Latest news with #TrilateralHighway
The Print
2 days ago
- Business
- The Print
Alternative to choke points, IMEC strategic necessity for India in changing world order—MEA
'Historical choke points like Gibraltar, the Malacca Strait, Panama Canal, and the Red Sea have shown us that disruption is inevitable when access is concentrated [at specific points],' he said, adding that the IMEC offered a necessary alternative in an increasingly uncertain global landscape. Speaking at the Chintan Research Foundation-hosted IMEC conference in New Delhi on Wednesday, Ravi highlighted how global crises, such as the Russia-Ukraine war, had exposed critical vulnerabilities in existing supply chains. New Delhi: The government sees the India-Middle East-Europe Economic Corridor (IMEC) as a strategic imperative for its future economic and geopolitical ambitions, said Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs (MEA). 'IMEC is the starting point for India. On the western front, it starts from India, [then] UAE, Saudi, Jordan, Israel, Greece [France and Italy]—there are seven important countries here,' he said. 'On the eastern front is the trilateral island, so you have India, Myanmar, Thailand, and connecting to ASEAN. These are very important. Actually, from a strategic point of view, IMEC is very critical for India.' Strategic necessity in a changing world India's economic aspirations, a projected $30 trillion GDP by 2047, require robust external connectivity, said Ravi. The economic secretary also argued that corridors such as IMEC, as well as the Trilateral Highway, would be vital to support India's industrial ambitions. 'We are at just three percent of global manufacturing compared to China's 30 percent. As we scale up, these corridors will become essential platforms for trade and supply chains,' he added. Also Read: IMEC a 'channel of peace' says Greek minister, plays up growing ties with 'inviolable partner' India India's digital & infrastructure advantage Ravi laid his emphasis on India's competitive edge in building low-cost infrastructure, including ports, highways, railways, and airports, alongside its pioneering Digital Public Infrastructure (DPI). 'Digitally connecting IMEC is a first-mover opportunity for India,' he said. 'These are low-cost, scaleable solutions we can lead.' He argued that IMEC would not be just a trade route but a multimodal economic corridor, integrating energy grids, digital systems, and transport infrastructure. 'It is a chance to bring in investment and boost manufacturing along the corridor and expand markets into the hinterland.' While countries such as China have advanced the Belt and Road Initiative (BRI) through centralised control and $1 trillion investment in deep funds, democracies must navigate a slower, consensus-driven process, Ravi said, noting under-development models like EU's Global Gateway Forum and the US-led Global Partnership for Infrastructure Investment. 'Democracies debate, deliberate, and move slower, but collaboration is our strength,' Ravi said, calling for a multilateral approach to IMEC. He floated the idea of an IMEC Fund to support execution over time and proposed the creation of an IMEC Secretariat to ensure coordination, timelines, and project continuity. Geopolitical hurdles & role of diplomacy Ravi acknowledged the geopolitical headwind facing the project—from sanctioned Russia and Iran to politically unstable Myanmar. 'These are challenges we must engage with diplomatically. Every participating country's foreign office needs to be actively involved,' he said. He also warned against internal economic resistance, urging Indian industries to see the corridor as an opportunity, not a threat. 'We will need to build narratives that reassure domestic players while keeping the long-term benefits in view. Also, you need a Secretariat for the IMEC. You need to have a coordinating mechanism, without which you will not be able to have timelines, and you will not be able to fulfil your objectives with clarity, ' he added. In conclusion, Ravi positioned IMEC not as a competitor to existing trade routes such as the Suez Canal but as a complementary system. 'Multiple routes mean greater resilience. IMEC is not about replacing but expanding global trade possibilities,' he said, adding that one should not see IMEC 'as a competitor to the Suez Canal; rather, it is a complementary trade route'. (Edited by Madhurita Goswami) Also Read: Global trade needs IMEC. Not just India-Europe, it'll boost markets in Middle East too
Time of India
27-05-2025
- Business
- Time of India
Northeast is a geostrategic asset, not a liability: Jyotiraditya Scindia
Jyotiraditya Scindia NEW DELHI: The Northeast is a geostrategic asset and not a liability, Union minister Jyotiraditya M Scindia said on Tuesday, highlighting that the region, which shares borders with five countries, is perfectly placed to serve as India's gateway to Southeast Asia and even Central Asia. Towards this, he said, Guwahati and Agartala are being developed as international aviation hubs as they are within 2-3 hours flying radius of major Southeast Asian capitals like Singapore and Bangkok, making them ideal transit points for trade and travel. "We're making significant progress on the India-Myanmar-Thailand Trilateral Highway, which is 70% complete, with around 200 km of work remaining on our end. The Kaladan Multimodal Transit Project is advancing steadily. This will connect Sittwe Port in Myanmar to India via waterways and roadways, with just 60 km of road pending between Manipur and Myanmar," the minister for development of north eastern region told TOI. These efforts aren't just about infrastructure, they're about transforming trade, mobility and economic integration, he said. He went on to add that with Asean trade valued at Rs 125 billion, the Northeast is poised to become a critical hub for international commerce. Outlining the strategy to convert MoUs into active projects post the Rising Northeast Investment Summit, Scindia said, "Over 11 months, we've taken concrete steps to transform the Northeast. The PM's vision has led to over 800 ministerial visits and Rs 6.7 lakh crore in fiscal support. " "We've added 6,000 km highways and 1,900 km new railway lines. Now, the focus is on translating Rs 4.32 lakh crore in investment intentions into on-ground realities. Each investor and proposal will be tracked fortnightly with state govts. We've also established investment promotion agencies in all eight (northeastern) states to facilitate and handhold investors, helping convert MoUs into active projects," he said.
