IMEEC: Boon for Logistics Sector
Satish Kumar Singh
IMEEC is a planned economic corridor that aims to bolster economic development by fostering connectivity and economic integration between Asia, the Persian Gulf and Europe through UAE, Saudi Arabia, Jordan, Israel and Greece.
On 10 Sep 23, the MoU was signed during the 2023 G20 New Delhi Summit by the Govt. of India, United States, UAE, Saudi Arabia, France, Germany, Italy and European Union.
The US President Joe Biden, Indian Prime Minister Shri Narendra Modi along with the Crown Prince and Prime Minister of Saudi Arabia Mohammad Bin Abdulazir Al Saud and President of European Commission Ursula Von der Leyen on Sep 9, 2023, announce the India Middle East Europe Economic Corridor to create a “better future” at the sideline of 18th G-20 Summit in New Delhi.
This is the first of its kind initiative on co-operation on connectivity and Infrastructure involving India, UAE, Saudi Arabia, EU, France, Italy, Germany and the USA.
The MoU directly challenges the China’s expansive Belt and Road Initiative (BRI) which seeks to establish trade and Infrastructure networks connecting Asia, Europe and Africa. The corridor would help to boost trade, transport, energy resources and improve digital connectivity.
Its genesis lies in a forum created nearly two years ago in October 2021 called I2U2 comprising India, Israel, UAE and US. The Saudi Arabia was later made part of grouping. Basically, it was Israel which suggested the Idea of connecting the region through railways during the I2U2 meetings. Part of the Idea was to use India’s expertise on such big infrastructure projects, especially railways.
As it focuses on an increased integration of the Indian market with West Asia and Europe, the need of an efficient logistical system to improve regional connectivity and energy supply for such a vast corridor is ample.
It requires an efficient strategy to ensure the movement of goods, services and labour. The corridor connects all the major ports like JNPT, Kochi, Kandla and Mundra in west India and Fujairah, Jebel Ali, Ras Al-Khair, Dammam, Duqm and Salalah in the Gulf region.
