Lower logistics cost, secure movement of goods dependent on India-Mediterranean cooperation: Shri Goyal

Huge potential for cooperation in tourism sector for India and the Mediterranean nations: Shri Goyal

India-Middle East-Europe Economic Corridor (IMEC) is an important initiative that can add to India's maritime security and faster movement of goods between Europe and Asia. This was stated by Union Minister of Commerce & Industry, Shri Piyush Goyal at the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 today in New Delhi. Commerce Minister said that IMEC was launched during India’s G20 presidency and aims to integrate India, the Europe, the Middle-East through UAE, Saudi Arabia, Jordan, Israel and the European Union. Shri Goyal noted that lower logistics cost, faster connectivity and secure movement of goods is dependent on better cooperation in this area.

The Union Minister noted that initiatives like PLI scheme, Centre’s efforts towards Ease of Doing Business (EoDB) through FTAs and economic partnerships have boosted India’s manufacturing growth story and nation’s efforts to promote agri-value chains can support the initiatives between India and Mediterranean countries. 

Shri Goyal suggested that Government should have a working group on tourism between the nations of the Mediterranean and India as there is a huge potential for cooperation and mutual benefit. He said that India offers a large market for the Mediterranean goods and services given the close connection both the nations have shared over the decades.

Shri Goyal added that India is one of the fastest growing economies with young demography and that it will drive global growth for decades to come. India is expected to become the third largest economy in the next few years, he said. Further, the Minister noted that India has embarked on Make in India and digitisation of economy and has initiated a holistic effort to make doing business in India easier. Areas like renewable energy, manufacturing, maritime and blue economy, digitisation, pharma, Information Technology, agriculture and tourism have huge potential in the country and investors have opportunity to be a part of this growth story.

Shri Goyal stated that India and Mediterranean countries have huge common interest in the Shipping sector, whether in ship building, ownership, maritime sector or in the cruise business. He added that the Centre sees huge opportunity in developing ports and has doubled the port capacity in the last decade. We hope to double the capacity of ports in the next 5 years, the Union Minister added.

Shri Goyal also said that he is optimistic about the India-Mediterranean partnership and will work towards economic prosperity and mutual growth for Mediterranean countries and India for a cleaner, sustainable, more resilient, secure, inclusive and brighter future for all.

Maritime security through a regional economic corridor enabling faster, secure trade and expanded cooperation across India, Middle East and Europe. IMEC is described as an initiative to enhance maritime security and speed the movement of goods by integrating India with Middle Eastern and European partners, reducing logistics costs through improved connectivity and cooperation. Complementary domestic measures-PLI schemes, Ease of Doing Business reforms and FTAs-are identified as supporting manufacturing and agri-value chains for corridor activity. The statement calls for a tourism working group and highlights investment opportunities across renewable energy, manufacturing, maritime and blue economy, digitisation, pharma, IT, agriculture and tourism, while emphasising shipping-sector collaboration and continued port capacity expansion.