29 May Accelerate Global Growth with the Belt and Road Initiative
What is the Belt and Road Initiative?
The Belt and Road Initiative (BRI) is a significant development strategy from the Chinese government which aims to promote economic cooperation among countries along five proposed Belt and Road routes across Asia, Europe, and Africa.
The BRI was first unveiled by Chinese President Xi Jinping in 2013, with the aim of connecting more than 60 countries across three continents to China.
How does it impact international business?
The BRI gives global businesses ranging from multinationals to small- and medium-sized enterprises unparalleled opportunities to tap into new markets and gain deeper access to markets in the Chinese mainland, ASEAN, the Middle East, and Central and Eastern Europe. For developing and emerging economies in these areas, investment and trade accelerate development for the benefit of all.
According to the head of a leading Chinese think-tank, business opportunities abound in various fields such as infrastructure, e-commerce and new technology. Social Sciences in China Press (CSSP), which publishes journals for the Chinese Academy of Social Sciences, reports that 64 countries will be impacted by the BRI. The project will encompass 2,500 languages: a third of all languages spoken on earth.
Making the most of the BRI: Three key considerations
Based on our experience working with a wide range of different stakeholders in the BRI, these three factors are key to leveraging BRI business opportunities:
1. Choose trustworthy and experienced partners
There are major differences in legal regimes and financial regulations across the BRI region (and China has a unique legal system), making it a challenge to replicate projects between countries. The right financing arrangement is obviously an important element in each Belt and Road transaction. Cross-border mergers and acquisitions are challenging, including the post-transaction cultural integration. So, partners with both international legal and financial expertise will be invaluable.
2. Localize to optimize your website and social networks
A multilingual website is vital for companies looking to go global. Localizing your social media networks will also make a big difference to your profile and the number of potential customers you reach. When considering working with any language service provider, make sure they have the expertise and a proven track record in maximizing clients’ online presence.
3. Effective multilingual communications
While representing a huge opportunity, the fact that the BRI’s reach spans 2,500 languages is a big challenge to all stakeholders. Documents such as press releases, contracts, marketing collateral and financial documents all need translating. It is therefore important to work with a professional language provider who can cover all the languages you need, offers the latest technology, and has the expertise and capacity to handle the full range of document types, as well as additional services such as interpreting, video and website localization.
Like to know more about our one-stop language solution for businesses in the BRI? Contact us now.