On The Sidelines Of The G20 Summit In New Delhi, A Memorandum Of Understanding (MOU) Was Signed Between The Governments Of India, The US, Saudi Arabia, The European Union, The UAE, France, Germany And Italy To Establish The India – Middle East – Europe Economic Corridor (IMEC).
India Middle East Europe Economic Corridor
Partnership For Global Infrastructure & Investment
Why In News
- On The Sidelines Of The G20 Summit In New Delhi, A Memorandum Of Understanding (MOU) Was Signed Between The Governments Of India, The US, Saudi Arabia, The European Union, The UAE, France, Germany And Italy To Establish The India – Middle East – Europe Economic Corridor (IMEC).
- Announced At The G20 Leaders’ Event On The Partnership For Global Infrastructure And Investment. US President Joe Biden Projected It As “A Big Deal” And A “Game-Changing Investment” For The US.
What Is IMEC
- 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.
Key Points
- This Landmark Corridor Is Expected To Stimulate Economic Development Through Enhanced Connectivity And Economic Integration Unlocking Sustainable And Inclusive Economic Growth.
- Aim To Usher A New Era Of Connectivity With Railway, Linked Through Ports Connecting Europe, The Middle East, And Asia.
- Intend To Link Both Continents To Commercial Hubs & Facilitate The Development And Export Of Clean Energy; Lay Undersea Cables And Link Energy Grids And Telecommunication Lines To Expand Reliable Access To Electricity; Enable Innovation Of Advanced Clean Energy Technology & Connect Communities To Secure And Stable Internet.
- Across The Corridor, We Envision Driving Existing Trade And Manufacturing And Strengthening Food Security And Supply Chains.
- Approach Aims To Unlock New Investments From Partners, Including The Private Sector, And Spur The Creation Of Quality Jobs.
Why It Is Needed
- It Is A Part Of Partnership For Global Infrastructure Investment A West-Led Initiative For Funding Infrastructure Projects Across World, Seen As A Counter To China’s Belt & Road Initiative. ItAim To Usher A Connectivity With Railway Linked Through Ports Connecting Europe, The Middle East, And Asia.
- China Began The Belt And Road Initiative In 2013 Under Its President Xi Jinping. It Aims To Revive The Ancient Trade Routes Crossing To And From China–From Rome In Europe To East Asia.
- Chinese Government Helped In Providing Loans For Infrastructure Projects To Various Countries & Chinese Companies Were Awarded Contracts For Carrying Out The Work. This Helped China Mark Its Footprints At A Global Level.
- However, China Was Criticised In The West And By Some Other Countries For Providing Unsustainable Debts To Countries That Will Be Unable To Repay Them.
Conclusion
- Through The PGII, We Can Contribute Towards Reducing The Infrastructure Gaps In The Global South Countries.
- These Investments Are A Gateway To Our Future And Underpin Our Shared Vision Of An Open, Secure, And Prosperous Future.
- G20 Leaders’ Event On The Partnership For Global Infrastructure And Investment, This Landmark Corridor Is Expected To Stimulate Economic Development Through Enhanced Connectivity And Economic Integration Across Two Continents, Thus Unlocking Sustainable And Inclusive Economic Growth.
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