In a recent budget speech, Union Finance Minister Nirmala Sitharaman declared the Bharat-Middle East-Europe Economic Corridor (IMEC) as a strategic and economic ‘game changer’ for Bharat. She emphasized Prime Minister Modi’s vision, stating that the corridor would be the foundation of world trade for centuries to come. The minister highlighted the significance of Viksit Bharat, envisioning a prosperous Bharat in harmony with nature, equipped with modern infrastructure and opportunities for all citizens. The next five years are anticipated to witness unprecedented development towards realizing Bharat’s dream by 2047.
Sitharaman also applauded Bharat’s successful navigation through challenging times as the G20 president during the COVID-19 pandemic. Acknowledging the emergence of a new world order post-pandemic, she credited Bharat for showing the way forward and building consensus on global issues. The FM underscored the economic corridor’s importance, reiterating that it will be a strategic and economic game-changer for Bharat and others.
The genesis of the IMEC took place during the G20 Summit in Bharat, where a Memorandum of Understanding (MoU) was signed by India, the US, UAE, Saudi Arabia, France, Germany, Italy, and the European Union. This initiative aims to foster economic development through improved connectivity and economic integration between Asia, West Asia, the Middle East, and Europe.
US President Joe Biden praised the IMEC during the 78th session of the United Nations General Assembly. Biden highlighted the rail port project as part of a broader effort to build a sustainable integrated Middle East. The project aims to connect India to Europe through the UAE, Saudi Arabia, Jordan, and Israel, creating opportunities for investment across two continents.
The Bharat-Middle East-Europe Economic Corridor comprises two separate corridors: the East corridor connecting Bharat to West Asia/Middle East and the Northern corridor connecting West Asia/Middle East to Europe. The project includes a rail line that, upon completion, will establish a reliable and cost-effective cross-border ship-to-rail transit network, enhancing the transhipment of goods and services from South East Asia through India to West Asia/Middle East Europe.
This historic and first-of-its-kind initiative involves cooperation on connectivity and infrastructure among Bharat, UAE, Saudi Arabia, EU, France, Italy, Germany, and the US. The IMEC is poised to play a pivotal role in shaping India’s economic future and fostering global collaboration in trade and connectivity.
Comments