Lok Sabha Question No. 715 (UNSTARRED), answered on 2024-02-07
Subject: IMEC Corridor
Ministry: COMMERCE AND INDUSTRY
Asked by: Arvind Ganpat Sawant

## GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY (DEPARTMENT OF COMMERCE)

## LOK SABHA UNSTARRED QUESTION NO. 715 ANSWERED ON 07/02/2024

## IMEC CORRIDOR

## 715. SHRI ARVIND GANPAT SAWANT:

Will the Minister of COMMERCE & INDUSTRY ( वाणिज्य एवं उद्योग मंत्री ) be pleased to state:

- (a) the share of our Country for the new IMEC Corridor-(India-Middle East-Europe Economic Corridor);
- (b) the details of the funds the country has invested for this Corridor;
- (c) the details of the benefits that are likely to be achieved by our Country from this Corridor;
- (d) the expected returns/profits to our country from this Corridor;
- (e) whether this Corridor is likely to get affect due to the ongoing Israel-Hamas war and if so, the details thereof; and

(f) whether the Government has any prospects regarding positive and negative effects of this Corridor and if so, the details thereof?

## ANSWER

## okf.kT; ,oa m|ksx ea=ky; esa jkT; ea=h ¼Jherh vuqfiz;k iVsy½ THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE AND INDUSTRY (SMT. ANUPRIYA PATEL)

(a) to (d) On  the  sidelines  of  the  G20  Leaders'  Summit,  India,  European  Union,  France, Germany,  Italy,  Saudi  Arabia,  UAE  and  USA  announced  an  MoU  on  9 th September  2023 committing to work together to develop a new India-Middle EastEurope Economic Corridor(IMEC).

IMEC  is  aimed  at  unlocking  greater  investment  for  infrastructure  development  and strengthening connectivity in its various dimensions between India, the Middle East and Europe. IMEC is comprised of two separate corridors, the east corridor connecting India to the Arabian Gulf and the northern corridor connecting the Arabian Gulf to Europe.  It includes a railway route

that,  upon completion, will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime and road transport routes - enabling goods and services to transit to, from, and between India, the UAE, Saudi Arabia, Jordan, Israel and Europe.

The IMEC is expected to stimulate economic development through enhanced connectivity and economic integration between Asia, the Arabian Gulf, and Europe.   The proposed  railway route, upon its completion, is likely to provide a reliable and cost-effective cross-border ship-torail  transit  network  to  supplement  existing  maritime  and  road-transport  routes,  enabling  faster transit of goods and services to, from and between India, the Middle East and Europe. Along the railway route, it is intended to enable the laying of cable for electricity and digital connectivity, as well  a  pipeline  for  clean  hydrogen  export.  This  corridor  will  secure  regional  supply  chains, increase  trade  accessibility,  improve  trade  facilitation,  and  support  an  increased  emphasis  on environmental  social,  and  government  impacts,  the  corridor  will  increase  efficiencies,  reduce costs, enhance economic unity, generate jobs, and lower greenhouse gas emissions - resulting in a transformative integration of Asia, Europe and the Middle East.

(e) & (f) Government  is  mindful  of  the  current  geo-political  situation  and  various  IMEC partners are consulting each other on various aspects of the IMEC initiative.

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