External Affairs Minister S. Jaishankar stated that India has been collaborating closely with like-minded nations to establish robust and reliable partnerships essential for addressing the nation’s economic interests and strategic priorities.
External Affairs Minister S. Jaishankar expressed his concerns on Friday regarding the growing unpredictability in the global political and economic landscape, highlighting the weaponization of economic activities and the excessive concentration of manufacturing.
During his address at the India-Italy Business, Science and Technology Forum, Jaishankar emphasized that India is actively engaging with like-minded countries to forge resilient and dependable partnerships that align with its economic objectives and strategic interests.
The forum also featured the participation of Italian Deputy Prime Minister Antonio Tajani.
“We convene today within a familiar yet evolving global political and economic framework that is becoming increasingly complex and unpredictable,” he remarked.
“While we are in the process of recovering from the pandemic, ongoing conflicts in Europe, the Middle East, and Asia remind us that our supply chains are more vulnerable and our maritime shipping is facing greater disruptions,” he noted.
He further stated, “Geopolitical competition has intensified as market shares are exploited and economic activities are weaponized. The over-concentration of manufacturing and the reliability of supply chains have emerged as critical issues.”
Jaishankar pointed out that both industries and governments are finding it challenging to adapt to the rapid pace of digitalization and technological advancements, which are further complicated by trade barriers and export controls.
“Countries worldwide are understandably taking steps to mitigate risks by establishing robust political and economic alliances, diversifying their manufacturing and trade partners, and investing in innovation and research,” he explained.
“We are observing these trends within our own borders as well,” he added.
Jaishankar affirmed that India has been collaborating closely with like-minded partners to cultivate such resilient and trustworthy partnerships in recent years.
“Italy holds a prominent position on that list for us. In various sectors, there exists a natural complementarity that we should leverage,” he stated.
Jaishankar emphasized, “In sectors such as energy, transportation, food processing, and light engineering, the technologies and best practices you possess facilitate successful collaboration.”
He also mentioned the proposed India-Middle East-Europe Economic Corridor (IMEEC).
According to him, this significant initiative will establish a new global axis for economies, energy resources, and communication.
The IMEC initiative was solidified during the G20 Summit held in Delhi in 2023.
Described as a groundbreaking project, the IMEC aims to develop extensive road, rail, and shipping networks connecting Saudi Arabia, India, the United States, and Europe, with the goal of fostering integration among Asia, the Middle East, and the West.
This information is supported by contributions from various agencies.
