Why in News?
Recently, Cyprus has shown strong interest in joining the India–Middle East–Europe Economic Corridor (IMEC), indicating its intent to strengthen strategic and economic ties with India.
Description:
- It is a connectivity project that seeks to develop a seamless infrastructure of ports, railways, roads, sea lines, and pipelines to enhance trade among India, the Arabian Peninsula, the Mediterranean region, and Europe.
- It was announced in 2023 on the sidelines of the G20 meeting in New Delhi when a memorandum of understanding (MoU) was signed between the European Union and seven countries, namely India, the US, Saudi Arabia, the United Arab Emirates (UAE), France, Germany, and Italy.
- The IMEC will comprise two separate corridors, the eastern corridor connecting India to the Arabian Gulf and the northern corridor connecting the Gulf to Europe.
Key Components:
- High-speed freight rail across the Arabian Peninsula.
- Energy pipelines for clean hydrogen. Digital infrastructure (subsea cables, e.g., Blue Raman project: Mumbai–Genoa).
- Trade facilitation measures to boost efficiency and lower costs.
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