| Aspect | IMEC | BRI (Belt and Road Initiative); |
|---|---|---|
| Objectives | Enhance connectivity and economic integration between Asia, the Arabian Gulf, and Europe. Stimulate economic growth and incentivize investments in the region. | Establish a global trade and infrastructure network, fostering economic cooperation, and development across participating countries. |
| Scale | Significant but smaller in scale compared to BRI. | Massive in scale, involving cooperation with over 150 countries, galvanizing nearly $1 trillion in investments, and thousands of projects. |
| Signatory Countries | Saudi Arabia, European Union, India, the UAE, France, Germany, Italy, and the US, among others. | More than 150 countries and over 30 international organizations, including Italy, Saudi Arabia, and the UAE. |
| Financing; | Under development; details to be finalized. | Ongoing with extensive financial packages and cooperation agreements in place. |
| Geopolitical Considerations | Passes through countries like Jordan and Israel, which may present geopolitical challenges. | Faces geopolitical considerations and diplomatic challenges in coordinating with various nations. |
| Progress | Still in the planning phase, with MoU signatories expected to meet in two months to finalize details. | In its 10th year with numerous projects underway, but not without challenges related to coordination, financing, and geopolitics. |
| Challenges | Establishing a firm plan for the corridor, coordinating railway lines, roads, and port connectivity across multiple countries. | Coordinating with diverse countries, managing financial arrangements, addressing geopolitical issues, and diplomatic considerations. |
| Controversies and Concerns | No specific controversies mentioned yet. | Faces concerns related to debt traps for participating countries, as experienced by some nations, including Sri Lanka. |
Fill the below form to get free counselling for UPSC Civil Services exam preparation