Sign In
Learn bits
World Affairs
Mahesh

10/09/23 13:01 PM IST

India-Middle East-Europe Economic Corridor (IMEC)

In News
  • Prime Minister Narendra Modi recently announced the launch of the India-Middle East-Europe mega economic corridor.
  • The project includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US.
About Economic Corridor
  • The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII) — a collaborative effort by G7 nations to fund infrastructure projects in developing nations. PGII is considered to be the bloc’s counter to China’s Belt and Road Initiative.
  • The project will aim to enable greater trade among the involved countries, including energy products.
  • It could also be one of the more ambitious counters to China’s massive infrastructure program, through which it has sought to connect more of the world to that country’s economy.
  • The corridor will include a rail link as well as an electricity cable, a hydrogen pipeline and a high-speed data cable, according to a document prepared by European Commission President Ursula von der Leyen.
  • The document also called the project “a green and digital bridge across continents and civilizations.
Benefits
  • It would increase prosperity among the countries involved through an increased flow of energy and digital communications.
  • The project would help deal with the lack of infrastructure needed for growth in lower- and middle-income nations. And third, it could help “turn the temperature down” on “turbulence and insecurity” coming out of the Middle East.
  • The project could be seen as Biden’s attempt to further strengthen the G20 group to counter the dominance of China’s Xi Jinping and Russia’s Vladimir Putin.
Source- Indian Express

More Related Current Affairs View All

04 Aug

Maharashtra’s new security Bill

'The Maharashtra Legislature passed the Maharashtra Special Public Security Bill or a ‘Bill to provide for effective prevention of certain unlawful activities of Left Wing Ex

Read More

04 Aug

New Project to curb rhino poaching through radioactive isotope injections

'Recently, South African scientists injected radioactive material into live rhinoceros horns to make them easier to detect at border posts in a pioneering project aimed at curbing

Read More

04 Aug

National Sports Governance Bill

'Recently, the Ministry of Youth Affairs and Sports introduced the National Sports Governance Bill, 2025 in the Lok Sabha. ' The National Sports Governance Bill, 2025 draws from

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps