India’s ties with the Mediterranean have advanced notably in recent years, with bilateral trade reaching $77.89 billion in 2023.
CII Conclave,Sushma Swaraj Bhawan,New Delhi:To address the need for strategic trade and economic integration and to promote a supportive business environment, CII, in partnership with the Ministry of External Affairs, Government of India, is launching the inaugural CII India Mediterranean Business Conclave. Scheduled for 6 September 2024 in New Delhi, this groundbreaking event aims to enhance business relations and open new avenues for collaboration between India and the Mediterranean region.
During his address at the inaugural CII Conclave, India’s external affairs minister, S. Jaishankar delved into the historical bonds between the Indian Ocean and the Mediterranean.
Read more: CII Conclave,2024 highlights: Jaishankar Unveils Vision for Boosting India-Mediterranean Ties
Mediterranean countries are increasingly seeing India as a land of opportunity, acknowledging its rapid economic ascent. To fully harness this potential, it’s essential to focus on strategic integration that boosts trade and economic prospects. This means fostering an environment that supports value-added investments between the regions and crafting policies that liberalize service sectors. Understanding and leveraging trade agreements will also be key to driving mutual growth and collaboration.
Over the course of two days, the CII conclave will offer a variety of formats, including B2G and B2B meetings, specialized sector sessions, thematic discussions, and country round tables. Industry and trade delegations will be actively involved, providing ample networking opportunities.
The focus of the CII conclave will be on sharing business insights and priorities, while exploring the opportunities and challenges for companies operating in both India and the Mediterranean region.
“These interactions have not only facilitated the movement of goods but have also served as a conduit for the exchange of ideas and culture. The opening of the Suez Canal was a modern reaffirmation of this historic route. Today, our goal is to strengthen and rejuvenate these connections by linking the Atlantic with the Indo-Pacific through the Mediterranean. Our challenge is to harness the lessons of history to benefit our contemporary era.”
S. Jaishankar
External Affairs Minister laid out India’s strategy to enhance both economic and strategic connections with Mediterranean countries. He pinpointed infrastructure, energy, and technology as key sectors ripe for deeper collaboration.Jaishankar underscored the Mediterranean’s critical role in global trade, the value of connecting the Mediterranean with the Indo-Pacific to leverage handling 25% of seaborne commerce through its 600 ports, and advocated for stronger connections between the Mediterranean and the Indo-Pacific to maximize mutual benefits.
“In today’s volatile and uncertain environment, security and stability must be integral to our approach. Therefore, it’s natural that advancing defense and security partnerships with Mediterranean nations should complement the strengthening of our economic connections.”
He also highlighted the India-Middle East-Europe Economic Corridor (IMEC), introduced at the 2023 G20 summit in New Delhi, as a transformative initiative designed to boost trade through cutting-edge logistics and sustainable practices.Jaishankar also explored the possibilities for joint efforts in the blue economy, focusing on marine resource management, sustainable fisheries, and coastal protection. He urged Mediterranean nations to capitalize on initiatives like “Make in India” and “Atmanirbhar Bharat” for investment and collaboration in areas including renewable energy, digital infrastructure, and food processing.
“Energy cooperation represents another critical area,” Jaishankar remarked. “While the region’s rich oil and natural gas reserves are noteworthy, its considerable potential in green hydrogen and green ammonia opens up fresh avenues for partnership. I’m encouraged to see that Indian businesses are already exploring these new opportunities,” he continued
India’s Growth: A Catalyst for Global Collaboration
Jaishankar reflected on the broader implications of India’s growth: “India’s dynamic growth trajectory creates a wealth of opportunities on the global stage. With our goal of 500 GW in renewable energy by 2030 representing a $250 billion investment, there’s ample scope for collaboration. The food processing sector is ready to open new doors for joint ventures, and the Sagarmala ports modernization initiative promises significant benefits for Mediterranean economies with deep historical ties to this region. Let’s seize these opportunities together and build a future of mutual advancement.”
