IMEC to boost India’s maritime security, lower logistics costs, and foster economic cooperation between India, Europe, and the Mediterranean.
Union Minister of Commerce & Industry, Piyush Goyal, highlighted the strategic importance of the India-Middle East-Europe Economic Corridor (IMEC) in bolstering India’s maritime security and facilitating faster movement of goods between Europe and Asia. Speaking at the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 in New Delhi, Goyal emphasised that IMEC, launched during India’s G20 presidency, aims to connect India with Europe and the Middle East through the UAE, Saudi Arabia, Jordan, Israel, and the European Union. He noted that cooperation with Mediterranean countries is crucial for reducing logistics costs, improving connectivity, and ensuring secure movement of goods.
Goyal underlined the role of initiatives like the Production-Linked Incentive (PLI) scheme and India’s efforts to improve the Ease of Doing Business (EoDB) through Free Trade Agreements (FTAs) and economic partnerships. These have significantly contributed to India’s manufacturing growth and can support collaborations between India and Mediterranean nations, particularly in agriculture value chains.
The Union Minister suggested forming a working group on tourism between India and Mediterranean countries, pointing out the vast potential for cooperation in this sector. He also noted that India offers a large market for Mediterranean goods and services, given the historical ties between the regions.
Goyal further stressed that India, one of the fastest-growing economies with a young demographic, is poised to drive global growth for years to come. He mentioned that India is expected to become the world’s third-largest economy in the near future. The Minister also highlighted the country’s efforts toward digitisation, renewable energy, manufacturing, maritime infrastructure, and the blue economy. Investors, he said, have ample opportunities to be part of India’s growth story.
Discussing the shipping sector, Goyal emphasised the mutual interest shared by India and Mediterranean countries in shipbuilding, maritime trade, and the cruise industry. He noted that India has doubled its port capacity over the past decade and aims to double it again in the next five years, further enhancing maritime cooperation and trade.
In closing, Goyal expressed optimism about the India-Mediterranean partnership, predicting economic prosperity and mutual growth. He envisions a cleaner, more sustainable, resilient, and inclusive future through enhanced collaboration between India and Mediterranean nations.
