Recently, the Union Minister of Commerce & Industry addressed the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 in New Delhi.
- During address, he said that India-Middle East-Europe Economic Corridor (IMEC) is an important initiative that can add to India’s maritime security and faster movement of goods between Europe and Asia.
- IMEC was launched during India’s G20 presidency and aims to integrate India, the Europe, the Middle-East through UAE, Saudi Arabia, Jordan, Israel and the European Union.
- Lower logistics cost, faster connectivity and secure movement of goods is dependent on better cooperation in this area.
- Shri Goyal stated that India and Mediterranean countries have huge common interest in the Shipping sector, whether in ship building, ownership, maritime sector or in the cruise business.
