How the India-Middle-East-Europe Corridor rivals BRI

11 Sep 2023 CW Team

India's Railway Minister, Ashwini Vaishnaw, shared insights on the proposed India-Middle-East-Europe Corridor in an exclusive interview with NDTV. Unlike China's Belt and Road Initiative (BRI), which has raised concerns about debt traps, Vaishnaw emphasised that this G20 project would generate revenue and prove financially viable. He stressed that the corridor aligns with Prime Minister Narendra Modi's vision of inclusivity, "sabka saath sabka vikas."

The India-Middle-East-Europe Corridor, often regarded as a response to the BRI, has garnered interest as a potential new Spice Route with US backing. However, some European nations remain sceptical. Italy, the only G7 nation to sign up initially, is reportedly reconsidering its participation due to concerns about debt-related challenges faced by host countries.

Vaishnaw pointed out that the G20 project offers more flexibility, allowing each participating country to tailor its involvement according to its specific needs. He expressed confidence in the corridor's financial viability, with multiple multilateral institutions showing interest in funding it. Vaishnaw suggested that the project's transportation component would generate substantial revenue, ensuring that host countries avoid falling into a debt trap.

This ambitious project, announced during the G20 summit, aims to connect railways, ports, electricity networks, data infrastructure, and hydrogen pipelines. By linking railway and port facilities across the Middle East, including countries like the United Arab Emirates, Saudi Arabia, Jordan, and Israel, the corridor could potentially expedite trade between India and Europe by up to 40 per cent while bypassing the Suez Canal.

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