The first meeting on India-Middle East- Europe Economic Corridor (IMEEC) is likely to be held in Mumbai to set the ball rolling on the ambitious project.
“We are still at a stage of firming up how it will pan out, what will be the route it will take and which are the countries which will support it – financially and through right of way,” commerce and industry minister Piyush Goyal said at a joint conference with Italian Deputy Prime Minister Antonio Tajani after the meeting of the India-Italy Business Forum.
“I think there is a shared understanding amongst all the countries along the IMEEC route that economic benefits and impact on the environment of the Corridor will be huge for the economic development of all the countries on the route,” he added
“It will also be useful in the Middle East in the commercial exchange of trade. It will help bring peace for the population many of whom have been facing violence. It is an opportunity for modernisation,” Tajani said.
The IMECC was announced in 2023 at the G-20 summit hosted by India. The IMEC will comprise two separate corridors, the east corridor connecting India to the Arabian Gulf and the northern corridor connecting the Arabian Gulf to Europe.
It will include a railway that, upon completion, will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime and road transport routes – enabling goods and services to transit to, from, and between India, the UAE, Saudi Arabia, Jordan, Israel, and Europe.
Along the railway route, Participants intend to enable the laying of cable for electricity and digital connectivity, as well as pipe for clean hydrogen export. This corridor will secure regional supply chains, increase trade accessibility, improve trade facilitation, and support an increased emphasis on environmental, social and government impacts.