On Sept 09, 2023, at the G-20 summit in New Delhi, PM Modi talked about an MOU on the principles of an India-Middle East-Europe Economic Corridor (IMEC). It will increase connectivity and economic development between Asia, the Arabian Gulf and Europe. Also, it will be an alternative to China’s Belt and Road Initiative or OBOR, this is the reason why the U.S.A. is aggressively promoting this initiative.
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What kind of route of the corridor will it be?
The Corridor will be divided into two transit routes-
If we talk about the path in depth then it would be something like this-
- India will be connected to UAE or Saudi Arabia by ship.
- UAE or Saudi Arabia will be connected to Israel by rail.
- Israel will be connected to Greece or Italy by ship.
- Greece or Italy will be connected to other European countries by rail.
What will be the benefits of the corridor-
- The India-Middle East-Europe Economic Corridor (IMEC) will improve connectivity between the two continents.
- It will make it easier to trade.
- It will expand access to clean energy and clean electricity.
- Internet cables will be laid in the corridor that will connect communities.
- It will secure inclusive and sustainable economic growth.