NEW DELHI: The India-Middle East-Europe Economic Corridor (IMEC), which was launched at the G20 summit hosted by India last year, aims to become a cornerstone of global connectivity, providing a robust framework for boosting trade and other flows across critical regions, foreign minister S Jaishankar said Friday.
By integrating innovative logistics and sustainable practices, he added, the initiative holds the potential to significantly contribute to both growth and resilience.Jaishankar was speaking at an India-Mediterranean business conclave.
India has been concerned about the delay caused by the West Asia conflict in the implementation of the project. The minister said that the ongoing conflict had understandably generated concerns about some of the contemporary initiatives.
“Disruptions in crucial shipping routes that have increased shipping costs and necessitated the rerouting of trade flows, have added to our collective worries. But if you reflect on these happenings, they only strengthen the case for derisking. As the three hubs of India, Europe and the Middle East step up their interactions, connectivity will be more needed, not less,” he said.
The minister also said that in a volatile and uncertain world, security and stability have to be an integral part of the calculation. “Hence, it is natural that strengthening defence and security cooperation with Mediterranean nations should actually parallel deeper economic links. This has taken the form of exercises, consultations and exchanges. But in an era of rapidly emerging technologies and supply chain disruptions, there is a strong case for more industry interaction,” he said, adding that Make in India has now taken deep root in the defence domain as well.
Energy cooperation is another crucial dimension, he said. “It is not just the region’s abundant oil and natural gas reserves, but its vast green hydrogen and green ammonia potential that present new opportunities for collaboration and I’m happy to see that Indian businesses are already active in exploring that,” said the minister.
By integrating innovative logistics and sustainable practices, he added, the initiative holds the potential to significantly contribute to both growth and resilience.Jaishankar was speaking at an India-Mediterranean business conclave.
India has been concerned about the delay caused by the West Asia conflict in the implementation of the project. The minister said that the ongoing conflict had understandably generated concerns about some of the contemporary initiatives.
“Disruptions in crucial shipping routes that have increased shipping costs and necessitated the rerouting of trade flows, have added to our collective worries. But if you reflect on these happenings, they only strengthen the case for derisking. As the three hubs of India, Europe and the Middle East step up their interactions, connectivity will be more needed, not less,” he said.
The minister also said that in a volatile and uncertain world, security and stability have to be an integral part of the calculation. “Hence, it is natural that strengthening defence and security cooperation with Mediterranean nations should actually parallel deeper economic links. This has taken the form of exercises, consultations and exchanges. But in an era of rapidly emerging technologies and supply chain disruptions, there is a strong case for more industry interaction,” he said, adding that Make in India has now taken deep root in the defence domain as well.
Energy cooperation is another crucial dimension, he said. “It is not just the region’s abundant oil and natural gas reserves, but its vast green hydrogen and green ammonia potential that present new opportunities for collaboration and I’m happy to see that Indian businesses are already active in exploring that,” said the minister.
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