New element of India-Mediterranean ties will be connectivity; IMEC can be game changer”: Jaishankar at MED Dialogues

Rome: External Affairs Minister S Jaishankar on Monday said that the new element of the relationship between India and the Mediterranean would be connectivity, emphasising that the India-Middle East-Europe Economic Corridor “can be a game changer.”

In his opening remarks at the MED Mediterranean Dialogues Conference in Rome, the EAM highlighted the growing significance of connectivity in global relations, especially in the context of the ongoing conflict in the Middle East and its impact on the region.

He noted that while the conflict has complicated the situation, progress on the India-Middle East-Europe Economic Corridor (IMEC) continues in the eastern side, particularly between India, the UAE and Saudi Arabia.

Jaishankar also pointed out the importance of the I2U2 grouping, which consists of India, Israel, the UAE, and the US, and which is expected to become more active in the future.

“The Mediterranean presents both opportunities and risks in an uncertain and volatile world. Beyond extrapolating current trends, the new element of our relationship will be connectivity. The IMEC, the India-Middle East-Europe Economic Corridor that was announced in September 2020, can be a game changer,” he said.

Pleased to address the 10th edition of @RomeMEDialogues today.

Underlined 🇮🇳’s robust trade, investment and political linkages with the Mediterranean and West Asia/Middle East. And our commitment to further regional connectivity and cooperation through IMEEC and I2U2.

Spoke… pic.twitter.com/wtAFuAgWI4

— Dr. S. Jaishankar (@DrSJaishankar) November 25, 2024

“The conflict underway, currently in the Middle East, has undoubtedly been a major complication, but IMEC is proceeding ahead on the eastern side, especially between India and the UAE and Saudi Arabia. I also flag your attention to the I2U2 grouping of India, Israel, the UAE, and the US, expected to be more active in times to come,” Jaishankar said.

The India-Middle East-Europe Economic Corridor (IMEC), which was launched during India’s G20 presidency and aims to integrate India, the Europe, the Middle-East through UAE, Saudi Arabia, Jordan, Israel and the European Union.

Shifting his focus to India’s involvement in the Mediterranean, Jaishankar noted the region’s economic and political relevance to India and revealed that India’s annual trade with Mediterranean nations totals around USD 80 billion.

He also said that the region has a large Indian diaspora in the region, with about 460,000 people, 40 per cent of whom are in Italy. He said that India’s key interests in the Mediterranean include fertilisers, energy, technology, diamonds, defence, and cyber capabilities, and the country is also involved in major infrastructure projects, such as airports, ports, railways, and green hydrogen initiatives.

“The first point is on the relevance of India to the Mediterranean. Our annual trade with the Mediterranean nations is about US dollars 80 billion. We have a diaspora here of 4,60,000 about 40 per cent of that in Italy. Our key interests are in fertilisers, energy, water, technology, diamonds, defence, and cyber. Significant projects are underway in airports, ports, railways, steel, green hydrogen, phosphates, and submarine cables. Our political relations with the Mediterranean are strong, and our defence collaboration is growing, including more exercises and exchanges,” he said.

On India’s relation with the Middle East, Jaishankar explained that trade with the Gulf region alone stands between USD 160 billion and USD 180 billion annually, with an additional USD 20 billion in trade with the rest of the Middle East and North Africa (MENA) region. He highlighted the presence of over 9 million Indians living and working in the Middle East, noting that India’s activities in the region are tied to energy, technology, industrial projects, and services. Jaishankar also referred to India’s deep historical, cultural, and security ties with the region.

“Let me now shift to the Middle East and present India’s interest there. Our trade with the Gulf alone is in the range of 160 to 180 billion dollars annually. The rest of MENA (Middle East and North Africa) adds about another USD 20 billion. More than 9 million Indians live and work in the Middle East. Whether it is energy, technology, industrial projects, or services… It is also a region to which we are connected in history, culture, and security. For these very reasons, you may expect India’s presence and activities to grow, especially as we move from being the fifth-largest economy in the world to the third,” Jaishankar said.

The External Affairs Minister is on a three-day official visit to Italy during which he will participate in the Outreach Session of the G7 Foreign Ministers’ Meeting in Fiuggi, Italy, where India has been invited as a guest country.