Economies on Silk Road promise big opportunities

The economies along the Silk Road will play a more determined role in the global production in the near future, said Ibrahim Turhan, Chairman and CEO of Borsa Istanbul, on Friday. Turhan made the statement at the Atlantic Council of Energy and Economic Summit's panel on New Silk Road, Transit, Trade and Economic Development, in Istanbul. Experts agreed that for a significant growth of the region, effective functioning of the capital market and private investment should be considered as vital. "In order to increase the capacity of the region, startups and innovative projects must be given a crucial role," Turhan said. Policies should focus on how to make the field more stable and fissionable, out of which wealth could be distributed to the people. Patricia Flor, special representative for Central Asia of the European Union, echoed: "The region especially Afghanistan needs a huge investment, while sometimes the state investment falls short to satisfy the demand." "We need private investment within the rule of law. The region needs a huge transformation. Infrastructure is very insufficient. There are still borders, which are difficult to cross or sometimes closed," she spoke of the shortcomings of the region. To encourage more countries in the region to joint to World Trade Organization has been considered as another alternative approach to advance the region. Experts also described the region's cooperation with China as crucial for its transformation. Turhan told Xinhua that without the participation of China in the process, New Silk Road would be incomplete. "We will be very happy with any partnership initiated by China." The Silk Road is a series of trade and cultural transmission routes that were instrumental to cultural interaction between the West and the East. It linked traders, merchants, pilgrims, monks, soldiers, nomads and urban dwellers from China to the Mediterranean Sea during various periods of time. Extending 6,437 km, the Silk Road got its name from the lucrative Chinese silk trade which dates back to the Han Dynasty ( 206 BC - 220 AD).