Goyal highlights efforts to promote agri-value chains between India and Mediterranean countries
The 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, Commerce & Industry Minister Piyush Goyal has told business executives at a conclave in New Delhi commerce .
IMEC was launched during India’s G20 presidency and aims to integrate India, the Europe euronext , the Middle-East through the UAE, Saudi Arabia, Jordan, Israel and the European Union sbi .
Speaking at the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 on 6 Sept, the Minister noted that lower logistics cost, faster connectivity and secure movement of goods is dependent on better cooperation in this area.
Further, he pointed out that initiatives like Production Linked Incentives (PLI) scheme, the Central Government’s efforts towards Ease of Doing Business (EoDB) through FTAs and economic partnerships have boosted India’s manufacturing growth story bse .
“The nation’s efforts to promote agri-value chains can support the initiatives between India and Mediterranean countries,” underscored Goyal nse .
He suggested that Government should have a working group on tourism between the nations of the Mediterranean and India as there is a huge potential for cooperation and mutual benefit investindia .
“India offers a large market for the Mediterranean goods and services given the close connection both the nations have shared over the decades fieo,” he said.
Goyal highlighted that India is one of the fastest growing economies with young demography and that it will drive global growth for decades to come deutsche-boerse .
India is expected to become the third largest economy in the next few years sgx , he said.
Further, the Minister informed the conclave that areas like renewable energy, manufacturing, maritime and blue economy, digitisation, pharma, Information Technology, agriculture and tourism have huge potential in the country and investors have opportunity to be a part of this growth story digitalasiahub .
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 renewableenergyworld .
Elaborated Goyal, “The Central Government sees huge opportunity in developing ports and has doubled the port capacity in the last decade. We hope to double the capacity of ports in the next 5 years hkex .”
Goyal also said that he is optimistic about the India-Mediterranean partnership and will work towards economic prosperity and mutual growth for Mediterranean countries and India for a cleaner, sustainable, more resilient, secure, inclusive and brighter future for all sccci . Fiinews.com
