Multi-billion dollar IMEC project in danger due to Gaza war, big setback for India and Saudi Arabia, while China celebrates due to…, importance…
In a report by Israeli website Ynet, experts have said that the multi-billion dollar IMEC project is important for Gulf countries like Israel, the US, India, the European Union and Saudi Arabia. It is not only of commercial importance but also of strategic importance. It is being built to counter China's Belt and Road Initiative (BRI). In such a situation, the hitch in IMEC is like a relief for China. When was IMEC project announced?
IMEC was announced at the G20 summit in New Delhi in September 2023. The project proposes an inter-modal system of railways, ports, energy pipelines and digital infrastructure from India to Europe via the Gulf and Israel. Israel is the central point in this proposed corridor. In such a situation, the regional instability increased by Israel's war in Gaza and the Iran-Israel confrontation have raised questions on this corridor. What is the impact of Gaza war?
The war in Gaza has had a bad impact on the implementation of the IMEC project. It has halted normalization talks and exposed the security risks of the corridor. This is also breaking the confidence of investors. Israel's stubborn stance of not stopping the war in Gaza is also making things worse. This threatens an indefinite suspension of the implementation of this corridor despite its strategic and commercial appeal. What is the significance of IMEC for India?
India, the USA, the UAE, Saudi Arabia, France, Germany, Italy and the European Union agreed on the India-Middle East Economic Corridor (IMEC) in 2023. IMEC aims to connect a combined GDP of US$47 trillion to an infrastructure network and build on a better international communication network.
For IMEC to be successful, the countries involved in this project will have to strengthen their strategy by overcoming geopolitical challenges. Especially the challenges that have increased after the Gaza war will have to be overcome. This corridor can prove to be a game-changer for India and make India emerge as an important player in global trade.
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