United News of India
23-05-2025
- Business
- United News of India
Trade with ASEAN will go up to 200 bn Dollars with Infra development in NE: PM
New Delhi, May 23 (UNI) Prime Minister Narendra Modi said on Friday India's trade volume with ASEAN which is about 125 billion Dollars, is expected to exceed 200 billion Dollars in the coming years, positioning the Northeast as a strategic trade bridge and gateway to ASEAN markets. In his inaugural address at the two-day Northeast Investors Summit here he said infrastructure projects were not just about bricks and cement, but were a means of emotional connectivity. He reaffirmed the shift from Look East to Act East, stating that this proactive approach is yielding visible results. Reiterating the government's commitment to accelerating infrastructure projects to enhance regional connectivity, he stressed the importance of the India-Myanmar-Thailand Trilateral Highway which will provide direct access from Myanmar to Thailand, strengthening India's connectivity with Thailand, Vietnam and Laos. He highlighted the government's efforts to expedite the Kaladan Multimodal Transit Project which will link the Kolkata Port to Myanmar's Sittwe Port, providing a crucial trade route through Mizoram. This project would significantly reduce travel distance between West Bengal and Mizoram, enhancing trade and industrial growth. Highlighting the ongoing development of Guwahati, Imphal, and Agartala as Multi-Modal Logistics Hubs, the Prime Minister said the establishment of Land Custom Stations in Meghalaya and Mizoram is further expanding international trade opportunities. These advancements are positioning the Northeast as a rising force in trade with Indo-Pacific nations, unlocking new avenues for investment and economic growth. Underlining that robust infrastructure plays a key role in making the tourism sector attractive and instilling confidence among investors, Mr Modi said well-developed roads, power infrastructure, and logistics networks were the backbone of any industry, facilitating seamless trade and economic growth. He said the government had initiated an Infrastructure Revolution in the Northeast and the region was now emerging as a Land of Opportunities. Thousands of crores had been invested in enhancing connectivity, he said highlighting key advancements in the past decade, including construction of 11,000 km of highways, extensive new railway lines, a doubling of airport numbers, development of waterways on the Brahmaputra and Barak rivers and the installation of hundreds of mobile towers. Over the next decade, the region's trade potential would multiply significantly. UNI RB GNK 1515
Hans India
23-05-2025
- Business
- Hans India
PM Modi sees northeast states as gateway to $200 billion trade with ASEAN
New Delhi: Prime Minister Narendra Modi on Friday said that India's trade with ASEAN countries, which currently stands at approximately $125 billion, is expected to exceed $200 billion in the coming years with the northeast states playing a key role as a strategic trade bridge and gateway to the southeast Asian markets. Inaugurating the Rising North East Investors Summit here, he highlighted the importance of the India-Myanmar-Thailand Trilateral Highway, which will provide direct access from Myanmar to Thailand, strengthening India's connectivity with Thailand, Vietnam, and Laos. PM Modi underscored the government's efforts to expedite the Kaladan Multimodal Transit Project, which will link the Kolkata Port to Myanmar's Sittwe Port, providing a crucial trade route through Mizoram. He stated that this project will significantly reduce the travel distance between West Bengal and Mizoram, enhancing trade and industrial growth. Highlighting the ongoing development of Guwahati, Imphal, and Agartala as Multi-Modal Logistics Hubs, the Prime Minister noted that the establishment of Land Custom Stations in Meghalaya and Mizoram is further expanding international trade opportunities. He emphasised that these advancements are positioning the northeast as a rising force in trade with Indo-Pacific nations, unlocking new avenues for investment and economic growth. The Prime Minister further stated that the 'Heal in India' initiative is being developed as a worldwide movement. He highlighted the northeast's rich biodiversity, natural environment, and organic lifestyle, describing it as a perfect destination for wellness. PM Modi urged investors to explore the northeast as a critical component of India's Heal in India mission, reaffirming that the region's climate and ecological diversity offer immense potential for wellness-driven industries. The Prime also highlighted that the northeast is emerging as a key destination for two strategic sectors -- energy and semiconductors. The government's extensive investments in hydropower and solar power across all northeastern states, with several thousand crore rupees worth of projects already approved, he added. The Prime Minister noted that beyond investment opportunities in plants and infrastructure, there is significant potential in manufacturing, including solar modules, cells, storage solutions, and research. He underscored the importance of maximising investment in these areas, stating that greater self-sufficiency today will reduce dependence on imports in the future. PM Modi also underscored the growing role of Assam in strengthening India's semiconductor ecosystem. He announced that the first Made in India chip from a northeast-based semiconductor plant would soon be introduced, signalling a major milestone for the region. This development is unlocking opportunities for cutting-edge technology and solidifying the northeast's position in India's high-tech industrial growth, he added.
