India-Middle East-Europe Economic Corridor Strengthening Maritime Security and Economic Growth: Goyal

Shri Goyal proposed establishing a working group on tourism between India and Mediterranean nations, recognizing the vast potential for cooperation and mutual benefits.

Union Minister of Commerce & Industry, Shri Piyush Goyal, emphasized the significance of the India-Middle East-Europe Economic Corridor (IMEC) in strengthening India’s maritime security and expediting trade between Europe and Asia. Speaking at the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 in New Delhi, Shri Goyal highlighted that IMEC, launched during India’s G20 presidency, aims to integrate India, Europe, and the Middle East through key countries such as the UAE, Saudi Arabia, Jordan, Israel, and the European Union.

The Union Minister underlined that initiatives like the Production-Linked Incentive (PLI) scheme and India's efforts to improve the Ease of Doing Business (EoDB) through Free Trade Agreements (FTAs) and economic partnerships have contributed significantly to India's manufacturing growth. Additionally, the government's focus on promoting agricultural value chains is expected to further support collaborations between India and Mediterranean countries.

Shri Goyal proposed establishing a working group on tourism between India and Mediterranean nations, recognizing the vast potential for cooperation and mutual benefits. He noted that India offers a large market for Mediterranean goods and services, given the historical ties and close connections between the regions.

With India projected to become the third-largest economy in the near future, Shri Goyal highlighted the country's young demographic as a driving force for global economic growth. He also spoke about India's ongoing initiatives such as "Make in India," the digitization of the economy, and efforts to simplify business operations. Areas like renewable energy, manufacturing, maritime and blue economy, IT, agriculture, and tourism were identified as having immense growth potential for investors.

Shri Goyal further emphasized the common interests shared between India and Mediterranean countries in the shipping sector, particularly in shipbuilding, maritime operations, and the cruise industry. He noted the government's significant strides in port development, having doubled port capacity over the past decade, with plans to double it again within the next five years.

The Minister expressed optimism about the India-Mediterranean partnership and its potential to foster economic prosperity and mutual growth. He highlighted the commitment to building a cleaner, more sustainable, resilient, and inclusive future for both India and Mediterranean nations.