India-Middle East-Europe Economic Corridor (IMEC) 3

22.01.2025

India-Middle East-Europe Economic Corridor (IMEC) 3

Why in the news?                        

         Former US President Joe Biden highlighted the potential realization of the India-Middle East-Europe Economic Corridor (IMEC) following the Israel-Hamas ceasefire.

About India-Middle East-Europe Economic Corridor (IMEC):

• It is a connectivity project that seeks to develop a seamless infrastructure of ports, railways, roads, sea lines, and pipelines to enhance trade among India, the Arabian Peninsula, the Mediterranean region, and Europe.
• It was announced in 2023 on the sidelines of the G20 meeting in New Delhi when a memorandum of understanding (MoU) was signed between the European Union and seven countries, namely India, the US, Saudi Arabia, the United Arab Emirates (UAE), France, Germany, and Italy.
• The IMEC will comprise two separate corridors, the eastern corridor connecting India to the Arabian Gulf and the northern corridor connecting the Gulf to Europe.
• Upon completion, the corridor will have a cost-effective and reliable cross-border railway network, which will be supplemented by the available road transport and maritime routes.
• The corridor will include a shipping route connecting Mumbai and Mundra (Gujarat) with the UAE and a rail network connecting the UAE, Saudi Arabia, and Jordan with the Israeli port of Haifa to reach the shores of the Mediterranean Sea.
• Haifa will then be connected by sea to the port of Piraeus in Greece to eventually be connected to Europe.
• In addition, along the corridor, the countries will also lay the network of electricity grids, optical fiber cable for digital connectivity, and pipeline for the transportation of hydrogen gas.
• It intends to increase efficiency, reduce costs, secure regional supply chains, increase trade accessibility, enhance economic cooperation, generate jobs, and lower greenhouse gas emissions.
• The corridor will be supported by the Partnership for Global Infrastructure and Investment (PGII), a US-led initiative to bridge the infrastructure gap in developing countries.

                                                           Source: The Economic Times

Piraeus is a port city located in which country?

A.Israel

B.Jordan

C.Saudi Arabia

D.Greece

Answer D