IMEC to help cut India's reliance on some trade routes, boost maritime security, says Goyal

Union commerce minister Piyush Goyal

The India Middle East Europe Economic Corridor (IMEC) will bolster maritime security and cut New Delhi’s dependence on certain routes, commerce minister Piyush Goyal has said.

“I am sure India Middle East Europe Economic Corridor will add to maritime security and reduce reliance on few routes that can become detrimental to maritime security,” Goyal said at CII India Mediterranean Business Conclave 2024 on September 6.

Batting for tourism, the minister said, “We should setup a working group on tourism with Mediterranean countries. The thing that comes to my mind when I talk about Mediterranean is food and the movie Mamma Mia.”

Make-in-India initiatives, digitisation and innovation and tourism are the key drivers of growth for India, Goyal said, adding the country has a huge aspirational population with an average age of 28.4 years.

A collaboration between the countries of the Mediterranean region and India could provide a win-win situation for both, he said.

“This is going to drive growth for next two or three decades. We will become third largest economy within the next three years,” he said.

“We offer a large market for Mediterranean goods… renewable energy, manufacturing, maritime, Pharma, agriculture all of these have huge potential. In the shipping we can develop common interest, ship building, ownership and cruises.”

India is a nation in a hurry and the government wants to provide the best to its people, and therefore, “such partnerships will only help us grow and expand much faster”, the minister said.

Last September, India joined hands with several G20 allies to launch IMEC in response to China's Belt and Road Initiative (BRI) initiated in 2013, criticised for its lack of transparency and sovereignty concerns.

On the sidelines of the G20 Summit in New Delhi, India facilitated the economic corridor agreement, involving the US, the UAE, Saudi Arabia, European Union (EU), Italy, France, and Germany. The objective is to enhance connectivity and foster economic integration among South Asia, the Arabian Gulf, and Europe.