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Port of Haifa, Israel
He said, “The introduction of a
dedicated space guarantee through the
IMEC project will bring much-needed
stability to the freight industry.”
Furthermore, he opines that
this service can function as a vital
transhipment hub for all cargo
originating from South East Asian or
Indian Subcontinent regions, providing
a seamless and reliable solution for
cargo transit.
ne of the key advantages “In essence, the IMEC project has
of this initiative the potential to reshape the dynamics
is that it provides of global trade, reduce dependency on
Oopportunities for a single route, and offer stability and
sustainable trade development by efficiency to the transportation of goods
reducing the dependence on existing across the region,” he added.
trade routes primarily controlled by One of the key On September 9, 2023, Indian Prime
China. Currently, a significant portion Minister Narendra Modi announced
of shipping services originate from advantages of this the launch of the mega infrastructure
Chinese ports, resulting in the cargo initiative is that it and connectivity project IMEC with an
from the Indian subcontinent being provides opportunities MoU signed between India, USA, Saudi
subject to the availability of space for sustainable Arabia, UAE, European Union, Italy,
on these services. This leads to trade development France and Germany on the sidelines of
fluctuations in freight transportation by reducing the the G20 Summit in New Delhi.
due to changing space availability.” The MoU reads, “The IMEC will
This is how K. Chandramohan, the dependence on existing comprise two separate corridors, the
founder and chairman of the project trade routes primarily east corridor connecting India to the
cargo specialist NTC Group, described controlled by China. Arabian Gulf and the northern corridor
India's need for a mega logistics project connecting the Arabian Gulf to Europe.
like the India-Middle East-Europe K. Chandramohan It will include a railway that, upon
Economic Corridor (IMEC). NTC Group completion, will provide a reliable and
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