Join India In Its Quest For Mutual Prosperity: Goyal To Mediterranean Nations

Union Commerce and Industry Minister Piyush Goyal has invited Mediterranean nations to join India in its quest for mutual prosperity through the India-Middle East-Europe Economic Corridor (IMEC) initiative which aims to enhance connectivity between India, the Middle East, and Europe, reducing logistical costs and improving maritime security.

Initiated [IMEC] during India's G20 presidency,  India aims to reduce its dependence on traditional trade routes. "We view our growth as part of a global family," Goyal affirmed. "We invite you to collaborate with us for a sustainable, inclusive and prosperous future."

The minister added that India offers a vast market for Mediterranean goods and services. He stressed the historical and cultural ties between India and Mediterranean nations. He pointed to the burgeoning potential in renewable energy, maritime industries, and the expansion of Indian ports—where capacity is set to double in the next five years.

India's remarkable economic growth projects the country to move from being the fifth-largest global economy to the third-largest within the next three years, Goyal said. He also encouraged Mediterranean businesses to explore opportunities in sectors such as renewable energy, maritime economies, textiles, pharmaceuticals, and information technology.

Talking about Foreign Direct Investment (FDI), he mentioned that India is positioning itself as a premier destination for global investors, said Commerce and Industry Minister Piyush Goyal at the India-Mediterranean Business Conclave.

Goyal highlighted India's rapid ascent on the global economic stage and outlined strategic areas for bilateral cooperation.

He also said that India’s economic advancement is underpinned by key initiatives such as 'Make in India,' which fosters manufacturing, and our comprehensive approach towards digitisation and ease of doing business.

The "Make in India" initiative focuses on enhancing manufacturing, while "Serve from India" supports service sectors and "Design in India" promotes innovation and R&D. Goyal also highlighted the "Incredible India" campaign, aimed at boosting tourism and showcasing the country's diverse offerings.

Sangeet Kumar Sanu

BW Reporters Sangeet Kumar Sanu as a Correspondent reports on Defence, Space and Foreign Affairs for BW since 2022.