NEW DELHI: The ongoing conflict in West Asia has understandably raised concerns about several contemporary initiatives, said External Affairs Minister S. Jaishankar on Friday.
“Disruptions in crucial shipping routes, which have increased shipping costs and necessitated the rerouting of trade flows, are adding to our collective worries,” Jaishankar remarked while addressing the India-Mediterranean Business Conclave in Delhi.
India is focused on linking the Atlantic with Indo-Pacific through the Mediterranean region. “Our relationship with the countries of this region has grown in recent years, particularly as the Indian economy has gained momentum. Our trade reached $77.89 billion in 2023. We have also promoted investments in critical sectors such as infrastructure, energy, and technology,” he added.
The Mediterranean, with around 600 ports and handling approximately 25 percent of global seaborne trade, is established as a crucial hub.
The announcement of the India-Middle East-Europe Economic Corridor (IMEC), which integrates 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 must be integral to the calculation. It is therefore natural that strengthening defence and security cooperation with Mediterranean nations should parallel deeper economic links,” he stated.
Jaishankar further noted that urban infrastructure development is as vital for the Mediterranean as it is for the rest of the world. “A country like India, which builds two new metros and seven airports annually, can be a serious partner. Upgrading transportation systems, enhancing public services, and investing in smart city technologies are mutual opportunities,” he added.