India Prime Minister Narendra Modi on Saturday launched a new project, which is called the India Middle East – Europe mega economic corridor (IMEC). Several countries come under this project which include India, Saudi Arabia, UAE, France, Italy, Germany, the European Union and the US.
Here is a tweet from PM Narendra Modi on X (formerly Twitter) about the commencement of this new project.
What is the Project?
In this project, a rail and shipping corridor will be built. This project will be part of the Partnership for Global Infrastructure Investment (PGII). This will be a collaborative effort by G7 nations to fund infrastructure projects in developing nations. PGII is considered to be the bloc’s counter to China’s Belt and Road Initiative.
The main aim behind this project is to allow a great trade system between the countries which are part of this trade including the energy products.
Also Read: Economic Corridor G20 Route Map
How will this project work?
This project/corridor will include a rail link, as well as an electricity cable, a hydrogen pipeline and a high-speed data cable. This news is as per a document prepared by European Commission President Ursula von der Leyen. The document is called the project “a green and digital bridge across continents and civilizations.
Why is the Project Being Proposed?
There are three main reasons behind the implementation of this project. These include.
- Firstly, this project will increase prosperity in the countries involved through an increased flow of energy and digital communications.
- Secondly, the project will help deal with the lack of infrastructure needed for growth in lower- and middle-income nations.
- Lastly, the project will help “turn the temperature down” on “turbulence and insecurity” coming out of the Middle East.
There are four industrial corridors in India- Amritsar Kolkata Industrial Corridor (AKIC) Hyderabad Nagpur Industrial Corridor (HNIC) Hyderabad Warangal Industrial Corridor (HWIC).
ECEC stretches about 2,500 kilometres across the country.
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