About

• • The India–Middle East–Europe Economic Corridor (IMEC) is a strategic initiative unveiled during the G20 Summit held in 2023 in New Delhi to enhance economic integration and connectivity between Asia, the Middle East, and Europe.
    • The Memorandum of Understanding (MoU) for IMEC was signed by the leaders of India, European Union, France, Germany, Italy, Saudi Arabia, UAE and US. 
  • IMEC is envisioned as a network of transportation routes encompassing railways and sea lanes. 
  • Its primary objective is to promote economic development by fostering integration between Asia, the Arabian Gulf, and Europe.
  • This project falls under the umbrella of the Partnership for Global Infrastructure Investment (PGII), an initiative led by Western nations to support infrastructure projects worldwide. 

• The PGII seeks to finance infrastructure projects in developing countries by leveraging a combination of public and private investments.

• • It was initially introduced during the G7 summit in the UK in 2021. 
• The IMEC corridor hopes to become a viable alternative to China’s Belt and Road Initiative (BRI), which has steadily established global connectivity linkages with the Chinese market through extensive shipping, rail, and road networks, since its conception 10 years ago.

Why in News?

• India and France have announced that they would continue to work closely to implement the India-Middle East-Europe Corridor (IMEC) project.

https://www.thehindu.com/news/national/india-france-agree-to-work-closely-to-implement-india-middle-east-europe-corridor-project/article69212405.ece