The India Middle East Europe Economic Corridor (IMEC), launched during India’s G20 presidency, will bolster maritime security and reduce New Delhi’s dependence on certain trade routes, Commerce Minister Piyush Goyal said on Friday at the CII India-Mediterranean Business Conclave 2024 in New Delhi.

Goyal called for stronger cooperation between India and Mediterranean countries, saying that such collaboration will lead to lower logistics costs, improved connectivity, and safer transportation of goods.

He highlighted government initiatives like the Production Linked Incentive (PLI) scheme and the Ease of Doing Business (EoDB) reforms, which, through free trade agreements and economic partnerships, have spurred India’s manufacturing growth.

Goyal also pointed out that India’s efforts to enhance agricultural value chains could further support collaborations with Mediterranean nations. India offers a large market for their goods and services, he said.

Goyal proposed establishing a working group on tourism between India and Mediterranean countries, citing the sector’s vast potential for mutual benefit.

He also underscored shared interests in the shipping industry, including shipbuilding, ownership, and the cruise sector. Goyal noted the government’s focus on port development, with India having doubled its port capacity in the last decade, and expressed optimism about achieving similar growth in the next five years.

Goyal underlined India’s rapid economic growth, driven by its young population, and projected that India will become the world’s third-largest economy in the coming years.

He highlighted the government’s initiatives, such as the Make in India program and economic digitization, aimed at making India more business-friendly. He said sectors such as renewable energy, manufacturing, the maritime economy, pharmaceuticals, information technology, agriculture, and tourism offer immense potential and significant investment opportunities.