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Contents
- Introduction
- What is an
Economic
Corridor - Key
Features
of IMEC - Israel’s
Inclusion
in IMEC - Project Details
During the 2023 G20 New Delhi summit, the governments of Saudi Arabia, France, Germany, Italy, the United States, India, and the United Arab Emirates signed the Memorandum of Understanding (MoU) on September 9, 2023.What is an
Economic
Corridor?
The Asian Development Bank (ADB), which first used the term in
1998, defines economic corridors as important networks or
connections between economic agents along a defined geography, which
link the supply and demand sides of markets.
An economic corridor according to the ADB has the following characteristics:
covers smaller and defined geographic space, straddling a central transport artery;
highlights bilateral rather than multilateral initiatives, mainly at border crossings between two countries; and
stresses physical planning of the corridor and its surrounding area for focused infrastructure development that will yield maximum benefits.
Additionally, the ADB clarifies that because of the "cross border nature of economic corridors development," there are unfavourable social repercussions that need to be addressed, including the trafficking of women and children and the spread of infectious diseases like AIDS (acquired immunodeficiency syndrome) and HIV (human immunodeficiency virus). The increase in land costs and the frequency of traffic accidents are two further potential outcomes. (BusinessWorld Online)
Key Features of An economic corridor according to the ADB has the following characteristics:
covers smaller and defined geographic space, straddling a central transport artery;
highlights bilateral rather than multilateral initiatives, mainly at border crossings between two countries; and
stresses physical planning of the corridor and its surrounding area for focused infrastructure development that will yield maximum benefits.
Additionally, the ADB clarifies that because of the "cross border nature of economic corridors development," there are unfavourable social repercussions that need to be addressed, including the trafficking of women and children and the spread of infectious diseases like AIDS (acquired immunodeficiency syndrome) and HIV (human immunodeficiency virus). The increase in land costs and the frequency of traffic accidents are two further potential outcomes. (BusinessWorld Online)
IMECDual Corridors: IMEC will be made up of two separate corridors: one in the north that connects the Arabian Gulf to Europe, and one in the east that connects India to the Arabian Gulf. This will feature a railway network that will supplement current road and maritime lines by providing dependable and reasonably priced cross-border ship-to-rail connectivity.
Enhanced Connectivity: Pipelines for the export of clean hydrogen and infrastructure for digital and electrical communication will be installed along the corridor. In addition to securing local supply chains, this will increase trade accessibility and streamline trade activities.
Economic Unity and Job Creation: IMEC seeks to promote economic unity among member countries, lower costs, and boost economic efficiency. In addition to creating job possibilities, this will help achieve the global objective of reducing greenhouse gas emissions.
The inclusion of Israel, a country with a history of tensions with
multiple Arab nations, is the most notable feature of this
agreement. By including Israel in the IMEC, a major change in Middle
Eastern dynamics is being indicated. The corridor will link Israel
and its Arab neighbors, boosting economic collaboration and
encouraging a more interconnected Middle East. (Financial Express)
Israel’s Inclusion in IMEC
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