Israel-Hamas conflict casts shadow on IMEEC Economic Corridor
ECONOMY & POLICY

Israel-Hamas conflict casts shadow on IMEEC Economic Corridor

The ongoing conflict between Israel and Hamas has raised concerns about potential disruptions and complications in the India Middle East Europe Economic Corridor (IMEEC) project, as indicated by the Global Trade Research Initiative (GTRI). While the immediate impact of the conflict is localised to Israel and Gaza, GTRI emphasises that its repercussions across the Middle East could be significant.

GTRI suggests that the conflict might hinder the possibility of a ground-breaking peace agreement between Israel and Saudi Arabia, a crucial element in the IMEEC framework. Despite the absence of formal diplomatic relations between Saudi Arabia and Israel historically, recent efforts have been made towards normalisation. However, Ajay Srivastava, Co-Founder of GTRI, expresses concerns that the on-going war could impede these diplomatic strides and disrupt any progress achieved.

"The current Israel-Hamas conflict could disrupt the IMEEC project's timelines and outcomes, representing a critical juncture in the corridor's development. While the immediate consequences of the conflict are regional, its geopolitical implications resonate far beyond the area, potentially affecting the proposed economic corridor," Srivastava remarked.

IMEEC, conceived as an economic corridor, aims to bolster economic growth by fostering connectivity and economic integration between Asia, the Persian Gulf, and Europe. The corridor's route is envisioned to stretch from India to Europe, passing through the UAE, Saudi Arabia, Jordan, Israel, and Greece.

The Memorandum of Understanding (MoU) for IMEEC was signed during the recent G20 summit in New Delhi, with the participation of governments from India, the US, the UAE, Saudi Arabia, France, Germany, Italy, and the European Union. The primary objective of the project is to enhance transportation and communication links between Europe and Asia, positioning it as a response to China's Belt and Road Initiative.

Srivastava further highlighted that the disruption in the Middle East, a pivotal section of this corridor, could lead to delays and complications in the project's implementation, underscoring the intricate challenges posed by the ongoing conflict.

The ongoing conflict between Israel and Hamas has raised concerns about potential disruptions and complications in the India Middle East Europe Economic Corridor (IMEEC) project, as indicated by the Global Trade Research Initiative (GTRI). While the immediate impact of the conflict is localised to Israel and Gaza, GTRI emphasises that its repercussions across the Middle East could be significant. GTRI suggests that the conflict might hinder the possibility of a ground-breaking peace agreement between Israel and Saudi Arabia, a crucial element in the IMEEC framework. Despite the absence of formal diplomatic relations between Saudi Arabia and Israel historically, recent efforts have been made towards normalisation. However, Ajay Srivastava, Co-Founder of GTRI, expresses concerns that the on-going war could impede these diplomatic strides and disrupt any progress achieved. The current Israel-Hamas conflict could disrupt the IMEEC project's timelines and outcomes, representing a critical juncture in the corridor's development. While the immediate consequences of the conflict are regional, its geopolitical implications resonate far beyond the area, potentially affecting the proposed economic corridor, Srivastava remarked. IMEEC, conceived as an economic corridor, aims to bolster economic growth by fostering connectivity and economic integration between Asia, the Persian Gulf, and Europe. The corridor's route is envisioned to stretch from India to Europe, passing through the UAE, Saudi Arabia, Jordan, Israel, and Greece. The Memorandum of Understanding (MoU) for IMEEC was signed during the recent G20 summit in New Delhi, with the participation of governments from India, the US, the UAE, Saudi Arabia, France, Germany, Italy, and the European Union. The primary objective of the project is to enhance transportation and communication links between Europe and Asia, positioning it as a response to China's Belt and Road Initiative. Srivastava further highlighted that the disruption in the Middle East, a pivotal section of this corridor, could lead to delays and complications in the project's implementation, underscoring the intricate challenges posed by the ongoing conflict.

Next Story
Infrastructure Urban

Larsen & Toubro Secures Contract from Defence Ministry

The Ministry of Defence, Government of India, has awarded a significant contract to Larsen & Toubro (L&T) for supplying K9 Vajra-T Artillery Platforms to the Indian Army. As per the company's project classification, the contract is valued between Rs 50 billion and Rs 100 billion. The K9 Vajra-T, a 155 mm, 52-calibre tracked self-propelled artillery platform, is an adaptation of the globally renowned South Korean K9 Thunder howitzer. It has been co-developed by L&T and Hanwha Aerospace to meet the Indian Army's specific operational needs across diverse terrains, including deserts, plains, and..

Next Story
Real Estate

Delhi-NCR Housing Market sees 25% Sales Growth

The Delhi-NCR property market has maintained its momentum during the December quarter, with housing sales and new supply estimated to grow by 25 per cent and 59 per cent, respectively, as reported by PropEquity. Data from the real estate analytics firm suggests that housing sales in Delhi-NCR are likely to rise to 12,915 units during the October-December period of this year, compared to 10,354 units in the corresponding period of the previous year. New supply in the region is expected to increase significantly, reaching 11,223 units, a 59 per cent rise from 7,072 units in the year-ago quarter..

Next Story
Infrastructure Urban

DDC Approves Five Key Projects Under Kasaragod Development Package

The District Development Committee (DDC) has approved a budget of Rs 100.08 million for five key projects under the Kasaragod Development Package. This funding is part of the Rs 700 million allocated in the State budget for the 2024-25 financial year, with administrative approval formally amended to incorporate these initiatives. The decision was made during a meeting chaired by District Collector K. Inbasekar on Saturday, December 21. The approved projects include Rs 40.99 million for constructing Udayapuram Thungal Road in Kottom Belur grama panchayat and Rs 20.56 million for setting up a ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000