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The India-Middle East-Europe Economic Corridor (IMEC) revealed at G20 yesterday 9 September 2023 is the new rail corridor planned by India, UAE, Saudi Arabia, Israel, Jordan, Israel, Greece, France, Germany, Italy, the EU, and the USA. The Americans hail IMEC, this new “Spice Road”. Saudi Arabia speaks of a $ 20 billion investment.
This “Spice Road” will not replace China’s Belt and Road Initiative (BRI).
It will complement and improve it.
For example, the port of Haifa, Israel which is a part of the planned link will be operated by Hadani Ports & SEZ, part of the Hadani group of India.
But the Shanghai International Port Group (SIPG) operates the Bay Port of Haifa, Israel’s biggest port.
And the receiving port of Piraeus near Athens in Greece is operated by Piraeus Port Authority (PPA), which is publicly listed, but 67% owned by COSCO, a Chinese state-owned international port and shipping giant.
Piraeus is not only the largest port in Greece, but also one of the largest ports in Europe.
Piraeus is a key entry point of China’s BRI into Europe. The connection Haifa-Piraeus is already a key link in China’s BRI and this will only be enhanced by the IMEC supported by the US, the EU.
Dubai port is owned by the Dubai’s state-owned DP World. DP World is not officially part of China’s BRI, but Dubai port has signed cooperation agreements with the Chinese Ningbo-Zhoushan port and Zhejian Sea port.
Here again, the US-EU investment in IMEC will benefit global logistical links for China as well. the Great winners of the new link are of course UAE and Saudi Arabia, who cooperate both with China, BRICS, and the West.
DP World knows how to run these mega-logistic systems and how to connect them with China – DP World runs systems for the Eurasian Landbridge, the BRI railconnection which provides fast transit of goods from China via Kazakhstan and Russia to Germany. Saudi Arabia which used to be very isolated logistically for goods (except oil) now has an opportunity to become a global hub, if the railway link over the coming years can be expanded to Syria and Iraq and from there to Türkiye, Iran, Russia, Central Asia, and… China.
In other words: The $ 20 billion or more to be invested in the India-US-EU plan for a link between India and the EU will greatly benefit China by expanding the connectivity and thus potential of China’s Belt & Road Initiative. Through this, all China’s friends will benefit as well.
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Karsten Riise is a Master of Science (Econ) from Copenhagen Business School and has a university degree in Spanish Culture and Languages from Copenhagen University. He is the former Senior Vice President Chief Financial Officer (CFO) of Mercedes-Benz in Denmark and Sweden.
He is a regular contributor to Global Research.
