India-Middle East-Europe Economic Corridor (IMEC) is an important initiative that can add to India's maritime security and faster movement of goods between Europe and Asia, said Union Minister of Commerce & Industry PiyushGoyal at the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 on Friday in New Delhi.

Commerce Minister said that IMEC was launched during India’s G20 presidency and aims to integrate India, the Europe, the Middle-East through UAE, Saudi Arabia, Jordan, Israel and the European Union.

Goyal noted that lower logistics cost, faster connectivity and secure movement of goods is dependent on better cooperation in this area.

The Union Minister noted that initiatives like PLI scheme, Centre’s efforts towards Ease of Doing Business (EoDB) through FTAs and economic partnerships have boosted India’s manufacturing growth story and nation’s efforts to promote agri-value chains can support the initiatives between India and Mediterranean countries.

Goyal suggested that Government should have a working group on tourism between the nations of the Mediterranean and India as there is a huge potential for cooperation and mutual benefit.

He said that India offers a large market for the Mediterranean goods and services given the close connection both the nations have shared over the decades.

Goyal added that India is one of the fastest growing economies with young demography and that it will drive global growth for decades to come.

"India is expected to become the third largest economy in the next few years," he said.

Further, the Minister noted that India has embarked on Make in India and digitisation of economy and has initiated a holistic effort to make doing business in India easier.

Areas like renewable energy, manufacturing, maritime and blue economy, digitisation, pharma, Information Technology, agriculture and tourism have huge potential in the country and investors have opportunity to be a part of this growth story.

Goyal stated that India and Mediterranean countries have huge common interest in the Shipping sector, whether in ship building, ownership, maritime sector or in the cruise business.

He added that the Centre sees huge opportunity in developing ports and has doubled the port capacity in the last decade.

"We hope to double the capacity of ports in the next 5 years," the Union Minister added.

Goyal also said that he is optimistic about the India-Mediterranean partnership and will work towards economic prosperity and mutual growth for Mediterranean countries and India for a cleaner, sustainable, more resilient, secure, inclusive and brighter future for all.