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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

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