It is a massive economic project that connects India with the Arab Gulf countries and Europe through railways, roads, and infrastructure for transportation, maritime shipping, and energy. The project was announced in September 2023 on the sidelines of the G20 summit in New Delhi and was signed by the governments of India, Saudi Arabia, the United Arab Emirates, Jordan, Israel, and the European Union.
G20: India-Middle East-Europe mega connectivity corridor deal announced-Image Source: The Times of India
Objectives and Benefits:
The project aims to enhance trade and investment among the participating countries, create new employment opportunities, and support sustainable economic development. It is expected to increase the trade volume between India and the Arab Gulf countries from $100 billion to $300 billion within 10 years.
Controversy in Egypt and Lebanon:
The announcement of the project sparked controversy in Egypt and Lebanon, where some see it as a threat to the Suez Canal and the Lebanese channel. Egypt fears that the project will divert a significant portion of global trade away from the Suez Canal, which would affect the country’s revenue from transit fees. Lebanon also fears that the project will flood the Lebanese markets with Indian goods, harming local industries.
نتائج قمة G20 للعرب”
المشروع الاضخم بالعالم سيمر بيد العرب”
خط تجاري جديد من الهند الى اوروبا دون المرور بقناة السويس 😨!!! pic.twitter.com/opjlJcuhGX— اوبزيرفر | (@B667i) September 11, 2023
Response to the Controversy:
Officials involved in the project have affirmed that it will not have a negative impact on the Suez Canal or the Lebanese channel. They explained that the project aims to enhance trade between countries worldwide, rather than redirecting it from the Suez Canal to a new route. They also emphasized that the project will create new employment opportunities in Egypt and Lebanon and contribute to their economic development.
The Future:
The project is still in its early stages, and the implementation process is expected to take several years. However, officials involved in the project believe that it has the potential to bring about significant changes in the global economy.
