind economically.
So, what’s the answer? Do you think you cannot compete with the fast moving Asian nations? That is just not true. Just as the United States was able to overcome its economic downturn, it can do the same with its Asian competitors. Get the job done and become the one that everyone wants to do business with.
How can you do that? Simple. Just emulate what they did. First, focus on infrastructure development. That alone will put you far ahead of the rest of the pack.
Then, focus on creating more jobs. The more jobs you create, the faster you can bring your economy to a higher level of productivity. That means more wealth creation, and wealth transfer to your residents. That is a win-win situation. You make money faster, your residents are more affluent, and the whole thing works itself into the economic framework of the country.
Now then, where do you start? The first thing you need to do is to look at your current government spending and ask yourself if it is going in the right direction. If not, maybe it is time for a major overhaul. You need to determine where your money is really going and if it isn’t heading in the right direction, you might want to reallocate some of it towards development.
Next, reallocate your money for investments. Look at private investment through groups such as the World Investment Fund. The SME’s are a great way for governments to invest in small businesses. They have been a tremendous success in the past few decades and a lot of countries are looking to the SME’s for guidance.