IMEC Initiative to Strengthen India's Maritime Security and Trade: Piyush Goyal
Union Commerce Minister Piyush Goyal stated that the India-Middle East-Europe Economic Corridor (IMEC) will enhance India’s maritime security and speed up the flow of goods between Europe and Asia. Speaking at the ‘CII India-Mediterranean Business Conclave 2024’ in New Delhi, Goyal also emphasized the vast potential for collaboration in the tourism industry.
Goyal explained that IMEC, launched during India’s G20 presidency, seeks to link India with Europe and the Middle East through countries like the UAE, Saudi Arabia, Jordan, Israel, and the European Union (EU). He noted that reducing logistics costs, improving connectivity, and ensuring the safe movement of goods depend on increased cooperation in these regions.
“India offers a huge market for Mediterranean goods and services due to the deep historical ties between both regions,” Goyal said, expressing confidence in the India-Mediterranean partnership. He highlighted the potential for economic prosperity and joint growth, working toward a cleaner, more resilient, secure, inclusive, and brighter future for all.
India and Mediterranean nations share key interests in the maritime industry, including shipbuilding, ownership, and the cruise sector. The government sees major opportunities in port development, having doubled India’s port capacity over the past decade, with plans to double it again within five years, Goyal added.
He also mentioned that initiatives such as the production-linked incentive (PLI) scheme, Free Trade Agreements (FTAs), and economic partnerships have fueled India’s manufacturing growth. He pointed out that India’s efforts to strengthen agri-value chains can further support joint ventures with Mediterranean countries.
The Commerce Minister suggested establishing a working group on tourism between India and the Mediterranean, citing the enormous potential for mutual benefit. He also emphasized that with its rapidly growing economy and young population, India is set to drive global growth for many years to come.