New Delhi, 10 September 2023 (TDI): At the special event on Partnership for Global Infrastructure and Investment (PGII) and India-Middle East-Europe Economic Corridor (IMEC) held on September 9, at the sideline of the G20 Summit in New Delhi, the decision of establishment of India-Middle East-Europe Economic Corridor (IMEC) was agreed.
The event on the Partnership for Global Infrastructure and Investment (PGII) and India-Middle East-Europe Economic Corridor (IMEC) was co-chaired by the Prime Minister of India, Narendra Modi, and the President of the USA, Joe Biden.
The event aimed at unlocking greater investment for infrastructure development and strengthening connectivity in its various dimensions between India, the Middle East, and Europe.
The leaders of the European Union, France, Germany, Italy, Mauritius, UAE, Saudi Arabia, and the World Bank participated in the event.
During the event, a Memorandum of Understanding (MOU) was signed by India, USA, Saudi Arabia, UAE, European Union, Italy, France, and Germany on the establishment of the India-Middle East-Europe Economic Corridor.
India-Middle East-Europe Economic Corridor (IMEC)
The IMEC is aimed at enhancing economic development through increased connectivity and economic integration between Asia, the Arabian Gulf, and Europe.
The IMEC comprises two separate corridors, the Eastern Corridor connecting India to the Arabian Gulf and the Northern Corridor connecting the Arabian Gulf to Europe.
The IMEC will include a railway that is intended to provide the facility with reliable and cost-effective cross-border shipping and also a rail transit network to supplement existing maritime and road transport routes.
The railway route is aimed at enabling goods and services to transit to, from, and between India, the UAE, Saudi Arabia, Jordan, Israel, and Europe.
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Besides that, it is being proposed under the MOU on IMEC to enable the laying of cable for electricity and digital connectivity, as well as a pipe for clean hydrogen export.
The IMEC aspires to secure regional supply chains, increase trade accessibility, improve trade facilitation, and support an increased emphasis on environmental social, and government impacts.
