Indian Finance Minister cites Israel-Gaza Conflict as geopolitical challenge to US-backed economic corridor

Shafaq News/ Indian Finance Minister Nirmala Sitharaman has raised concerns over the ongoing conflict between Israel and Hamas, stating that it presents a geopolitical challenge to the US-backed economic corridor.

Sitharaman expressed worry about the implications of the multinational economic corridor, supported by the United States, in the wake of the Israel-Gaza conflict.

The proposed corridor will pass through Israel, which has been engaged in a fierce conflict with Hamas in the Gaza Strip since October 7.

"It (the corridor) is not without its geopolitical challenges, and the ongoing conflict in Israel and Gaza is a worrying manifestation of these," Sitharaman said during a conference.

The Belt and Road Initiative (BRI) and U.S.-backed multinational economic corridors are competing infrastructure development initiatives aiming to connect countries and promote economic growth.

The BRI is a massive infrastructure development initiative launched by China in 2013. It aims to connect China to other countries through roads, railways, ports, and pipelines. The BRI is the largest infrastructure development project in history, with an estimated cost of over $8 trillion.

The United States has launched several multinational economic corridors in recent years, including the Build Back Better World (B3W) initiative, the Quadrilateral Security Dialogue (QUAD), and the Indo-Pacific Economic Framework (IPEF). These initiatives aim to counter China's BRI by providing alternative infrastructure development options for Asia, Africa, and the Middle East countries.

U.S.-backed multinational economic corridors are seen as a way to push back against China's growing influence.