19 February 2024
Warehousing & logistics sector resilient amid investment drought
In the past decade, third-party logistic (3PL) companies emerged as a “preferred choice” for several businesses as these companies can optimise cost along with providing flexibility to their clients in case of demand uncertainty
Foreign Secretary Vinay S Kwatra on Wednesday emphasised on ensuring that economic cooperation stays its course despite the ongoing conflict in Gaza and disturbances in the Red Sea.
He was responding to a question on whether Israel's latest conflict would impact the India, Israel, the US and the United Arab Emirates (I2U2), and the proposed India Middle East Economic Corridor (IMEC).
Addressing a press conference on the second day of Prime Minister Narendra Modi's visit to the UAE, Kwatra said the conflict in Gaza and the situation in the Red Sea featured in the discussions with President Mohamed bin Zayed al Nahyan on Tuesday.
After tightening their diplomatic and economic ties over a few years, the I2U2 nations held their first virtual leader's summit in July 2022. The joint statement issued after the meeting of PM Modi, US President Joe Biden, Israeli Prime Minister Yair Lapid, and the UAE President had outlined a $2 billion plan by the UAE to develop a series of integrated food parks across India.
Meanwhile, Israel is also a key part of the IMEC initiative, which calls for a sea-land connectivity project linking India with the Middle East and Europe in an apparent move to counter China's controversial Belt and Road Initiative.
Source: /www.business-standard.com
