New corridor a counterbalance to Chinese initiative
A new strategic arrangement in the name of connectivity has been declared in the sidelines of the G-20 summit in Delhi. The objective of this initiative, under the name of India-Middle East-Europe Corridor or IMEC, is to connect three continents.
India, the US, the European Union, Saudi Arabia, the United Arab Emirates, France, Germany and Italy have signed this initiative. The countries involved in this grand plan expect that the economic activities in the entire region will be accelerated by means of railway and shipping route connectivity.
The signatories to this initiative want a direct connection between Asia and the Gulf region as well as Europe by communication systems and economic inclusion.
IMEC will comprise two separate corridors: the first or the eastern corridor connecting India with the Gulf region, and the second or the northern corridor connecting the Gulf region with Europe. The countries connected with IMEC envision a green and digital connectivity among the three regions by means of this expansive plan.
IMEC is an epoch-making measure that will bring about massive geopolitical and geostrategic change in the region. From a preliminary analysis it seems that this initiative will lead to economic growth in the region (Asia, the Gulf and Europe). It will also be possible to increase energy flow and digital communication.
New possibilities will open to fill the infrastructural gaps in the overall envisaged region. This corridor will likely go through the countries of the Middle East. As a result, a resolution to the prevailing unrest in that region may be reached by means of the economic growth to be generated through the implementation of this mega plan.
It seems that this new initiative IMAC is a mega plan to counterbalance, albeit not directly, China’s Belt and Road Initiative (BRI) in the region. The project is still at a conceptual stage. There have been no details available as yet.
Inquiries have revealed that a working group will draw up details in the project over the next two months. The implementation of an initiative like IMEC involves huge funds. It is still not clear how these funds will be generated. It is assumed that the parties involved will provide the funds. Also, the funds may be provided by the European Investment Bank or IEB. This is a revolutionary plan in the area of overall global strategic communications. We must wait and watch to see the various far-reaching impacts and reflections of IMEC in the days to come.