NEW DELHI: The ongoing conflict in West Asia understandability has generated concerns about some of the contemporary initiatives, said External Affairs Minister Dr S Jaishankar on Friday.
“Disruptions in crucial shipping routes that have increased shipping costs and necessitated the rerouting of trade flows, have added to our collective worries,” Dr Jaishankar said while addressing an India Mediterranean Business Conclave in Delhi.
India is looking at linking the Atlantic with the Indo-Pacific through the Mediterranean.
“Our relationship with countries of this region has progressed in recent years, especially as the Indian economy gathered greater momentum. Our trade reached USD 77.89 billion in 2023. We have promoted investments in critical sectors, including infrastructure, energy, and technology,” he added.
The location of the Mediterranean, with approximately 600 ports and services 25 per cent of global seaborne trade, establishes it as a crucial hub.
The announcement of the India-Middle East-Europe Economic Corridor (IMEC) by integrating innovative logistics and sustainable practices holds the potential to significantly contribute to both growth and resilience.
“In a volatile and uncertain world, security and stability have to be an integral part of the calculation. Hence, it is natural that strengthening defence and security cooperation with Mediterranean nations should parallel deeper economic links,” he added.
Urban infrastructure development is as crucial for the Mediterranean as for the rest of the world.
“A country like India which builds 2 new metros and 7 airports annually can be a serious partner. Upgrading transportation systems, enhancing public services, and investing in smart city technologies are two-way flows,” he added.
Dr Jaishankar said that the prospect of an integrated digital corridor between India and the Mediterranean was intriguing. After all, a high-speed and secure flow of information, data, and digital transactions, will soon become as essential as land routes and waterways.