‘IMEC likely to have far reaching global economic implications…’ G20 Sherpa Amitabh Kant
G20 summit, India, the US, UAE, Saudi Arabia, France, Germany, Italy and the European Union on Saturday on the sidelines of the G20 Summit in New Delhi signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor (IMEC). The G20 Leaders' two-day summit, held under India's presidency, wrapped up on Sunday.
This new economic corridor is seen as an alternative to China's controversial Belt and Road Initiative (BRI). In an interview with Hindustan Times, G20 Sherpa Amitabh Kant said that IMEC is likely to have far reaching global economic implications.
He further told HT that, “it has the potential to have a long term impact to deepen physical connectivity, unlock tremendous commercial opportunities, set new standards in infrastructure financing and development, and reshape global trading routes." Speaking of the enormous possibilities, The G20 Sherpa said, “The IMEC is also likely to have far reaching global economic implications," as quoted by HT. He said that about half of the global economy and 40 percent of the world's population are represented by the eight IMEC signatories of India, the US, UAE, Saudi Arabia, France, Germany, Italy and the European Union. Moreover, he also told the daily that the initiative's comprehensive approach encompasses connecting the key commercial hubs, supporting the development and export of clean energy, expanding energy grids and telecommunication networks, promoting clean energy technologies and enhancing Internet access for communities.
Further adding, he said that the project can be described as a green and digital bridge linking continents and civilizations. “The project can be labelled as a green and digital bridge connecting continents and
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