AG Newsletter - Q3 Edition
The G20 Summit 2023 announced the launch of the India-Middle East-European Economic Corridor (IMEC) on 09 September 2023 in New Delhi. An MoU was signed among India, the European Union, the UAE, the US, Saudi Arabia, France, Germany, and Italy to start the IMEC project, a part of the Partnership for Global Infrastructure Investment (PGII) as a counter against China’s Belt and Road Initiative (BRI). IMEC will have two corridors the East corridor will connect India to the Arabian Gulf and the North corridor will connect the Arabian Gulf to Europe. These corridors will consist of railway lines and once completed will assist sea and road routes, pipelines for clean hydrogen, electric cables, and high-speed data cables for connectivity and ensure energy security to fuel up dimensional growth. The IMEC initiative will increase economic development, boosting trade convenience, better efficiency, lower cost, lower greenhouse impact due to clean energy, digital communication, etc. while ensuring a safe and efficient regional supply chain through enhanced connectivity links between Asia, the Middle East, and Europe.