EU, 6 nations to develop India-Middle East-Europe Economic Corridor

IMEC will comprise two separate corridors, the east corridor connecting India to the Arabian Gulf, and the northern corridor connecting the Arabian Gulf to Europe. A railway line will link ports connecting Europe, the Middle East and Asia.

The announcement was made at the G20 Leaders’ event on the Partnership for Global Infrastructure and Investment in New Delhi.

The corridor is expected to stimulate economic development through enhanced connectivity and economic integration across the two continents, thus unlocking sustainable and inclusive economic growth, the MoU document said.

The corridor will secure regional supply chains, increase trade accessibility, improve trade facilitation, and support an increased emphasis on environmental, social and governance (ESG) impacts.

It will 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; and connect communities to secure and stable Internet.

The corridor will drive existing trade and manufacturing and strengthen food security and supply chains.

The corridor will increase efficiency, reduce costs, enhance economic unity, generate jobs and lower greenhouse gas emissions.

Fibre2Fashion News Desk (DS)