FM Sitharaman Highlights Game-Changing India-Mideast-Europe Corridor for Economic Integration
In a groundbreaking development, Finance Minister Nirmala Sitharaman has underscored the transformative potential of the India-Middle East-Europe Connectivity Corridor (IMEC), portraying it as a mutually beneficial initiative. Addressing the Indo-Pacific Regional Dialogue 2023 in New Delhi, Sitharaman asserted that India, during its G20 Presidency in September, actively pursued the corridor’s agreement, positioning it to revolutionize transportation efficiency, reduce logistic costs, promote economic unity, generate employment, and decrease Greenhouse Gas emissions.
The IMEC, characterized as a multimodal economic corridor, integrates shipping, railways, roadways, electricity cables, high-speed data cables, and a hydrogen pipeline. Predominantly maritime, it will establish connections between major Indian ports like Jawaharlal Nehru Port Authority, Mundra, and Kandla, and key West Asian ports in the UAE and Saudi Arabia. The corridor will include a rail segment linking Saudi Arabian cities to the port of Haifa in Israel, followed by a maritime stretch connecting Haifa to the Greek port of Piraeus and then proceeding to Europe.
Sitharaman highlighted the IMEC’s potential to create a reliable and cost-effective cross-border transit network, supplementing existing transport infrastructure and fostering trade and connectivity. This corridor is envisioned to play a pivotal role in economically integrating South Asia, West Asia, Europe, and the Middle East.
Acknowledging the geopolitical challenges inherent in such ambitious projects, Sitharaman expressed concerns about the ongoing conflict in Israel and Gaza. She underscored India’s commitment to maritime growth, emphasizing the intricate link between comprehensive national power and the ocean. The government is determined to provide support through fiscal policies and financial allocations to strengthen the maritime sector. Sitharaman also shared encouraging statistics, noting India’s ascent in international shipping rankings from 44th in 2014 to 22nd in 2023.
Re-reported from the article originally published in The Lokmat Times English
