As global economic dynamics shift, India is positioning itself as a pivotal and reliable partner for Mediterranean economies, offering opportunities for growth, collaboration, and development across a range of sectors. External Affairs Minister S. Jaishankar, addressing the 2024 CII India Mediterranean Business Conclave, highlighted India’s strategic vision to deepen ties with the Mediterranean region. He emphasized the vast potential for enhanced trade, energy collaboration, digital connectivity, and infrastructure development. With initiatives like the India-Middle East-Europe Economic Corridor (IMEC) and ambitious renewable energy projects, India is ready to expand its footprint and offer mutually beneficial solutions to Mediterranean nations.
Strengthening Economic Ties
India’s economic engagement with Mediterranean countries has grown significantly in recent years. The trade between India and Mediterranean economies has surged, reaching $77.89 billion in the past year alone. This robust trade relationship has set the foundation for deeper cooperation in various industries, including manufacturing, renewable energy, and digital technology.
Addressing the conclave, Jaishankar underlined the importance of leveraging India’s strengths in infrastructure development. “A country like India, which on average has built one and a half to two new metros every year and seven new airports annually for the last decade, can be a serious partner for Mediterranean economies,” he said. This demonstrates India’s capacity for large-scale projects, which can be instrumental in developing Mediterranean infrastructure, from transportation to energy grids.
The India-Middle East-Europe Economic Corridor (IMEC)
One of the most promising initiatives highlighted during the conclave was the announcement of the India-Middle East-Europe Economic Corridor (IMEC) at the G20 Summit in New Delhi. This corridor, which aims to connect India with the Middle East and Europe through the UAE, Saudi Arabia, Jordan, Israel, and the EU, presents new avenues for trade and investment. IMEC is expected to enhance India’s maritime security, reduce its reliance on a few key trade routes, and offer faster connectivity with lower logistical costs.
The IMEC initiative is particularly beneficial for Mediterranean economies, as it integrates them into a broader global economic network. Jaishankar emphasized that the corridor would create new trade routes, promote economic diversification, and strengthen economic ties between India, the Mediterranean, and Europe.
Renewable Energy Collaboration
India has emerged as a global leader in renewable energy, and this expertise offers significant potential for collaboration with Mediterranean countries. At the conclave, Jaishankar highlighted India’s commitment to the “One Sun, One World, One Grid” initiative, which seeks to create a transregional green grid that enables the transfer of renewable energy across geographies. This vision aligns well with the Mediterranean region’s goals of reducing carbon emissions and transitioning to clean energy sources.
Commerce and Industry Minister Piyush Goyal, who also spoke at the conclave, echoed this sentiment, noting that the transmission of solar and other forms of renewable energy through interconnected grids between India and the Mediterranean is an area ripe for collaboration. He added that sustainability and green technology could form the backbone of a long-term partnership, with potential for significant joint investments in the renewable sector.
The Digital Corridor: A New Frontier
Another critical area of cooperation is the development of a digital corridor between India and the Mediterranean. Jaishankar emphasized the importance of creating secure, high-speed digital networks that would enable the flow of information, data, and digital transactions. As global economies become increasingly interconnected through digital infrastructure, the creation of a robust digital corridor between India and the Mediterranean would bolster trade, enhance innovation, and facilitate seamless communication.
Cyprus, in particular, has expressed interest in becoming a digital hub for Indian companies looking to expand into Europe. Dr. Nicodemos Damianou, Deputy Minister of Research, Innovation, and Digital Policy of Cyprus, mentioned that Cyprus offers Indian companies a strategic entry point into the European market, providing access to over 800 million consumers. This kind of collaboration could be a game-changer for India’s digital exports.
Expanding Cooperation in Key Sectors
India’s engagement with Mediterranean economies is not limited to infrastructure and energy. There are significant opportunities for cooperation in a wide range of sectors, including manufacturing, textiles, maritime, agriculture, and tourism.
There is potential for growth in shipping and ports development, an area of mutual interest for India and Mediterranean countries. As both regions work to improve maritime infrastructure and logistics, the benefits of increased trade and connectivity will be shared across borders.
Tourism is another area with substantial potential for collaboration. Tourism not only provides economic benefits but also fosters cultural exchange and strengthens people-to-people ties. Mediterranean countries, known for their rich history and beautiful landscapes, are prime destinations for Indian tourists, while India’s diverse culture and heritage offer a unique experience for visitors from the Mediterranean region.
Manipur: Kuki-Zo community holds rallies over separate administration demand
‘Dignity of our mothers, sisters in danger’: Champai Soren shifts allegiance to BJP, cites threats to tribal identity in Jharkhand
India-Bangladesh trade flows smooth: Govt
Permanent settlement of Kashmir issue to be addressed peacefully, says UN chief Antonio Guterres
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their original owners.
Comments are closed.