The project was launched to bolster transportation and communication links between Europe and Asia through rail and shipping networks and is seen as a counter to China's Belt and Road Initiative. The memorandum of understanding document has only mapped out the potential geography of a corridor and will compete against the current trade route going through the Suez Canal.[7]
The project has been delayed due to the ongoing Israel–Hamas war.[8][9] The route is currently being used to bypass the Houthi blockade[10] and is widely seen as a way to future proof the India-Europe-US supply chain avoiding the Suez canal.[11] In June 2024, the Indo-Mediterranean Initiative (IMI) was started, aiming to track the progress of IMEC.[12]
Reactions
In September 2023, Turkish president Recep Tayyip Erdogan criticised the project for bypassing Turkey, and has vowed for an alternative route, the "Iraq Development Road Project", which is envisaged to connect the Persian Gulf with Europe through a railway and highway via ports in the United Arab Emirates, Qatar, and Iraq, including the under-construction Grand Faw Port.[13]
However, IMEC is viewed positively by participating countries, with expectations to foster economic development, enhance connectivity, and potentially rebalance trade and economic relations between the EU and China.[14] Saudi Arabia and the UAE, for instance, view IMEC not as a challenge to China but as an opportunity to diversify their economies and strengthen their positions as inter-regional connectivity hubs. This aligns with their broader economic visions and the desire to maximize their geopolitical influence across Asia and Europe.[15][16]
