The India-Middle East-Europe Economic Corridor (IMEC) is an important initiative that can add to India’s maritime security and facilitate faster movement of goods between Europe and Asia. This was stated by the Union Minister of Commerce & Industry, Mr Piyush Goyal, at the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 last week in New Delhi. He pointed out that the IMEC was launched during India’s G20 presidency and aims to integrate India, Europe, the Middle-East through UAE, Saudi Arabia, Jordan, Israel and the European Union. He noted that lower logistics cost, faster connectivity and secure movement of goods are dependent on better cooperation in this area.
The Union Minister noted that initiatives like PLI Scheme, the Centre’s efforts towards Ease of Doing Business (EoDB) through FTAs and economic partnerships have boosted India’s manufacturing growth story, and the efforts to promote agri-value chains can support initiatives between India and Mediterranean countries.
He highlighted that India offers a large market for Mediterranean goods and services, given the close connection both regions have shared over the decades.
Mr Goyal added that India being one of the fastest growing economies with a young demography, will drive global growth for decades to come. India is expected to become the third largest economy in the next few years, he said. He further noted that India has embarked on ‘Make in India’ and digitisation of the economy, besides initiating a holistic effort to make doing business in the country easier. Areas like renewable energy, manufacturing, maritime and blue economy, digitisation, pharma, Information Technology, agriculture and tourism have huge potential in the country and investors have the opportunity to be a part of this growth story.
Common shipping interests
He also said that India and Mediterranean countries have huge common interest in the shipping sector, be it shipbuilding, ownership, maritime sector or in the cruise business. He added that the Centre sees huge opportunity in developing ports and has doubled port capacity in the last decade. “We hope to double the capacity of ports in the next 5 years,” he emphasised.
He expressed optimism that the India-Mediterranean partnership will result in economic prosperity and mutual growth for the Mediterranean countries and India towards a cleaner, sustainable, more resilient, secure, inclusive and brighter future for all, highlighted a release.
Source: Exim News Service: New Delhi, Sept. 8