Reinvigorating Ancient Links: India and the Mediterranean Region
In a significant development, the India-Middle East-Europe Economic Corridor (IMEC) was highlighted as a new opportunity for cooperation. The CII India Mediterranean Business Conclave, held on September 6, 2024, in New Delhi, brought together key representatives from India, Italy, France, Greece, Egypt, and Cyprus to discuss and strategize the potential benefits of this initiative.
Dr. S. Jaishankar, Hon'ble Minister of External Affairs, Government of India, attended the event, underscoring the need for strengthening security and defense cooperation between India and the Mediterranean region, especially in light of conflicts in West Asia.
The IMEC corridor promises to enhance connectivity between India and the Mediterranean, presenting greater trade and investment opportunities. Robust manufacturing, enhanced connectivity through IMEC, and deeper digital collaboration are essential for strengthening cooperation between India and Mediterranean countries, according to Mr. Chandrajit Banerjee.
The initiative aims to integrate India, the Middle East, and Europe, boosting India's maritime security and reducing dependency on limited trade routes. Mr. R. Dinesh, Immediate Past President of CII, emphasized the critical role of the private sector in furthering the IMEC initiative.
In the realm of economic integration, Ms. Rania Ahmed underscored the role of economic integration in fostering sustainable development in Syria and invited Indian companies to explore opportunities in Syrian technology industries. Cyprus serves as an ideal entry point for Indian companies looking to access European markets, according to Dr. Nicodemos Damianou.
The conclave focused on key areas of collaboration such as defence, digital transformation, the blue economy, and maritime. Shri Piyush Goyal, Hon'ble Minister of Commerce and Industry, Government of India, elaborated on the IMEC initiative, emphasizing potential for cooperation in renewable energy, textiles, IT, agriculture, pharma, tourism, shipping sector, and port development.
Integrating innovative logistics and sustainable practices through IMEC will contribute to the growth and resilience of the regions involved. Dr. Jaishankar highlighted the potential for energy cooperation and the blue economy between India and the Mediterranean region. Shri Goyal also emphasized sustainability as an area where interconnected grids can facilitate the transmission of solar and renewable energy between India and the Mediterranean.
Moreover, Dr. Nicodemos Damianou reaffirmed Cyprus's commitment to supporting EU-India ties, emphasizing potential for collaboration in technology, energy, and the maritime sector. He also emphasized the importance of industrial interaction due to rapidly evolving technologies and supply chain disruptions.
In conclusion, the CII India Mediterranean Business Conclave served as a platform for strengthening ties between India and the Mediterranean region, with a focus on cooperation in various sectors, including defence, digital transformation, the blue economy, and renewable energy. The IMEC initiative presents a significant opportunity for enhancing connectivity, trade, and investment opportunities between these regions.
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