Economic Corridor: The India-Middle East-Europe Economic Corridor is a buzz around the world. While China and Pakistan are worried about this economic corridor, there are many countries that will benefit from this project. This economic corridor was recently announced at the G20 summit and this mega project was agreed upon. The corridor is considered part of China’s ‘Belt and Road Initiative’ (BRI). Apart from India, the United States, Saudi Arabia, United Arab Emirates, European Union, Italy, France and Germany are also involved in this project. Turkey is also hesitant about the project, even though it is another Muslim country that will suffer the most once the corridor is built.
The biggest damage caused by this economic corridor has been done in the Israeli media about this Muslim country. According to Israel’s ‘Economic Globes’ newspaper, Egypt will have to bear heavy economic losses due to the construction of this corridor. Because the construction of the corridor will reduce the freight passing through the Suez Canal. Due to which the income of Egypt is likely to decrease drastically. Currently, a large part of Egypt’s economy is derived from the revenue from shipping through the Suez Canal.
10% of Egypt’s trade goes through the Suez Canal alone.
The newspaper quoted Yoel Gozinsky, an expert on Gulf politics and security and senior researcher at Israel’s Institute for National Security Studies (INSS), as saying, ’10 percent of the world’s total trade and 7 percent of the oil trade used to pass through the Suez Canal. Is. . Currently, the Suez Canal is under the control of Egypt. But when an economic corridor is built from India to Europe, it will affect the global oil business. Due to which Egypt may have to suffer a huge revenue loss.
How much did the Suez Canal earn in a year?
The total revenue from the Suez Canal in the fiscal year 2022-23 was recorded at $9.4 billion, which is much higher than last year’s revenue of $7 billion. India-Middle East-Europe Economic Corridor: This is also a concern for Egypt as Egypt owes about $12.5 billion to the International Monetary Fund (IMF) and its economic condition is already poor. In this case, the income from the Suez Canal is important for Egypt. When the new economic corridor comes into existence, it will be a big shock for Egypt.
Russia and Iran were also shocked.
Israeli experts are also saying that this economic corridor will also deal a blow to the plans of Russia and Iran. The International North-South Transport Corridor, a project of Russia and Iran, will also suffer. Because India is included in this 7200 km long corridor. In fact, India is also included in the Middle East-Europe Economic Corridor. In such a situation, it will not be easy for India to work on two parallel projects simultaneously.
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