By Udayshankar
Seated on the high table were leaders of some of the most powerful and wealthy nations of the world and those who mattered most. Arguably, the breakout session took some of the sheen off the regular G20 meeting as the new initiative IMEC was announced.
The India – Middle East – Europe Economic Corridor (IMEC) is by far the most ambitious project of the century aimed at connecting just not cities but continents spanning across the globe. Interspersed by land and sea, the eastern corridor connects the Arabian Gulf to India on one side while linking Europe via the Northern corridor. Supporting ‘the world is one family’ theme in letter and spirit, the global connectivity with its network of transportation routes encompassing railways and sea lanes, would provide a shot in the arm for economic development while fostering integration between Asia, the Arabian Gulf and Europe.
The Memorandum of Understanding (MoU) was signed among the governments of India, the U.S., Saudi Arabia, the European Union, the UAE, France, Germany, and Italy to establish the India – Middle East – Europe Economic Corridor.
The project falls under the aegis of the Partnership for Global Infrastructure Investment (PGII), an initiative led by Western nations to support infrastructure projects worldwide. The PGII aims to secure funding for critical infrastructure development, including roads, ports, bridges, and communication systems, with the overarching goal of enhancing global trade and cooperation.
Prime Minister Narendra Modi has perfected the art of winning friends across the board and at the same time, keeping dissenting camps at bay. It would be worth mentioning that the dragon is now finding competitors breathing down the neck. China now realizes that arm flexing has a limit and can be counter productive thereafter. At stake is the nation’s most ambitious project – The Belt and Road Initiative BRI. Stretching through Central Asia and connecting Europe, more than 150 countries have signed up.
With the world distancing itself from China and gravitating towards India, China’s worries have just started to begin. With revenues drying up the Chinese are trying to put up a brave face and shore up support. The BRI seems to be imperiled by a new world order – countries displaying bonhomie and friendship under the G20 banner.
PM Modi has struck twice !!
The author is Founder, TLRNOW Consultants Pvt Ltd.
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