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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)
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)
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