IMEC initiative to boost India’s maritime security, trade: Piyush Goyal

New Delhi: The India-Middle East-Europe Economic Corridor (IMEC) initiative will add to the country’s maritime security and faster movement of goods between Europe and Asia, Union Commerce Minister Piyush Goyal said on Friday, adding that there is also huge potential for cooperation in the tourism sector.

Addressing the ‘CII India-Mediterranean Business Conclave 2024’ in the national capital, Commerce Minister said that IMEC was launched during the country’s G20 presidency and aims to integrate India, the Europe, the Middle-East through the UAE, Saudi Arabia, Jordan, Israel and the European Union (EU).

“Lower logistics cost, faster connectivity and secure movement of goods is dependent on better cooperation in this area,” said Minister Goyal.

“India offers a large market for the Mediterranean goods and services given the close connection both the nations have shared over the decades,” said Minister Goyal, adding that he is optimistic about the India-Mediterranean partnership and will work towards economic prosperity and mutual growth for Mediterranean countries and India for “a cleaner, sustainable, more resilient, secure, inclusive and brighter future for all”.

India and Mediterranean countries have several common interests in the shipping sector, whether in ship building, ownership, maritime sector or in the cruise business.

The Centre sees huge opportunity in developing ports and has doubled the port capacity in the last decade and “we hope to double the capacity of ports in the next five years”, the minister informed.

Initiatives like the production-linked incentive (PLI) scheme, ease of doing business through Free trade Agreements (FTAs) and economic partnerships have boosted India’s manufacturing growth story and nation’s efforts to promote agri-value chains can support the initiatives between India and Mediterranean countries.

Commerce Minister said the government should have a working group on tourism between the Mediterranean nations and India, as there is a huge potential for cooperation and mutual benefit.

India is one of the fastest-growing economies with young demography and will drive global growth for decades to come.