New Delhi: Union Minister of Commerce and Industry, Piyush Goyal, emphasized the significance of the India-Middle East-Europe Economic Corridor (IMEC) as a key initiative to bolster India’s maritime security and improve the speed of goods movement between Europe and Asia. Speaking at the India-Mediterranean Business Conclave 2024, organized by the Confederation of Indian Industry (CII) in New Delhi today, the Minister highlighted the potential of IMEC to enhance economic cooperation and connectivity between India, the Middle East, and Europe.
Launched during India’s G20 presidency, IMEC aims to integrate India with Europe and the Middle East through strategic partners such as UAE, Saudi Arabia, Jordan, Israel, and the European Union. Shri Goyal noted that improved logistics, faster connectivity, and secure trade routes are crucial for reducing costs and ensuring the seamless movement of goods across these regions.
“The corridor is a game-changer for trade and logistics, offering a significant boost to India’s manufacturing and export potential,” said the Commerce Minister. He also acknowledged that India’s Production-Linked Incentive (PLI) scheme and the government’s focus on Ease of Doing Business (EoDB), along with Free Trade Agreements (FTAs) and economic partnerships, have positioned India as a major player in global supply chains. Additionally, the country’s focus on agri-value chains can further strengthen ties with Mediterranean nations.
In his speech, Goyal proposed the establishment of a working group on tourism between India and Mediterranean countries, citing vast opportunities for mutual benefit. He stressed the importance of deepening ties in tourism, which would not only enhance cultural exchange but also provide significant economic gains for both regions.
“India offers a large and growing market for Mediterranean goods and services, and we have a shared history of strong connections,” Goyal noted, adding that India’s young demographic and fast-growing economy will drive global growth in the coming decades. He reiterated that India is on the path to becoming the world’s third-largest economy, supported by initiatives such as Make in India and the digitization of the economy, which are aimed at simplifying the business environment for investors.
Highlighting India’s commitment to the maritime and blue economy, Goyal pointed to the strong potential for collaboration in the shipping sector, including shipbuilding, ownership, and the cruise business. He also underlined India’s efforts to expand its port capacity, which has doubled in the past decade, and shared the government’s goal of doubling it again over the next five years.
The Minister expressed optimism about the future of the India-Mediterranean partnership, stating that both regions share common interests in areas like renewable energy, manufacturing, information technology, agriculture, and tourism. He encouraged Mediterranean countries to explore investment opportunities in India’s growing economy, particularly in these sectors.
Goyal concluded by affirming his commitment to fostering a stronger India-Mediterranean relationship that would promote economic prosperity and mutual growth. He envisioned a future where both regions collaborate to create a cleaner, sustainable, and more resilient world, with shared benefits for all involved.