NEW DELHI: The proposed India-Middle East-Europe Connectivity Corridor (IMEC) will be a win-win situation for all stakeholders in bringing efficiency in transportation, reducing logistic costs, increasing economic unity, generating employment, and lowering Greenhouse Gas emissions, Union Finance Minister Nirmala Sitharaman said on November 15.
“It is a multimodal economic corridor that incorporates multiple networks of shipping, railways, and roadways and will also include electricity cables, high-speed data cables, and a hydrogen pipeline,” Sitharaman said, addressing the Indo-Pacific Regional Dialogue 2023 in the national Capital.
“The final segment, which some call the Northern Corridor, will once again be a maritime segment connecting the port of Haifa to the Greek port of Piraeus and there on to Europe,” said Sitharaman.
The proposed IMEC project was signed at the 18th G20 Summit held in New Delhi on September 9-10 this, marking the culmination of India’s G20 Presidency.
The IMEC, Sitharaman noted, will create a reliable and cost-effective cross-border, ship-to-rail transit network to supplement existing maritime and road transport, and facilitate trade and connectivity, leading to the economic integration of South Asia, West Asia, Europe, and the Middle East.
