New Delhi, Sep 6 (IANS) The India-Middle East-Europe Economic Corridor (IMEC) initiative will add to the country’s maritime security and faster movement of goods between Europe and Asia, Union Commerce Minister Piyush Goyal said on Friday, adding that there is also huge potential for cooperation in the tourism sector.
Addressing the ‘CII India-Mediterranean Business Conclave 2024’ in the national capital, Commerce Minister said that IMEC was launched during the country’s G20 presidency and aims to integrate India, the Europe, the Middle-East through the UAE, Saudi Arabia, Jordan, Israel and the European Union (EU).
“Lower logistics cost, faster connectivity and secure movement of goods is dependent on better cooperation in this area,” said Minister Goyal.
“India offers a large market for the Mediterranean goods and services given the close connection both the nations have shared over the decades,” said Minister Goyal, adding 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”.
India and Mediterranean countries have several common interests in the shipping sector, whether in ship building, ownership, maritime sector or in the cruise business.
The Centre sees huge opportunity in developing ports and has doubled the port capacity in the last decade and “we hope to double the capacity of ports in the next five years”, the minister informed.
Initiatives like the production-linked incentive (PLI) scheme, ease of doing business through Free trade Agreements (FTAs) and economic partnerships have boosted India’s manufacturing growth story and nation’s efforts to promote agri-value chains can support the initiatives between India and Mediterranean countries.
Commerce Minister said the government should have a working group on tourism between the Mediterranean nations and India, as there is a huge potential for cooperation and mutual benefit.
India is one of the fastest-growing economies with young demography and will drive global growth for decades to come.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
