Strengthening Historical Ties Between India and the Mediterranean
The CII India Mediterranean Business Conclave, held in New Delhi on September 6, 2024, saw key representatives from various countries come together to discuss opportunities for cooperation between India and the Mediterranean region.
Dr. S. Jaishankar, Hon'ble Minister of External Affairs, Government of India, reaffirmed the importance of strengthening India-Mediterranean ties, particularly in light of conflicts in West Asia. He emphasized the potential for collaboration across technology, energy, and the maritime sector, as well as the need for energy cooperation and the blue economy between India and the Mediterranean region.
Dr. Nicodemos Damianou, Deputy Minister of Research, Innovation and Digital Policy, Republic of Cyprus, highlighted Cyprus as an ideal entry point for Indian companies looking to access European markets. He also emphasized Cyprus's commitment to supporting the development of EU-India ties and the potential for collaboration across technology, energy, and the maritime sector.
Shri Piyush Goyal, Hon'ble Minister of Commerce and Industry, Government of India, elaborated on the India-Middle East-Europe Economic Corridor (IMEC) initiative. Launched during India's G20 presidency, the IMEC aims to integrate India, the Middle East, and Europe, and was discussed as a new opportunity for cooperation.
The IMEC initiative was also highlighted by Mr. Chandrajit Banerjee, Director General of CII, who noted that the conclave centered on key areas of collaboration such as defence, digital transformation, the blue economy, and maritime. He stressed the importance of robust manufacturing, enhanced connectivity through IMEC, and deeper digital collaboration for strengthening cooperation between India and Mediterranean countries.
Opportunities for synergies in the marine sector, the blue economy, urban infrastructure, digital infrastructure, and research-driven solutions were also highlighted. Shri Goyal emphasized the potential for expanding cooperation across India and the Mediterranean region across several areas, including renewable energy, textiles, IT, agriculture, pharma, tourism, and shipping sector/port development.
Dr. Jaishankar mentioned that integrating innovative logistics and sustainable practices through IMEC will contribute to the growth and resilience of the regions involved. The Mediterranean's potential in green hydrogen and green ammonia was emphasized as a foundation for deeper collaboration between India and the Mediterranean region.
Ms. Rania Ahmed, Deputy Minister of Economy and Foreign Trade, Syrian Arab Republic, invited Indian companies to explore opportunities in Syria, especially in evolving technology industries. She mentioned that the Syrian Investment Law is working to establish a specialised technology zone in Syria to support such endeavors.
Mr. R. Dinesh, Immediate Past President of CII, emphasized the critical role of the private sector in furthering the IMEC initiative. The event was organized by the Confederation of Indian Industry (CII) and the Ministry of External Affairs.
The IMEC (Interuniversitair Micro-Electronica Centrum), primarily established through the collaboration of Belgian universities and industry partners, was also mentioned in the discussion. However, it seems there was some confusion as IMEC was primarily established in Belgium in 1984, and not related to the India-Middle East-Europe Economic Corridor.
In conclusion, the CII India Mediterranean Business Conclave provided a platform for discussing opportunities for cooperation between India and the Mediterranean region across various sectors, with a focus on technology, energy, the blue economy, and digital collaboration. The IMEC initiative was highlighted as a key step towards integrating India, the Middle East, and Europe, with the potential to boost growth and resilience in the regions involved.
