New Delhi: The India-Middle East-Europe Economic Corridor (IMEC) is an important initiative that can enhance India's maritime security and facilitate faster movement of goods between Europe and Asia. This was stated by Union Minister of Commerce & Industry Piyush Goyal at the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 in New Delhi. The Minister noted that IMEC, launched during India’s G20 presidency, aims to integrate India, Europe, and the Middle East through the UAE, Saudi Arabia, Jordan, Israel, and the European Union. He emphasised that lower logistics costs, faster connectivity, and secure movement of goods rely on improved cooperation in this area.
The Minister highlighted that initiatives such as the Production Linked Incentive (PLI) scheme, efforts towards Ease of Doing Business (EoDB) through free trade agreements (FTAs), and economic partnerships have bolstered India’s manufacturing growth. He also noted that India’s efforts to promote agri-value chains could support collaborations between India and Mediterranean countries.
Goyal suggested the creation of a working group on tourism between India and Mediterranean nations, citing the significant potential for cooperation and mutual benefit. He mentioned that India offers a large market for Mediterranean goods and services due to the longstanding connections between the nations.
Goyal added that India is one of the fastest-growing economies with a young demographic, poised to drive global growth for decades to come. He noted that India is expected to become the third-largest economy in the near future. The Minister further pointed out that India has launched the Make in India initiative and is digitising its economy to facilitate business. Sectors such as renewable energy, manufacturing, maritime and blue economy, digitisation, pharmaceuticals, information technology, agriculture, and tourism hold significant potential, offering opportunities for investors to participate in this growth story.
Goyal stated that India and Mediterranean countries share substantial interests in the shipping sector, including shipbuilding, ownership, and cruise business. He added that the Centre sees substantial opportunities in port development, having doubled port capacity over the past decade, with plans to double it again in the next five years.
The Minister expressed optimism about the India-Mediterranean partnership and committed to working towards economic prosperity and mutual growth for both regions, aiming for a cleaner, sustainable, more resilient, secure, and inclusive future for all. /BI
