At CII Conclave, Jaishankar lays out vision for stronger India-Mediterranean ties

Addressing the inaugural CII India Mediterranean Business Conclave, Jaishankar traced the long-standing historical ties between the Indian Ocean and the Mediterranean, noting that these connections date back centuries. He pointed to the role Mediterranean ports and maritime routes played in facilitating trade between East and West, with Indian merchants historically trading goods such as spices, textiles, and precious stones.

“These interactions have not only transported goods but actually also a vehicle for moving ideas and culture. The opening of the Suez Canal was a modern reaffirmation of this historical pathway. Today, we aim to reinforce and revitalise these very connections by linking the Atlantic with the Indo-Pacific through the Mediterranean. The task before us is to make history work positively in the contemporary era,” he said.

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Jaishankar noted that India’s relationship with the Mediterranean has grown in recent years, with bilateral trade reaching $77.89 billion in 2023. He identified sectors such as infrastructure, energy, and technology as areas where both regions could benefit from deeper engagement.

With the Mediterranean handling 25% of global seaborne trade through around 600 ports, the region’s importance to international commerce is significant, he said, adding that it made sense to connect the Mediterranean with the Indo-Pacific for mutual advantage.

Jaishankar said that the India-Middle East-Europe Economic Corridor (IMEC), announced at the G20 summit in New Delhi in 2023, could become a vital framework for boosting trade across regions, using innovative logistics and sustainable practices to promote economic growth.

“In a volatile and uncertain world, security and stability have to be an integral part of the calculation. Hence, it is natural that strengthening defence and security cooperation with Mediterranean nations should actually parallel deeper economic links,” Jaishankar said.

“Energy cooperation is another crucial dimension. It is not just the region’s abundant oil and natural gas reserves, but its vast green hydrogen and green ammonia potential that present new opportunities for collaboration and I’m happy to see that Indian businesses are already active in exploring that,” he added.

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Jaishankar also touched on the scope for cooperation in the blue economy, such as marine resource management, sustainable fisheries, and coastal protection.

“Cooperating in shipping is particularly important and also the other aspects of maritime infrastructure and building the associated human resources is to our mutual benefit. I guess we all know already how deeply Indians are involved with global shipping.”

He urged Mediterranean countries to take advantage of initiatives such as “Make in India” and “Atmanirbhar Bharat” to invest and collaborate in sectors like renewable energy, digital infrastructure, and food processing.

“Our growth story means more opportunities for the world. Think about it. The target to set up renewable energy capacities of 500 GW by 2030, means an investment of US$250 billion. The food processing industry is expected to open up new avenues for collaboration. The Sagarmala ports modernisation programme, holds great possibilities across the logistics chain for Mediterranean economies who actually have a long history here.”

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