Context: India and Italy recently reiterated their commitment to work jointly on the ambitious India-Middle East-Europe Economic Corridor (IMEEC or the IMEC).

Meaning of the context: The project was mentioned during talks between External Affairs Minister S Jaishankar and Italian Deputy Prime Minister and Minister of Foreign Affairs, Antonio Tajani, in New Delhi.

Learn More:

• The IMEC is a landmark project announced during the G20 Leaders’ event in New Delhi in 2023. 
• It is aimed at stimulating economic development through enhanced connectivity and economic integration between Asia, the Middle East, and Europe.
• It will have two separate corridors, the east corridor connecting India to the Arabian Gulf and the northern corridor connecting the Arabian Gulf to Europe, along with a railway route for supplementing trade exchanges between India, the UAE, Saudi Arabia, Jordan, Israel, and Europe.
• India, Saudi Arabia, the UAE, France, Germany, Italy, the European Union and the United States signed an MoU for its development, linked to the Partnership for Global Infrastructure and Investment (PGII). 
• First announced in 2021 during the G7 (or Group of Seven) summit in the UK, the PGII has been billed as an alternative funding source to China’s Belt and Road Initiative (BRI).

Challenges and progress

• The October 7, 2023 Hamas attack on Israel, and the ensuing Gaza conflict, cast uncertainty over the viability of IMEEC.
• Heightened tensions in the Middle East pose risks to infrastructure continuity and cooperation.
• During Prime Minister Modi’s visit to France earlier this year, he, along with French President Emmanuel Macron, visited the port city of Marseille. 
• President Macron highlighted Marseille’s strategic potential as a primary entry point into the European market, describing IMEC as a “fabulous catalyst” for “concrete projects and investment.” 

Source : Indian Express