External Affairs Minister S. Jaishankar was highly concerned on Friday regarding the increasing unpredictability of the international economic and political order, emphasizing in particular the weaponization of economic activity and the risks of concentrated manufacturing.
Speaking at the India-Italy Business, Science and Technology Forum, in the presence of Italian Deputy Prime Minister Antonio Tajani, Jaishankar emphasized the importance of robust partnerships to assist in securing India’s economic interests and strategic priorities at the earliest.
“Today, we find ourselves in a familiar yet transforming global order, one that is becoming increasingly complex and unpredictable,” he remarked. He noted that as recovery from the pandemic progresses, ongoing conflicts in Europe, the Middle East, and Asia have rendered supply chains more fragile and maritime shipping more disrupted.
Jaishankar added that geopolitical competition has intensified, with market shares being utilized and economic activity increasingly used as tools of political policy. “The over-concentration of industry and the dependency on supply chains are now urgent issues,” he stated.
The minister emphasized that governments and enterprises are struggling to match the quick speed of digitalization and technological transformation, but exacerbated by export control and trade restrictions. “Countries all over the world are understandably de-risking by establishing solid political and economic ties, diversifying trading and manufacturing partners, and investing in research and innovation,” he stated.
Jaishankar noted that India had made significant strides in forging strategic alliances with like-minded countries in recent years, and Italy was among them. “In most sectors, there is a natural complementarity that we have to capitalize on,” he said, referring to potential synergies in energy, transport, food processing, and light engineering.
He also cited the India-Middle East-Europe Economic Corridor (IMEEC) as a hallmark project that aims to establish a new economic axis for the world, energy delivery, and communication. The IMEC, which was solidified at the G20 Summit in Delhi in 2023, aims to develop massive road, railway, and shipping networks that link Saudi Arabia, India, the US, and Europe, further integrating the Middle East, Asia, and the West.
