At MED Mediterranean Dialogues Conference in Rome, Jaishankar noted the region’s economic and political relevance to India and revealed that India’s annual trade with Mediterranean nations totals around $80 billion…reports Asian Lite News
External Affairs Minister S Jaishankar on Monday said that the new element of the relationship between India and the Mediterranean would be connectivity, emphasising that the India-Middle East-Europe Economic Corridor “can be a game changer.”
In his opening remarks at the MED Mediterranean Dialogues Conference in Rome, the EAM highlighted the growing significance of connectivity in global relations, especially in the context of the ongoing conflict in the Middle East and its impact on the region.
He noted that while the conflict has complicated the situation, progress on the India-Middle East-Europe Economic Corridor (IMEC) continues in the eastern side, particularly between India, the UAE and Saudi Arabia.
Jaishankar also pointed out the importance of the I2U2 grouping, which consists of India, Israel, the UAE, and the US, and which is expected to become more active in the future.
“The Mediterranean presents opportunities and risks in an uncertain and volatile world. Beyond extrapolating current trends, the new element of our relationship will be connectivity. The IMEC, the India-Middle East-Europe Economic Corridor announced in September 2020, can be a game changer,” he said.
“The conflict underway, currently in the Middle East, has undoubtedly been a major complication, but IMEC is proceeding ahead on the eastern side, especially between India and the UAE and Saudi Arabia. I also flag your attention to the I2U2 grouping of India, Israel, the UAE, and the US, expected to be more active in times to come,” Jaishankar said.
The India-Middle East-Europe Economic Corridor (IMEC), which was launched during India’s G20 presidency and aims to integrate India, the Europe, the Middle-East through UAE, Saudi Arabia, Jordan, Israel and the European Union.
Shifting his focus to India’s involvement in the Mediterranean, Jaishankar noted the region’s economic and political relevance to India and revealed that India’s annual trade with Mediterranean nations totals around $80 billion.
He also said that the region has a large Indian diaspora in the region, with about 460,000 people, 40 per cent of whom are in Italy. He said that India’s key interests in the Mediterranean include fertilisers, energy, technology, diamonds, defence, and cyber capabilities, and the country is also involved in major infrastructure projects, such as airports, ports, railways, and green hydrogen initiatives.
“The first point is on the relevance of India to the Mediterranean. Our annual trade with the Mediterranean nations is about US dollars 80 billion. We have a diaspora here of 4,60,000 about 40 per cent of that in Italy. Our key interests are in fertilisers, energy, water, technology, diamonds, defence, and cyber. Significant projects are underway in airports, ports, railways, steel, green hydrogen, phosphates, and submarine cables. Our political relations with the Mediterranean are strong, and our defence collaboration is growing, including more exercises and exchanges,” he said.
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