About the India-Middle East-Europe Economic Corridor:
- The project includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US.
- The project will aim to enable greater trade among the involved countries, including energy products.
- The IMEC comprises of an Eastern Corridor connecting India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe.
- It will include a railway and ship-rail transit network and road transport routes.
- The corridor will include a rail link as well as an electricity cable, a hydrogen pipeline and a high-speed data cable.
- In the coming times, it will be a major medium of economic integration between India, West Asia and Europe.
- The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII)
- Significance
- It would increase prosperity among the countries involved through an increased flow of energy and digital communications.
- The project would help deal with the lack of infrastructure needed for growth in lower- and middle-income nations.
Key facts about the PGII
- It is a collaborative effort by G7 nations to fund infrastructure projects in developing nations.
- It is a developmental initiative aimed at narrowing the infrastructure gap in developing countries as well as help towards accelerate progress on SDGs globally.
- The infrastructure plan was first announced in June 2021 during the G7 Summit in the UK.
- Collectively, it aims to mobilise nearly $600 billion from the G7 by 2027 to invest in critical infrastructure that improves lives and delivers real gains for all of our people.”
