External Affairs Minister Dr. S. Jaishankar has said that energy cooperation is a crucial dimension between India and the Mediterranean region. Addressing the CII India-Mediterranean Business Conclave in New Delhi today, Dr. Jaishankar said it is not just the Mediterranean region’s abundant oil and natural gas reserves but also the vast potential of green hydrogen and green ammonia that today present new opportunities for collaboration. He expressed happiness that Indian business is already active in exploring that.
The External Affairs Minister said the announcement of the India-Middle East-Europe Economic Corridor IMEC was made at the G20 summit last year in New Delhi. He said it has opened up many new, promising perspectives. Dr. Jaishankar said IMEC aims to become a cornerstone of global connectivity that would provide a robust framework for boosting trade and other flows across critical regions. He said integrating innovative logistics and sustainable practices holds the potential to significantly contribute to both growth and resilience.
The External Affairs Minister said historical ties between the Mediterranean Sea and the Indian Ocean date back centuries. He said, historically, the ports and maritime routes in the Mediterranean region significantly facilitated trade between the East and the West. Dr. Jaishankar said Indian merchants and traders have for centuries travelled along the land and maritime routes trading goods, be it spices, textiles, or precious stones, with their counterparts in the Mediterranean and beyond. He said these interactions have not only transported goods but actually were a vehicle for also moving ideas and even culture.
Dr. Jaishankar said the prospect of an integrated digital corridor between India and the Mediterranean is truly intriguing. He said high-speed and secure flow of information, data, and digital transactions will soon become as essential as land routes and waterways. The External Affairs Minister said India is well-positioned to contribute to developing key digital infrastructure, including underwater data cables, advanced telecommunications networks, and a robust digital payment ecosystem. He said the ongoing conflict in West Asia understandability has generated concerns about some of the contemporary initiatives.
Dr. Jaishankar said disruptions in crucial shipping routes that have increased shipping costs and necessitated the rerouting of trade flows have added to the collective worries. He said, but if we reflect on these happenings, they only strengthen the case for derisking. He said that as the three hubs of India, Europe, and the Middle East step up their interactions, connectivity will be more needed, not less.
Deputy Minister for Research, Innovation, and Digital Policy of Cyprus, Nicodemos Damianou, and Deputy Minister for Economy and Foreign Trade of Syria, Rania Ahmed, also spoke during the conclave along with Dr. Jaishankar.
