NEW DELHI: Union Commerce Minister Piyush Goyal announced on Friday that the India-Middle East-Europe Economic Corridor (IMEC) will enhance maritime security and speed up the movement of goods between Europe and Asia. Speaking at the ‘CII India-Mediterranean Business Conclave 2024’ in New Delhi, Goyal highlighted that IMEC, which was introduced during India's G20 presidency, aims to connect India with Europe and the Middle East through countries including the UAE, Saudi Arabia, Jordan, Israel, and the European Union (EU). He also noted the significant potential for collaboration in the tourism sector.
"The India-Middle East-Europe Economic Corridor will significantly improve maritime security and reduce our reliance on specific routes that could pose risks," Goyal said. He emphasized the potential of the corridor to foster greater economic cooperation and security.
Goyal also urged for increased tourism collaboration with Mediterranean countries, suggesting the establishment of a working group to explore mutual opportunities. He reflected on the cultural and culinary connections between India and the Mediterranean, mentioning his appreciation for Mediterranean food and the film Mamma Mia.
The minister outlined several growth drivers for India, including Make-in-India initiatives, digitization, innovation, and tourism. He noted the country's youthful population, with an average age of 28.4 years, as a key factor in its economic expansion. "Collaborating with Mediterranean nations could be highly beneficial for both sides. We are poised to become the world's third-largest economy within the next three years," he added.
Goyal highlighted the vast opportunities for Mediterranean goods in India, including sectors like renewable energy, manufacturing, maritime, pharmaceuticals, and agriculture. He also mentioned the potential for joint ventures in shipping, including shipbuilding and cruise tourism.
Reflecting on India's strategic moves, Goyal noted that last September, India joined forces with several G20 allies to launch IMEC as a countermeasure to China’s Belt and Road Initiative (BRI). The BRI, introduced in 2013, has faced criticism for its transparency and sovereignty issues. The IMEC agreement, signed on the sidelines of the G20 Summit in New Delhi, involves the US, UAE, Saudi Arabia, European Union (EU), Italy, France, and Germany. Its primary goal is to enhance connectivity and economic integration between South Asia, the Arabian Gulf, and Europe.
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