India-led IMEC challenges China's BRI

18 Sep 2023 CW Team

On the sidelines of the G20 Summit in New Delhi, India, a Memorandum of Understanding (MoU) was signed by India, the US, UAE, Saudi Arabia, France, Germany, Italy, and the European Union to establish the India-Middle East-Europe Economic Corridor (IMEC). This initiative is viewed as an alternative to China's Belt and Road Initiative (BRI). Amitabh Kant, G20 Sherpa, expressed that IMEC could have profound global economic implications, deepening physical connectivity, unlocking commercial opportunities, setting new infrastructure financing standards, and reshaping global trade routes. He highlighted that the eight IMEC signatories represent half of the global economy and 40% of the world's population. IMEC aims to connect commercial hubs, promote clean energy development and export, expand energy grids and telecommunications, advance clean energy technologies, and improve Internet access. The project is envisioned as a green and digital bridge fostering economic cohesion, job creation, and reduced greenhouse gas emissions.

Russian President Vladimir Putin welcomed the IMEC initiative, stating it would benefit Russia and enhance logistics, while also affirming it wouldn't harm existing projects. He noted that IMEC aligns with Russia's North–South corridor, offering an alternative route to the Mediterranean via the Black Sea. Putin praised PM Modi's "Make in India" program and highlighted the importance of domestically made products.

Keywords:

Infrastructure Transport

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