Tag: IMEEC

  • India & Italy Building Vision For Future, Says Italian Envoy

    India & Italy Building Vision For Future, Says Italian Envoy

    Italian Ambassador to India Antonio Bartoli hoped that the work on the “game-changer” IMEEC project would continue despite the current geopolitical crisis in the eastern Mediterranean region.

    India and Italy continue to work towards enhancing collaboration in maritime and land infrastructure in the framework of the India-Middle East-Europe Economic Corridor (IMEEC) besides also concluding an agreement on cooperation in the maritime and port sector.

    Speaking exclusively to IANS, Italian Ambassador to India Antonio Bartoli hoped that the work on the “game-changer” IMEEC project would continue despite the current geopolitical crisis in the eastern Mediterranean region.

    “It’s a privilege to represent a vision for the future, that at the same time is deeply rooted in the past. Rome and India already traded millennia, centuries ago. Black pepper was one thing that the King of Visigoths asked Rome for as a ransom, because it was a precious and valuable good that we imported from India. So, this route has always been there. We are revitalising that perspective. This will go across the Middle East, which is a tormented area now as we have seen what is happening in Syria,” said Bartoli.

    Terming the corridor as a “vision for the future”, the seasoned diplomat believes that the perspective of common and shared prosperity can be a factor of stabilisation and peace, also for the region embroiled in conflict currently.

    “Italy is, has been, and will be the natural terminal of this corridor, especially with some ports like Trieste, which represent the gateway to the whole Europe, especially Central and Eastern Europe. We are also working on a ports collaboration agreement with India that could also be game-changers in future,” he added.

    Prime Minister Narendra Modi with Italian PM Giorgia Meloni at the annual Conference of Parties to the UN Framework Convention on Climate Change (COP 28) Leadership Pavilion, in Dubai. (ANI Photo)

    It was on the sidelines of the G20 Leaders’ Summit in New Delhi in September 2023 that the leaders of India, European Union, France, Germany, Italy, Saudi Arabia, UAE and US announced an MOU committing to work together to develop a new India-Middle East-Europe Economic Corridor (IMEC) that will comprise of two separate corridors, the east corridor connecting India to the Gulf and northern corridor connecting Gulf to Europe.

    “The corridor will provide reliable and cost-effective cross-border ship to rail transit networks to supplement existing maritime routes. It intends to increase efficiency, reduce costs, secure regional supply chains, increase trade accessibility, enhance economic cooperation, generate jobs and lower greenhouse gas emission, resulting in a transformative integration of Asia, Europe and the Middle East (West Asia),” the Ministry of External Affairs (MEA) had stated then.

    Involving multiple stakeholders, once completed, the IMEC corridor will eventually connect Asia, Europe and the Middle East.

    “We are two peninsulas in the respective dimensions – you are a giant, but we are two peninsulas projecting in the respective sea, and so we are export countries, we are interested in connectivity, we are interested in stability, and so the Indo-Pacific is also a basin where you are and Mediterranean is the basin that we are. But, the two basins are connected in the area that is Indo-Mediterranean and this area represents 70 per cent of the trade of goods and services, 60 per cent of foreign direct investments, and so it’s not by chance that we are engaged together,” states the Italian Ambassador.

    “And, when I say IMEC, it is not only about railways and ships but also the internet because there is also a digital corridor. Our Telecom Sparkle, an Italian company, is completing the pause of a cable that will unite Mumbai, connect Mumbai to Geneva in Italy, and then Mumbai to Singapore. So, it’s a high-speed data highway, that will be another factor of connectivity. The reasons, as you see, are ancient, rooted in the past, and projected into the future,” he adds.

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  • ‘IMEEC Can Transform Picture of Global Trade’

    ‘IMEEC Can Transform Picture of Global Trade’

    Modi reiterated that investors have a great opportunity to become part of this campaign and join India…reports Asian Lite News

    Prime Minister Narendra Modi on Tuesday inaugurated the third edition of the Global Maritime India Summit 2023 in Mumbai via video conferencing, where he also unveiled a blueprint for the maritime blue economy till 2047.

    In line with this futuristic plan, the Prime Minister dedicated to the nation and laid the foundation stone for projects worth more than Rs 23,000 crore that are aligned with the maritime blueprint.

    He underlined the transformative impact of the G20 consensus on the proposed India-Middle East Europe Economic Corridor and said that as the Silk Route of the past changed the economy of many countries, this corridor, too, would transform the picture of global trade.

    Modi said that the next generation mega port, international container trans-shipment port, island development, inland waterways, and multi-modal hub will be undertaken under this, leading to a reduction in business cost and environmental degradation. It will also improve logistical efficiency and create jobs.

    He reiterated that investors have a great opportunity to become part of this campaign and join India.

    Modi reiterated that the India of today is working to fulfill the resolve of becoming a developed nation in the next 25 years.

    He underlined that the government was bringing about revolutionary changes in every sector and mentioned the work done to strengthen the maritime sector.

    In the last decade, the capacity of major ports in India has doubled, and turnaround time for big vessels has come down to less than 24 hours as compared to 42 hours in 2014, Modi informed.

    He also mentioned the construction of new roads to increase port connectivity and touched upon the Sagarmala Project to strengthen coastal infrastructure.

    These efforts, he said, are increasing employment opportunities and the ease of living manifold.

    Modi said that the government is taking major steps to enhance economic productivity by making the logistics sector more efficient and effective. He underlined that coastal shipping modes are also being modernised in India and informed that the coastal cargo traffic has doubled in the last decade, thereby providing a cost-effective logistic option for the people.

    Regarding the development of inland waterways in India, the Prime Minister said that cargo handling of national waterways grew four times.

    He also mentioned India’s improvement in the Logistics Performance Index in the last nine years.

    The Prime Minister laid the foundation stone of the Tuna Tekra all-weather deep draft terminal, to be built at a cost of more than Rs 4,500 crore at Deendayal Port Authority in Gujarat.

    This state-of-the-art greenfield terminal will be developed in PPP mode. The terminal, which is likely to emerge as an international trade hub, will handle next-gen vessels exceeding 18,000 twenty-foot equivalent units (TEUs) and will act as a gateway for Indian trade via the India-Middle East-Europe Economic Corridor (IMEEC).

    Modi also dedicated more than 300 MoUs worth more than Rs 7 lakh crore for global and national partnerships in the maritime sector.

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