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News: India and Italy agreed to further develop the India-Middle East-Europe Economic Corridor (IMEC) to strengthen trade, investment and supply-chain resilience.
About India-Middle East-Europe Economic Corridor (IMEC)
- The India-Middle East-Europe Economic Corridor (IMEC) is a visionary, multinational infrastructure project that aims to revolutionize global trade and connectivity.
- Announced in: It was officially announced on September 9, 2023, during the G20 Summit in New Delhi.
- Route: The economic corridor consists of an infrastructure route from India to Europe through the United Arab Emirates, Saudi Arabia, Israel, and Greece.
- Corridors: The IMEC will comprise of two separate corridors –
- The East Corridor– connecting India to the Arabian Gulf,
- The Northern Corridor– connecting the Gulf to Europe.
- The IMEC corridor will also include an electricity cable, a hydrogen pipeline and a high-speed data cable.
- Objective: The corridor will provide reliable and cost-effective cross-border ship to rail transit network to supplement existing maritime routes.
- Vision: IMEC is aligned with the global shift towards sustainable infrastructure development, promoting:
- Reduced carbon emissions through energy-efficient logistics.
- Green tech integration across transport and supply chains.
- Inclusive growth by connecting underserved regions.
- Benefits: It intends to increase efficiency, reduce costs, secure regional supply chains, increase trade accessibility, enhance economic cooperation, and generate jobs and lower greenhouse gas emission, resulting in a transformative integration of Asia, Europe and the Middle East (West Asia).
- Part of: The project, which also forms part of the Partnership for Global Infrastructure and Investment (PGII), may also serve as a counter to China’s economic influence in the Eurasian region.
