Strengthening Ancient Allies: Renewing Historic Ties Between India and the Mediterranean Region
In a significant gathering, the India-Mediterranean Business Conclave was held on September 6, 2024, in New Delhi. Organised by the Confederation of Indian Industry (CII) and the Ministry of External Affairs, the event brought together key stakeholders to discuss collaboration opportunities in various sectors.
Dr. S. Jaishankar, Hon'ble Minister of External Affairs, Government of India, addressed the event, emphasising the need for strengthening security and defense cooperation between India and the Mediterranean region. He also highlighted the Mediterranean's vast potential in green hydrogen and green ammonia as a foundation for deeper collaboration.
Shri Piyush Goyal, Hon'ble Minister of Commerce and Industry, Government of India, elaborated on the IMEC initiative, which aims to integrate India, the Middle East, and Europe. He highlighted the potential for expanding cooperation across renewable energy, textiles, IT, agriculture, pharma, tourism, shipping sector, and port development.
Robust manufacturing, enhanced connectivity through IMEC, and deeper digital collaboration were identified as essential for strengthening cooperation between India and Mediterranean countries. Opportunities for synergies in the marine sector, the blue economy, urban infrastructure, digital infrastructure, and research-driven solutions were also highlighted.
Cyprus served as an ideal entry point for Indian companies looking to access European markets. Dr. Nicodemos Damianou, reaffirmed Cyprus's commitment to supporting the development of EU-India ties, emphasising potential for collaboration across technology, energy, and the maritime sector.
Mr. R. Dinesh, Immediate Past President of CII, emphasised the critical role of the private sector in furthering the IMEC initiative. He underscored the need for robust manufacturing, enhanced connectivity, and deeper digital collaboration to realise the potential of this partnership.
The first CII India-Mediterranean Business Conference, titled "India-Mediterranean Business Conclave", was held in New Delhi in 2021. Since then, the initiative has gained momentum, with key areas of collaboration such as defence, digital transformation, the blue economy, and maritime being the focus of the conclave.
The conclave also provided a platform for discussions on sustainability. Sustainability was identified as an area where interconnected grids can facilitate the transmission of solar and renewable energy between India and the Mediterranean.
Ms. Rania Ahmed, emphasised the role of economic integration in fostering sustainable development in Syria and invited Indian companies to explore opportunities in evolving technology industries. She also underscored the need to step up India-Mediterranean ties in light of conflicts in West Asia.
Dr. Jaishankar emphasised the importance of reinforcing historic connections between India and the Mediterranean region. He also stressed the importance of industrial interaction and energy cooperation in light of economic volatility and supply chain disruptions.
The India-Middle East-Europe Economic Corridor (IMEC) was discussed as a new opportunity for cooperation. The Syrian Investment Law is working to establish a specialised technology zone in Syria to support such endeavours.
In conclusion, the India-Mediterranean Business Conclave 2024 was a significant step towards strengthening ties between India and the Mediterranean region. The event provided a platform for stakeholders to discuss opportunities, share ideas, and work towards a more interconnected and sustainable future.
