Prime Minister Narendra Modi and the President of USA, Joe Biden co-chaired a special event on Partnership for Global Infrastructure and Investment (PGII) and India-Middle East-Europe Economic Corridor (IMEC), on 9 September 2023 on the sidelines of the G20 Summit in New Delhi.
The event aimed at unlocking greater investment for infrastructure development and strengthening connectivity in its various dimensions between India, Middle East and Europe.
Leaders of the European Union, France, Germany, Italy, Mauritius, UAE and Saudi Arabia, as also the World Bank, participated in the event.
PGII is a developmental initiative aimed at narrowing the infrastructure gap in developing countries as well as help towards accelerating progress on SDGs globally.
The IMEC comprises of an Eastern Corridor connecting India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe. It will include a railway and ship-rail transit network and road transport routes.
In his remarks, Prime Minister highlighted the importance of physical, digital and financial connectivity. He said that IMEC would help promote economic integration between India and Europe.
Charting a journey of shared aspirations and dreams, the India-Middle East-Europe Economic Corridor promises to be a beacon of cooperation, innovation, and shared progress. As history unfolds, may this corridor be a testament to human endeavour and unity across continents. pic.twitter.com/vYBNo2oa5W
— Narendra Modi (@narendramodi) September 9, 2023
What is IMEC?
The IMEC project, which bore seeds in discussions as early as May 2023, is envisaged to revolutionize connectivity, bypassing the existing roadblocks in India-Pakistan relations and facilitating rail connectivity between Europe and the Persian Gulf states, possibly extending to Israel in the future.
The operationalization of the ship-cum-train route through the IMEC might offer a vital transit solution for a range of products, enhancing trade efficiencies and carving a sustainable path forward.
As global leaders pen down their commitments in the Memorandum of Understanding, a new chapter in global economic dynamics seems to be on the horizon, promising transformative integration and sustainable avenues for growth, job creation, and trade across Asia, Europe, and the Middle East. It stands as a testament to unity, foresight, and collaborative growth, embodying hope for a future marked by open, secure, and prosperous global relations.
An MOU on IMEC was signed by India, USA, Saudi Arabia, UAE, European Union, Italy, France and Germany.