India and the Mediterranean: Revitalising Historic Connections

On September 6, 2024, the first-ever CII India Mediterranean Business Conclave took place in New Delhi, organised by the Confederation of Indian Industry (CII) in collaboration with the Ministry of External Affairs. Dr. S. Jaishankar, Hon’ble Minister of External Affairs, Government of India, highlighted the importance of reinforcing historic connections between India and the Mediterranean region. He emphasised that conflicts in West Asia further necessitate stepping up India-Mediterranean ties.

“It is vital that as we move forward, we embrace this collaborative spirit, uphold open communication, and commit to shared goals. Together we can address today’s challenges, unlock new opportunities, and build a resilient and connected future,” Dr. Jaishankar remarked.

India-Middle East-Europe Economic Corridor (IMEC): New Opportunities

The India-Middle East-Europe Economic Corridor (IMEC) has opened many new doors for cooperation. Dr. Jaishankar pointed out that integrating innovative logistics and sustainable practices through IMEC will contribute to the growth and resilience of the regions involved. He further mentioned that initiatives like Make in India and Aatmanirbhar Bharat empower potential investors and drive growth, offering Mediterranean countries enormous opportunities to invest, trade, and exchange mutual expertise.

Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry, Government of India further elaborated on the IMEC initiative launched during India’s G20 presidency, aiming to integrate India, the Middle East, and Europe. He emphasised how the corridor will bolster India’s maritime security, reduce dependency on limited trade routes, and lower logistical costs.

Mr. R. Dinesh, Immediate Past President, CII; Chairman, CII International Council and Executive Chairman, TVS Supply Chain Solutions Limited, emphasized the critical role of the private sector in furthering the IMEC initiative. This corridor promises to enhance connectivity between India and the Mediterranean, presenting greater trade and investment opportunities. He also stressed the need for an India-North Africa FTA to facilitate trade, investment, and innovation.

Security, Defence, and Industrial Cooperation

Dr. Jaishankar underscored the need for strengthening security and defence cooperation between India and the Mediterranean region, especially in light of economic volatility and uncertainty. He stressed upon the importance of industrial interaction, as rapidly evolving technologies and supply chain disruptions demand closer collaboration.

Energy Cooperation and the Blue Economy

Energy cooperation emerged as a key focus of the conclave. Dr. Jaishankar highlighted the Mediterranean’s vast potential in green hydrogen and green ammonia, which can serve as a foundation for deeper collaboration. He also emphasized the opportunities for synergies in the marine sector, the blue economy, urban infrastructure, digital infrastructure, and research-driven solutions. India’s solid experience and tested capabilities in these areas offer fertile ground for mutual economic progress.

Areas of Collaboration – India and the Mediterranean region

Shri Goyal highlighted the potential for expanding cooperation across India and the Mediterranean region across several areas, including renewable energy, textiles, IT, agriculture, pharma, and tourism. He added that the shipping sector and port development present significant opportunities for collaboration, as promoting global agriculture value chains. Sustainability is another area where interconnected grids can facilitate the transmission of solar and renewable energy between India and the Mediterranean, Shri Goyal highlighted.

Expanding Economic Ties: Cyprus and Syria

Dr. Nicodemos Damianou, Deputy Minister of Research, Innovation and Digital Policy, Republic of Cyprus, reaffirmed Cyprus’s commitment to supporting the development of EU-India ties. He emphasised the potential for collaboration across technology, energy, and the maritime sector. Cyprus, he noted, serves as an ideal entry point for Indian companies looking to access European markets.

Similarly, Ms. Rania Ahmed, Deputy Minister of Economy and Foreign Trade, Syrian Arab Republic, underscored the role of economic integration in fostering sustainable development. She invited Indian companies to explore opportunities in Syria, especially in evolving technology industries. The Syrian Investment Law is working to establish a specialised technology zone in Syria to support such endeavors.

Future Directions: Defence, Digital Transformation, and Blue Economy

Mr. Chandrajit Banerjee, Director General of CII, noted that the conclave centered on key areas of collaboration such as defence, digital transformation, the blue economy, and maritime. Robust manufacturing, enhanced connectivity through IMEC, and deeper digital collaboration are essential for strengthening cooperation between India and Mediterranean countries.

As India and the Mediterranean region look toward a future of stronger connections, the CII India Mediterranean Business Conclave has laid the foundation for a resilient, innovative, and mutually beneficial partnership.