Page 18 - ITLN November - December 2023 for the magzter

Special Report
IMEC

Belt and Road Initiative, which allegedly He added, “One concrete benefit
circumvents India economically. it can provide is upgrading logistical
However, in an analytical piece infrastructure, including enhancements
produced by Container xChange, its to rail, road, and maritime networks
co-founder and CEO Christian Roeloffs that connect nations. Additionally,
reminded, “The Israel-Palestinian by directing investments toward the
conflict serves as a reminder of the establishment of warehousing and
uncertainties that ambitious trade distribution hubs, there is significant
projects like the India-Middle East- potential to greatly improve the smooth
Europe Economic Corridor (IMEC) will flow of goods among partner countries.”
face, which is perceived as a western Chandramohan calls the project
counterpart to China's Belt and Road.” innovative and believes that it has the
In fact, United States President Joe potential to reduce the time required for
Biden pointed out IMEC as one of the economic exchanges between India and
factors that influenced the October 7 The network will also Europe by an impressive 40 percent.
attacks of Hamas on Israel, even though prove advantageous He added, “It aligns perfectly with
the White House later tried to water India's ambitious goal of achieving
down the comment. to conglomerates robust GDP growth by evolving into
While there are geopolitical in their overall a manufacturing hub and an export-
undertones, one particular benefit operation as the oriented economy. The introduction of this
that Lalit Das, the founder and chief corridor will enable corridor enables the logistics industry to
executive officer of the supply chain them to procure prepare for long-term, assured freight
data analytics company 3SC Solutions raw materials, services with extended validity.”
observed is the easing out of regulatory Meanwhile, agreeing with this
compliances amongst the countries employment, and potential and the tremendous changes
covered in the network. energy sources from it can bring, Kaushik had a message for
For instance, the MoU reads, the local region, the professionals in the logistics field.
“Participants commit to work proving cost-effective. He said, “IMEC will bring about
collectively and expeditiously to arrange significant changes in the trade and
and implement all elements of these Lalit Das transportation landscape. To prepare
new transit.” 3SC Solutions for these changes, professionals
Das said, “With organisations across should update their knowledge and
the globe aiming to line their value Above all the economic, political and skills in areas such as supply chain
chain operations with GHG emissions regulatory benefits it brings, IMEC is a management, transportation planning,
norms, the proposed network will gigantic infrastructural upgrade for the and risk management. It's also essential
contribute immensely to the pillars entire landscape involved. It is not only to stay informed about emerging
of efficiency, faster collaboration for about the logistics infrastructure but technologies and trends in the logistics
enterprises with multi-geopolitical also all the supporting facilities that will industry that can enhance efficiency
presence, and, of course, facilitating come along with it. and reduce costs. Building relationships
reliable and cost-effective channels.” For instance, the MoU also reads, with key stakeholders in the countries
And, according to him, the two “Along the railway route, participants involved in IMEC will be crucial for
particular stakeholders who will intend to enable the laying of cable logistics professionals to gain a better
benefit from this will be the multimodal for electricity and digital connectivity, understanding of the local market and
logistics companies and conglomerates as well as pipe for clean hydrogen tailor their services accordingly.”
in the region who are seeking access to export. This corridor will secure Although the project's size and
other regions. regional supply chains, increase trade intricacy are undeniable, it certainly
He added, “Catalysing cargo accessibility, improve trade facilitation, has the potential to have a profound
movement, the channel will initiate and support an increased emphasis impact on the global economy, as it
seamless movements of goods, on environmental, social, and involves eight signatory nations that
benefitting companies in their operation government impacts.” collectively represent a significant portion
levels. More so, enterprises with Thus Chandramohan opined that of the world's economic activity. And
multimodal transportation will stand IMEC's potential is profound and can for India, it is a valuable proposition to
to utilise the full potential of the IMEC transform global trade. manifest its real potential as it offers a
corridor. The network will also prove “This ambitious endeavour acts dedicated space guarantee, a better trade
advantageous to conglomerates in their as a catalyst for boosting worldwide route, competitive Indian products, a
overall operation as the corridor will economic growth, dramatically transhipment hub, increased investments,
enable them to procure raw materials, reducing trade times, and improving better geopolitical positioning, ease of
employment, and energy sources from the efficiency of cargo transportation,” doing business and ultimately the chance
the local region, proving cost-effective.” he said. to become the manufacturing hub. 
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