External Affairs Minister S. Jaishankar delivered an important address at the inaugural CII India Mediterranean Business Conclave, where he outlined India’s vision to strengthen economic and strategic ties with Mediterranean nations.
Jaishankar emphasized the long-standing historical connections between the Indian Ocean and the Mediterranean, noting how these regions have facilitated trade and cultural exchange for centuries. He referred to the opening of the Suez Canal as a modern symbol of these ancient connections, reaffirming the significance of the Mediterranean in global commerce.
“Our goal today is to reinforce and revitalize these historical connections by linking the Atlantic with the Indo-Pacific through the Mediterranean,” Jaishankar stated, adding that it is time to use history positively for modern growth.
Growing Trade and Strategic Cooperation
Jaishankar highlighted that bilateral trade between India and Mediterranean nations has reached an impressive $77.89 billion in 2023. He identified infrastructure, energy, and technology as key sectors where both regions can deepen cooperation.
With the Mediterranean region managing 25% of global seaborne trade through approximately 600 ports, Jaishankar stressed the importance of connecting the Mediterranean with the Indo-Pacific. “This connection can provide mutual advantages,” he said, pointing out the potential for even greater collaboration through the India-Middle East-Europe Economic Corridor (IMEC), which was announced at the 2023 G20 summit.
Energy and Defence: Key Areas for Collaboration
Jaishankar also emphasized the importance of security, defence, and energy cooperation, especially in today’s volatile global environment. He noted that Mediterranean nations play a crucial role in the world’s energy supply, not only through oil and natural gas reserves but also emerging areas like green hydrogen and ammonia.
“Indian businesses are already exploring opportunities in green energy sectors,” he added, encouraging deeper partnerships.
Opportunities in Blue Economy and Maritime Cooperation
Another focus of Jaishankar’s address was the potential for collaboration in the blue economy, including sustainable fisheries, marine resource management, and coastal protection. He also stressed the importance of improving maritime infrastructure and human resources.
“Shipping and maritime infrastructure cooperation is crucial, and Indians are already deeply involved in global shipping,” Jaishankar said, pointing to India’s extensive participation in international shipping operations.
Conclusion: Expanding Growth Opportunities
Jaishankar urged Mediterranean countries to take advantage of India’s growth opportunities by participating in initiatives like “Make in India” and “Atmanirbhar Bharat.” He pointed to India’s ambitious targets, such as setting up 500 GW of renewable energy by 2030 and modernizing ports under the Sagarmala programme, as areas ripe for collaboration.
“India’s growth story is a global opportunity,” he concluded, inviting Mediterranean nations to invest in sectors such as renewable energy, digital infrastructure, and food processing.
