“Today India and the Mediterranean aim to reinforce and revitalize their historic connections” - Dr S Jaishankar at CII India Mediterranean Business Conclave

“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 S Jaishankar

“Today India and the Mediterranean aim to reinforce and revitalize their historic connections” stated Dr S Jaishankar, Hon’ble Minister of External Affairs, Government of India, while addressing the first ever CII India Mediterranean Business Conclave organized by the Confederation of Indian Industry in collaboration with the Ministry of External Affairs in New Delhi. Dr Jaishankar emphasised that the ongoing conflict in West Asia have generated significant concerns which further necessitated 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 & build a resilient and connected future”, he added further.

Dr Jaishankar underscored the need for strengthening security and defence cooperation between India and the Mediterranean region, given the high volatility and uncertainty in the global economy. He also highlighted the need for strong industrial interaction in an era of rapidly changing technologies and supply chain disruptions.

Energy cooperation was highlighted by Dr Jaishankar as another important dimension of collaboration, given the Mediterranean’s vast green hydrogen and green ammonia potential. The Minister also highlighted great scope for synergies in the marine sector and the blue economy, urban infrastructure development, digital infrastructure, research and development, tech driven solutions, among others. He highlighted India’s solid experience and tested capabilities across these areas and the need for fostering collaborations for greater mutual economic progress.

The Minister stated that the announcement of the India-Middle East-Europe Economic Corridor (IMEC) has opened up many new opportunities and by integrating innovative logistics and sustainable practises, the IMEC can significantly contribute to both growth and resilience of the regions. He further mentioned that initiatives such as Make in India and Aatmanirbhar Bharat are designed to empower potential investors and drive growth in India. In this context, he stated “We offer enormous opportunities for Mediterranean countries to invest, to trade, collaborate and to exchange mutual expertise and capabilities”.

“As a EU member state, Cyprus will continue to support the further development of Eu-India ties and will cooperate closely with India in the commonwealth framework to advance the Sustainable Development Goals and other pressing global challenges” stated Dr Nicodemos Damianou, Deputy Minister of Research, Innovation and Digital Policy, The Republic of Cyprus. The Minister highlighted the tremendous potential between India and Cyprus across multiple sectors, including in technology, energy and the maritime sector.

Ms Rania Ahmed, Deputy Minister of Economy and Foreign Trade, Syrian Arab Republic stated that economic integration supports the process of sustainable development and leads to benefits for all parties in any partnership. In this context, she highlighted the several opportunities that exists in the area of trade and investments between India and Syria and invited Indian companies to invest and take advantage of the Syrian Investment Law that is working towards establishing a specialized technology zone in Syria for evolving technology industries.

Mr. R Dinesh, Chairman CII International Council, stated that furthering the IMEC initiative will foster greater connectivity between India and the Mediterranean, along with offering greater trade and investment opportunities. He also highlighted the critical role of the private sector in enhancing the India-Mediterranean partnership.

Robust manufacturing, enhanced connectivity through IMEC, deeper digital collaboration along with development of sustainable urban infrastructure are key areas for deepening cooperation between India and the Mediterranean countries stated Mr. Chandrajit Banerjee, Director General, CII.

September 6, 2024

New Delhi