France Appoints Special Envoy to Railway and Ports Project
French President Emmanuel Macron has appointed former Engie CEO Gerard Mestrallet as a special envoy to a major railway and ports project aimed at rivaling China’s Belt and Road initiative. Macron’s objective is for France to emerge as a key player in the project, ensuring that French companies are well-positioned in the early stages.
The initiative, known as the India-Middle East-Europe Economic Corridor (IMEC), was launched last year and seeks to connect Middle East countries through railways and ports, facilitating energy and trade flow from the Gulf to Europe. The IMEC project aims to reduce shipping times, costs, and fuel consumption.
The European Union, Saudi Arabia, the UAE, the US, India, and other G20 nations have already signed a memorandum of understanding on the project.
As part of the initiative, power and data lines as well as a hydrogen pipeline derived from renewable energy will be laid along the railway route to facilitate power generation.
Analyst comment
Positive news: French President Emmanuel Macron appoints former Engie CEO Gerard Mestrallet as special envoy to a major railway and ports project aimed at rivaling China’s Belt and Road initiative. This appointment demonstrates France’s ambition to be a key player in the project and ensures the early positioning of French companies. The project, known as the IMEC, aims to connect Middle East countries through railways and ports, reducing shipping times, costs, and fuel consumption. The support of the European Union, Saudi Arabia, the UAE, the US, India, and other G20 nations further strengthens its potential success.
