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India's strategic vision for the future is undergoing a significant transformation, largely driven by the ambitious India-Middle East-Europe Economic Corridor (IMEC). Launched in 2020 and further propelled during India's G20 presidency, this transformative project aims to forge a robust network connecting India to Europe and the Middle East through enhanced infrastructure, streamlined trade routes, and fortified energy pathways. The IMEC's potential to redefine India's geopolitical standing and economic relationships with key nations in the Mediterranean and Middle East cannot be overstated. External Affairs Minister S Jaishankar's address at the MED Mediterranean Dialogues Conference in Rome aptly highlighted the corridor's significance, emphasizing its 'game-changing' potential in reshaping India's engagement with the Mediterranean region. He underscored the pivotal role of connectivity in shaping global dynamics, declaring it as 'the new element' in India's foreign relations. This assertion clearly reflects the strategic importance India places on IMEC as a catalyst for regional collaboration and growth.
The IMEC's impact extends far beyond mere infrastructure development. It's envisioned as a platform for unprecedented cooperation between India, the Middle East, and Europe. Minister Jaishankar acknowledged the inherent challenges presented by regional conflicts and volatility in the Mediterranean, yet he expressed confidence in the project's progress, especially concerning its eastern leg, which includes India, the UAE, and Saudi Arabia. The corridor's success hinges on integrating trade routes, energy networks, and infrastructure systems to create seamless connectivity between these strategically vital regions. This enhanced connectivity will undoubtedly translate into significant boosts in transportation, energy, and technology, yielding mutual benefits and fostering robust economic growth across participating nations. The ambitious scope of the IMEC encompasses countries like Saudi Arabia, the UAE, Jordan, Israel, and the European Union, underscoring its potential to reshape regional economic landscapes.
The burgeoning economic relevance of the Mediterranean region to India is undeniable. India's trade with Mediterranean nations has reached approximately USD 80 billion annually, reflecting substantial interests in diverse sectors such as energy, technology, defense, and infrastructure. The significant contribution of the Indian diaspora, with over 460,000 individuals residing in the Mediterranean (40% in Italy alone), further strengthens the bond between the two regions. Minister Jaishankar explicitly outlined India's key interests in the Mediterranean, encompassing fertilizers, energy, water, technology, diamonds, defense, and cyber security. Beyond economic ties, India’s involvement in major infrastructure projects – including the development of airports, ports, and railways – along with its commitment to green hydrogen initiatives, underscores its long-term strategic commitment to the region. This growing economic engagement isn't just about trade; it represents a broadening of India's role in the Mediterranean, particularly in sectors crucial for both regions' future development.
India's relationship with the Middle East and North Africa (MENA) region is equally significant. Trade between India and the Gulf Cooperation Council (GCC) alone reaches a staggering USD 160–180 billion annually. More than 9 million Indians reside and work in the region, highlighting its importance to India's energy security, technological cooperation, and industrial partnerships. Minister Jaishankar astutely observed that India's presence and activities in the region are set to expand even further as India transitions from the world's fifth-largest to its third-largest economy. This deepening engagement isn't merely driven by economic interests; it's deeply rooted in historical, cultural, and security ties. The Gulf states, particularly Saudi Arabia and the UAE, are actively diversifying their economies, creating exciting opportunities for Indian businesses to collaborate in these emerging growth sectors. This collaboration extends beyond bilateral agreements, encompassing participation in crucial initiatives like the I2U2 grouping.
The I2U2 grouping – comprising India, the UAE, the United States, and Israel – represents another crucial facet of India's Middle East strategy. Focusing on key areas such as technology, innovation, and sustainability, the I2U2 is poised to play an increasingly active role in shaping regional dynamics. Minister Jaishankar emphasized the future expansion of I2U2's activities, anticipating greater cooperation in infrastructure development, renewable energy, and defense. The strategic benefits of the IMEC extend far beyond India's national interests. For the Middle East and Mediterranean countries, the IMEC presents compelling opportunities for economic diversification, reduced reliance on oil, and strengthened technological and infrastructural capabilities. The corridor also serves as a platform to tackle broader regional challenges such as energy security, climate change, and geopolitical stability through collaborative efforts rather than competition. In essence, the IMEC acts as a powerful instrument for promoting regional peace and prosperity.
In conclusion, India's growing global influence, particularly its increasing engagement in the Mediterranean and the Middle East, is a pivotal factor in shaping the future economic and security landscapes of these regions. Strategic initiatives like the IMEC, coupled with participation in the I2U2 grouping, position India as a key player in the rapidly evolving geopolitical environment. As India ascends to become the world's third-largest economy, its strengthened ties with the UAE, Saudi Arabia, and other Mediterranean nations will further enhance its role as a central player in the global economy, fostering shared growth and stability across the region. The IMEC, therefore, represents not just an infrastructure project but a comprehensive vision for a more integrated, prosperous, and secure future for India and its partners.
Source: India’s strategic connectivity: Transforming relations with the Mediterranean through the IMEC