IMEC Initiative to Enhance India's Maritime Security and Trade: Piyush Goyal
Union Commerce Minister Piyush Goyal announced that the India-Middle East-Europe Economic Corridor (IMEC) initiative will bolster India's maritime security and accelerate the movement of goods between Europe and Asia. Speaking at the ‘CII India-Mediterranean Business Conclave 2024’ in New Delhi, Goyal also highlighted the immense potential for collaboration in the tourism sector.
Launched during India's G20 presidency, IMEC aims to connect India with Europe and the Middle East through key nations like the UAE, Saudi Arabia, Jordan, Israel, and the European Union (EU), Goyal explained. He emphasized that lower logistics costs, improved connectivity, and the secure movement of goods rely on greater cooperation in these areas.
“India presents a vast market for Mediterranean goods and services due to the longstanding ties shared by both regions,” said Minister Goyal. He expressed optimism about the India-Mediterranean partnership, envisioning it as a pathway to economic prosperity and mutual growth, aiming for a cleaner, more resilient, secure, inclusive, and brighter future for all involved.
India and Mediterranean countries share common interests in the maritime sector, including shipbuilding, ownership, and the cruise industry. The Indian government sees significant opportunities in port development, having doubled the country’s port capacity over the past decade, with plans to double it again within the next five years, according to the minister.
Initiatives such as the production-linked incentive (PLI) scheme, Free Trade Agreements (FTAs), and economic partnerships have driven India’s manufacturing growth. Goyal noted that the nation’s efforts to enhance agri-value chains could further support collaborations between India and Mediterranean nations.
Minister Goyal also proposed forming a working group on tourism between India and the Mediterranean countries, given the enormous potential for mutual benefit. He noted that, as one of the world's fastest-growing economies with a young population, India will play a critical role in driving global growth for decades to come.
