India-Middle East-Europe Corridor Will Be Source Of Regional Peace, Stability: French Trade Minister

French trade minister Sophie Primas said the IMEEC will enhance strategic supply chains and boost security in economic and energy sectors.

New Delhi: The India-Middle East-Europe Economic Corridor (IMEEC) will enhance strategic supply chains and boost security in economic and energy sectors, and it will be a source of regional peace and stability, French foreign trade minister Sophie Primas has said. In an interview to PTI, Primas said France looks at the proposed corridor as a key to regional integration, stability, and an opportunity to hasten the decarbonisation of trade routes.

Billed as a pathbreaking initiative, the IMEEC envisages vast road, railroad and shipping networks among India, Saudi Arabia, the United States and Europe with an aim to ensure integration among Asia, Middle East and West. "This project is vital for national interests, enhancing strategic supply chains and boosting security in economic, energy, and health sectors across India, Europe, and the Middle-East," Primas said at the end of her three-day visit to India.

The IMEEC was firmed up on the sidelines of the G20 Summit in September last year in Delhi. An agreement was signed by India, Saudi Arabia, the European Union, the United Arab Emirates (UAE), the US and some other G20 partners for the corridor. Following the announcement at the G20 summit, France promptly appointed Gerard Mestrallet as a dedicated sherpa for the IMEEC project.

The French sherpa accompanied Primas during her visit to India from November 27 to 29. "France also sees this corridor as a key to regional integration, stability, and an opportunity to hasten the decarbonisation of trade routes, providing substantial business prospects for French companies in logistics, energy, and digital sectors," the French trade minister said.

"France is keen to lead in this initiative, positioning Marseille as the strategic European gateway for the corridor," she said. Outlining France's vision for the mega project, Primas said the corridor will also act as a source for regional peace and stability. There has been a delay in rolling out the initiative on the ground in view of precarious security situation in West Asia.

The IMEEC also envisages to include an electricity cable network, a hydrogen pipeline, high-speed data cable network to facilitate overall economic growth in the partner countries. The project is also seen as an initiative by like-minded nations to gain strategic influence in the face of China's Belt and Road Initiative (BRI) that has faced increasing criticism over lack of transparency and disregard for sovereignty of the nations.

The BRI is a mega connectivity project that connects China with Southeast Asia, Central Asia, Russia and Europe. India has been holding talks with various key stakeholders including France and the US on implementation of the IMEEC. In an address at a business conclave in September, External Affairs Minister S Jaishankar said the IMEEC would become a "cornerstone of global connectivity".

"The IMEEC aims to become a cornerstone of global connectivity, providing a robust framework for boosting trade and other flows across critical regions," he said. "By integrating innovative logistics and sustainable practices, it holds the potential to significantly contribute to both growth and resilience," he added.

During her visit to India, the French foreign trade minister held talks with Commerce Minister Piyush Goyal on a range of issues including ways to encourage more investment flows between the two countries. "The trajectory of the India-France bilateral partnership, particularly in trade and investment, is on a notably positive upward trend," she said.

"Strategic alignment, especially in defence, has been a cornerstone of our relations over the years. Recently, there has been a significant boost in our economic and commercial exchanges," she said. Primas said France's presence in India is "rich and diverse", with many French companies choosing India as a market of the future.

"These companies already employ approximately 4,50,000 people in India. Regarding attractiveness, Indian companies are active in France, but there is potential for more growth," she said. "Despite France being the top European destination for foreign investments continuously since 2020, it ranks only sixth for Indian investments in Europe," she said.

"I encourage Indian firms to seize the opportunities offered by the France-India 2047 partnership and leverage France's advanced technological and industrial ecosystem to significantly boost their growth and invest in a country that is a hub for foreign investment in Europe," she said.

The 2047 'Horizon Partnership' was unveiled following wide-ranging talks between Prime Minister Narendra Modi and French President Emmanuel Macron in Paris in July last year. Its aim was to shore up bilateral ties including in trade and investment.