Latest news with #IMECSummit
The Hindu
01-08-2025
- Business
- The Hindu
U.S. officials, including Ricky Gill to visit India for IMEC infrastructure corridor
Amidst turmoil over India-U.S. trade deal, U.S. President Donald Trump's top NSC official for the region is set to visit Delhi. According to the U.S. Embassy spokesperson, a delegation of U.S. officials led by Special Assistant to the President for National Security Affairs and National Security Council Senior Director for South and Central Asia Ricky Gill will travel to India during the week of August 4 to participate in a conference on IMEC infrastructure corridor in Delhi. A transcontinental India-Middle East-Europe Corridor (IMEC) was announced on the sidelines of the G20 summit in New Delhi in September 2023. The proposed corridor is expected to reduce the transit time between its eastern and western nodes by 40%, and costs by 30%, compared to transportation via the Suez Canal. Also Read | 'IMEC will work if India, Europe together keep agri sector out' The first IMEC Summit was held in Mumbai in April this year. Mr. Trump has signed the fresh executive order imposing revised tariffs for 70 countries, including India, in a move that is expected to strain global trade relations further. Tariffs imposed on India's neighbouring countries are less than India's 25%, except for Myanmar at 40%. The new tariff for Pakistan is 19%, Afghanistan 15%, Bangladesh 20%, Indonesia 19%, Japan 15%, and Sri Lanka at 20%.
The Hindu
28-04-2025
- Business
- The Hindu
‘IMEC will work if India, Europe together keep agri sector out'
The India-Middle East-Europe Economic Corridor's (IMEC) potential can be realised if Europe and India can find common grounds by keeping the agriculture sector aside, Steven Ciobo, Australia's former minister of trade and defence, said on Monday. He said at a time when the world is undergoing a third industrial revolution, the impact of artificial intelligence will be extraordinary. 'The core of IMEC should be built on what is going to be 20 years from now. The UAE, Saudi Arabia are already trying to leverage their position to make sure they are on top of AI. India is on the top when it comes to the talent pool related to AI. IMEC stands to achieve when it realises this,' he said. Mr. Ciobo was speaking during the first India-Middle East-Europe Economic Corridor Summit held here. Maharashtra Chief Minister Devendra Fadnavis said that the State would be a gateway for the IMEC. . In his message for the first IMEC Summit, Prime Minister Narendra Modi said, 'The IMEC Corridor is reviving a trade route that connected civilisations and became the harbinger of flourishing trade and commerce, resulting in shared prosperity for the entire region. With the strengthening of these pathways, ancient partners will find newer ways of cooperation and collaboration. As the Corridor becomes a reality, it will unfold a futuristic blueprint for connectivity, commerce and culture. As India continues to expand its engagement with West Asia making our relationships stronger than ever before, this summit is yet another reaffirmation of India's deep-rooted commitment to integrate more deeply with global value chains and nurture inclusive growth.' Representing the European Union, Finland's Consul General in Mumbai said that the EU, which is the second largest economy, looked at EU not just for trade route, but also for political connectivity. 'IMEC is complementary to the Global Gateway initiative by the EU. Till now, the focus was on Africa. But now, it is on Asia too,' he said. Bullet train During a fireside chat at the summit, Mr. Fadnavis said while Gujarat had moved faster when it came to the bullet train project, Maharashtra too had increased the pace of work. The bullet train will be operational by 2028. From Vadhwan port, it will reach BKC in 20 minutes, he said. He also said that a new airport at Vadhwan would be operational to increase the capability of the port. 'Maharashtra has the aspiration to become the gateway for IMEC. Mumbai, Maharashtra will play a pivotal role in IMEI corridor. When we talk of the plans to become a trillion dollar economy, look at the infrastructure push in the last few years. Entire Maharashtra feels connected now. We have a great opportunity to become the logistics capital. Agritech, manufacturing, clean energy push, green manufacturing – these will be the drivers for IMEC corridor,' he said. Mr. Fadnavis said that the planned corridor would be a gamechanger for the State's electric vehicle (EV) plans. The port-led development model would give Mumbai an added advantage, he said. 'When Vadhwan port's construction is completed, it will be among the first 10 ports of the world. A port and an airport together will create a huge impetus for business. An entire ecosystem for manufacturing will be created there. The new port is to be operational in three to four years. We also plan to build edu-city, health city and innovation city as part of the third Mumbai we intend to develop,' he said, adding that Mumbai had missed out on the IT boom because of the high rentals. Industry representatives and dignitaries from several countries were present for the maiden summit organised by VishwaMitra Foundation, the Emirates Center for Strategic Policy & Research from UAE, and the Institute for Maritime Policy Research from Israel.
