Economic corridor

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Economic corridors are integrated networks of

stimulate economic development.[1] They connect different economic agents in a particular geographic area. Corridors may be developed within a country or between countries.[2] Corridors exist in Asia,[1] Africa,[2]
and other areas.

Economic corridors often feature integrated

standardisation.[4] Consideration of social needs, such as housing, is often considered.[2]

The Asian Development Bank coined the term in 1998.[3]

In practice, the term "economic corridors" has most often been used to connote road highways (e.g. East-West Economic Corridor and Southern Economic Corridor of the Greater Mekong Subregion program (GMS)). The China-Pakistan Economic Corridor is also anchored on transport connectivity, including several power plants. More recent work has emphasized the need for a clear link of linear infrastructure (like roads) to broader, spatial economic activities.[5] A corridor exemplifying this is the Almaty–Bishkek Economic Corridor (ABEC).

Benefits

Regional integration

Economic corridors not only connect regions and countries through transportation but also strengthen infrastructure construction by establishing industrial clusters, thereby attracting investment and developing regional economy. They are part of infrastructure and integrated economic strategy. As Brunner points out: "They do not stand alone, as their role in regional economic development can be comprehended only in terms of the network effects that they induce".[1]

Economic development

A well-functioning

economic production. At the same time, the economic corridor can also promote the development of other local industries, such as tourism and hotels
.

Employment

As a development

transportation
conditions.

Living standards

The development of

living conditions
are greatly facilitated.

Critics

Crowding out effect

The construction of economic corridors requires large

capital investment, which comes with attached risks such as white elephant investment or unfair investment of public money and space that sacrifices the interests of small businesses and residents to benefit a few large corporations. Melecky pointed out that “Large investment in corridors risk crowding out other public investment in critical areas, such as education, water and sanitation, and health”.[7]

Environmental externalities

The construction of some economic corridors has a negative impact on

wildlife reserves, etc., which cause huge damage to the local environment and biodiversity, especially some endangered species. At the same time, air pollution, water pollution and noise pollution caused by industrial construction will also deteriorate the local fragile ecosystem, and the lives of residents along the route will also be greatly disturbed. Some residents living on agriculture will face problems such as soil erosion and water pollution
.

Resettlement and migration

The construction of an economic corridor that crosses the residential area will force local residents to move to other areas or resettle, causing them to lose

cultivated land or commercial land, employment
, and interpersonal relationships. The cost of readjusting to a new life cannot be ignored.

Destruction of historical and cultural monuments

Industrial

human civilization
.

Examples

See also

References

  1. ^ a b c d Brunner, Hans-Peter. "What is Economic Corridor Development and What Can It Achieve in Asia's Subregions?" (PDF). Asia Development Bank. Archived from the original (PDF) on 23 October 2014. Retrieved 17 October 2014.
  2. ^ a b c Mulenga, Gadzeni. "Developing Economic Corridors In Africa" (PDF). AFRICAN DEVELOPMENT BANK GROU. Retrieved 17 October 2014.
  3. ^ a b Octaviano, BY Trishia P. "Economic corridors boost markets, living conditions". BusinessWorld Research. Archived from the original on 18 October 2014. Retrieved 17 October 2014.
  4. ^ Banomyong, Ruth. "Benchmarking Economic Corridors logistics performance : a GMS border crossing observation" (PDF). World Customs Journal. Archived from the original (PDF) on 10 June 2014. Retrieved 17 October 2014.
  5. ^ Srivastava, P., Regional Corridor Development in Regional Cooperation", Journal of International Commerce, Economics and Policy, vol. 4, no. 2, 2013
  6. ^ "Report: Economic Corridor". Brookings. October 9, 2013.
  7. ISSN 1752-1378
    .
  8. ^ P, Rajesh (18 September 2023). "IMEE Economic Corridor announced during G20 summit 2023". Newsvaadi.com. Archived from the original on 31 October 2023. Retrieved 18 September 2023.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
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