Parekh is a Managing Director at Insight Partners, a growth equity investment fund based in New York City.
In their addresses to the UN General Assembly, US President Joe Biden and Turkish President Recep Tayyip Erdogan argued for their respective transport-cum-energy corridors.
Biden praised the India-Middle East-Europe Economic Corridor, saying the initiative would open up investment opportunities on two continents and create a more integrated and sustainable West Asia.
The India-Middle East-Europe Economic Corridor will have two parts — the east corridor connecting India to West Asia and the northern corridor connecting West Asia to Europe. It will include a rail line, which upon completion will provide cost-effective cross-border ship-to-rail transit network. It will supplement the existing multi-modal transport routes, enhancing transhipment of goods and services between South East Asia through India to West Asia and Europe.
Turkish president Erdogan had rejected the corridor announcement at the G20 conference, claiming it was impractical without Turkey’s involvement. His request to have Turkish ports be used for the corridor rather than Israel’s ports came in last.
Erdogan added that the “Development Road Project” run by Turkey will further boost inter-regional cooperation. The Turkish President briefly mentioned his idea for a transportation route connecting Asia and Europe in a speech that was primarily known for his thoughts on Kashmir, Palestine, and Xinjiang.
“We are working to broaden the spirit of collaboration in the energy sector, encompassing the eastern Mediterranean, the Caspian Basin, and the Balkans. Additionally, Turkey is in a geopolitical position in the transportation sector that enables it to assist all projects that will travel through or surrounding it, he added in his UNGA speech. Despite the fact that both corridors will utilize UAE ports, Iraq’s Development Road Initiative has a totally different approach.
The Turkey-Iraq “Development Road Project” seeks to construct a 1,200-km highway and a $17 billion high-speed railway that will reduce travel time between Eastern Asia and northern Europe by 15 days, while pipelines will bring West Asian gas to Europe.
At the high-level 78th session of the UN General Assembly, the president of Turkey addressed the Kashmir problem also. “The establishment of a just and lasting peace in Kashmir through dialogue and cooperation between India and Pakistan will pave the way for regional peace, stability, and prosperity in South Asia,” Erdogan added.