Commerce and Industry Minister Piyush Goyal today said the 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. The Minister was speaking at the India-Mediterranean Business Conclave 2024 in New Delhi. He said that IMEC was launched during India’s G20 presidency and aims to integrate India, Europe, and the Middle East through the UAE, Saudi Arabia, Jordan, Israel, and the European Union.

Mr. Goyal noted that lower logistics costs, faster connectivity, and secure movement of goods are dependent on better cooperation in this area. He noted that initiatives like the PLI scheme, the Centre’s efforts towards Ease of Doing Business, and economic partnerships have boosted India’s manufacturing growth story. He added that a nation’s efforts to promote agri-value chains can support the initiatives between India and Mediterranean countries. Mr. Goyal also suggested that the government should have a working group on tourism between the Mediterranean nations and India, as there is huge potential in this sector.