India-Middle East-Europe Mega Economic Corridor : Launch
The Prime Minister of India announced the launch of the India-Middle East-Europe mega economic corridor.
- India-Middle East-Europe Economic Corridor project includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US.
- The project will aim to enable greater trade among the involved countries, including energy products.
- The IMEC comprises of an Eastern Corridor connecting India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe.
- It will include a railway and ship-rail transit network and road transport routes.
- The corridor will include a rail link as well as an electricity cable, a hydrogen pipeline and a high-speed data cable.
- In the coming times, it will be a major medium of economic integration between India, West Asia and Europe.
- The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII)
- It would increase prosperity among the countries involved through an increased flow of energy and digital communications.
- The project would help deal with the lack of infrastructure needed for growth in lower- and middle-income nations.