New Delhi, April 16 (IANS) As the India-Middle East-Europe Economic Corridor (IMEC) evinces global interest and holds promise of integrated growth, it has been hailed by country's former diplomats and experts. What sets the IMEC apart from other corridors is because it's not dominated by any nation and rather looks to integrate several countries across Asia, Middle-East and Europe with common interests.

Speaking on the sidelines of IMEC summit, Professor Ashwani Mahajan, Board Member, CIEU and Co-Convenor of Swadeshi Jagran Manch said that India is the proposer country for this project but all countries will play pivotal role in implementing it.

“For quite some time, discussions and developments have been taking place around the Belt and Road Initiative (BRI), involving more than 60 countries across various continents. However, the BRI is not merely a project aimed at improving trade routes—it is, in fact, a form of trade trap diplomacy. Several nations, such as Pakistan, Sri Lanka, Bangladesh, and many African countries, have found themselves caught in its debt traps. During the COVID-19 pandemic, alternative ideas emerged, including the India-Africa Corridor. Most significantly, the India-Middle East-Europe Economic Corridor (IMEC) stands out as a promising initiative. It is a step forward in promoting the welfare and mutual development of all participating nations,” he said.

Dammu Ravi, Secretary (Economic Relations) in Ministry of External Affairs said that the real value of IMEC will unfold in a long-term perspective.

"As the corridor progresses, it is poised to generate economic benefits for all participating countries. From India’s point of view, being the starting point of IMEC, we have a particularly significant role to play in its development and success," he said.

Meenakshi Lekhi, Board Member, CIEU and former Minister of State for External Affairs, said: "India was a maritime market 2,000-5,000 years ago. Today, when the world is facing various problems related to exports, road sustainability, it is very important to find new ways to make progress."

Former Foreign Secretary Shyam Saran said: "The way to look at this is through a historical lens. Throughout the ages, India has been at the crossroads of both maritime routes -- linking the East and the West -- and ancient caravan routes that connected us to Central Asia and China. What we are witnessing today is a reconnection along those very same pathways.”

“The significance of IMEC lies in the fact that it links us to a highly dynamic region of the global economy—West Asia—and further connects us to parts of Central Asia and Europe. This corridor project holds strategic importance, and it is essential that we view it within that broader context,” he added.