India is very serious about IMEC: S Jaishankar – India is very serious about IMEC S Jaishankar
Emphasising on reshaping global logistics routes, External Affairs Minister S Jaishankar on Friday said India is currently working on building the India-Middle East-Europe Economic Corridor (IMEC) and the International North South Transport Corridor (INSTC), which will connect the Chabahar port.
Speaking at the annual business conference of industry body Confederation of Indian Industry (CII), Jaishankar said that despite the challenging situation in West Asia, every member country is committed to taking IMEC forward.
He said, 'We are all talking to each other. It is not necessary to have everything in place to start something. We will move forward as far as we can'
IMEC, floated separately at the last G20 summit, aims to connect India, West Asia and Europe through sea-land connectivity. Its goal is to create a ship and rail transit network between one country and another, which is reliable and cheaper than the existing transportation by sea and road. Also, this will allow trade in goods and services between India, UAE, Saudi Arabia, Jordan, Israel and Europe.
Traders should take advantage of INSTC and IMEC transit through Iran's Chabahar port. Jaishankar said, 'One of these takes us to the Baltic Sea and the other to the Atlantic Sea.
With the restoration of the India-Myanmar-Thailand tri-national highway in the east, access to all routes to the Pacific Ocean will be possible. We are also looking at the feasibility of polar routes and initially the Chennai-Bladivostok corridor is being considered.
Giving a clear message to policy watchers, Jaishankar stressed that Indian businessmen need to explore more opportunities in global resources. Jaishankar said, 'For a long time we looked at Russia from a political or strategic point of view. As that country turns eastward, new economic opportunities are arising.
The boom in trade between us and cooperation in new areas should not be seen as a temporary phenomenon. 'Jaishankar said in the CII program that due to lack of currency and uncertainty of logistics, countries have been forced to look at globalization afresh. “This includes finding new partners, creating shorter supply chains and rethinking globalization,” he said.
terrible storm
The Foreign Minister said that the world is currently going through a 3F crisis named Fuel, Food and Fertilizer, while agreements are being canceled due to new tensions in Asia. Jaishankar said that the world is facing a terrible storm. The minister said, 'The aim for India is to minimize its impact and maintain a stable situation as much as possible.'
First Published – May 17, 2024 | 11:24 PM IST
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