### Summary
Under the rivalry between the US and China, many middle and small powers are making their own mark on the international order by reshaping the world economy, affecting the global balance of power, and increasing their economic weight, military potential, and diplomatic stature. These changes have been caused by unhappiness with globalization, the risks of overreliance on rivals for vital supplies, and the rise of China.
### Facts
- The unhappiness with globalization in the West, especially in America, has caused economic anxiety, social discontent, and political backlash.
- Covid-19 exposed the risks of overreliance on another country, especially a rival, for vital supplies.
- Russia's invasion of Ukraine revealed the EU's dependence on Moscow for energy.
- The rise of China has rattled the US and other countries, leading to the search for a new geo-economics.
- US allies in the Indo-Pacific are strengthening their defenses through military and technological cooperation with Washington.
- Geo-economics and geopolitics have merged, with the US leading in redefining globalization that does not harm national security, technological supremacy, and economic leadership.
- India is at the crossroads of new geo-economics and geopolitics, being America's natural geopolitical partner and an attractive partner in geo-economics.
- Middle powers like India are benefiting by aligning themselves with the US and forming independent groupings at the global or regional levels.
- Many players are multi-aligning and multi-networking through mini forums, ad hoc groupings, and shifting coalitions, making the international order very fluid.
### Summary
The Middle East's growing involvement in Africa's development is addressing critical economic and infrastructure needs and emerging as a lifeline for African nations facing a rising debt burden.
### Facts
- The Middle East's investment in Africa is filling the void left by China's retraction, with GCC investment reaching $8.3 billion in 2022.
- Traditional ties between the GCC and North Africa are shifting towards sub-Saharan Africa, creating new avenues for collaboration.
- The GCC's interest in Africa's growth is fueled by robust GDP figures and an abundance of available capital.
- The Middle East possesses ample capital and a sophisticated Islamic finance market that can cater to Africa's needs.
- The GCC's diversification away from natural resources has paved the way for substantial investment in various sectors, including infrastructure and food security.
- Challenges hindering growth in Africa include an infrastructure deficit and political instability.
- The UAE and Kenya are negotiating an economic partnership agreement to enhance bilateral trade.
The Middle East's investments in Africa hold the key to unlocking the continent's economic resurgence, as they address critical economic and infrastructure needs and offer new avenues for collaboration, particularly in sub-Saharan Africa, where Chinese investments have decreased. The GCC's interest in Africa's growth is fueled by robust GDP figures and an abundance of available capital, creating opportunities for partnerships in sectors such as infrastructure, telecoms, and food security. However, challenges such as the infrastructure deficit and political uncertainties need to be addressed to sustain this partnership.
Global leaders have announced a multinational rail and ports deal at the G20 summit in New Delhi, aiming to connect the Middle East and South Asia and provide an alternative to China's Belt and Road initiative.
US President Joe Biden described India's plan to build a rail and shipping corridor linking India with the Middle East and Europe as a "game-changing investment" during the G20 Summit, aiming to boost trade, transport energy resources, and improve digital connectivity.
India, along with several countries including the UAE, Saudi Arabia, EU, France, Italy, Germany, and the US, will launch an economic corridor connecting India, the Middle East, and Europe, which is expected to significantly boost trade and connectivity.
India, along with the US, EU, Saudi Arabia, and UAE, has signed a deal to establish the India-Middle East-Europe Economic Corridor (IMEE EC) as an alternative to China's One Belt One Road (OBOR) initiative, aiming to provide faster and cheaper transportation options to west Asia and Europe.
The India-Middle East-Europe Economic Corridor (IMEC), considered an alternative to China's Belt and Road Initiative, is being hailed as the "largest cooperation project in our history" by Israeli Prime Minister Benjamin Netanyahu, who believes it will reshape the Middle East and benefit the entire world.
The proposed India-Middle-East-Europe Corridor, seen as a rival to China's Belt And Road Project, will be a bankable project that brings in revenue and avoids the debt trap, according to Railway Minister Ashwini Vaishnaw.
Israel is set to become a global transportation hub as it plays a crucial role in the proposed India-Middle East-Europe Economic Corridor, which will connect the three regions through rail, gas, and fiber optics lines.
A new multibillion-dollar rail and shipping corridor called the India-Middle East-Europe Economic Corridor was announced at the G20 summit, which aims to enhance connectivity and integration between participating countries and boost economic growth in the Middle East.
A new ports and railway corridor for the Middle East and South Asia, which includes train links to India, has been unveiled at the G20 summit in Delhi as a response to China's Belt and Road Initiative.
The plan by the U.S. and India to build an alternative to China's Belt and Road Initiative could lead to better deals for countries along the route and is seen as healthy competition by participants at a conference in Hong Kong.
The emergence of a new era of Asian commerce is reshaping the continent's economic and political future, with greater regional trade, increased capital flows, and a shift towards intra-Asian investment and supply chains. This trend is driven by the growth of sophisticated supply chains, foreign direct investment, cross-border banking, and the Belt and Road Initiative, as well as the need to establish new supply chains and the rise of Asian savings and demography. The integration of Asian economies will have political ramifications, with a decline in America's economic importance and a more locally focused and less Western-facing continent.
Saudi Arabia's Crown Prince Mohammed bin Salman's attendance at the recent G20 summit in India, along with its inclusion in the China-dominated BRICS coalition and signing of the ship-to-rail economic corridor supported by President Joe Biden, highlights the complex web of alliances and economic opportunities arising from the rivalry between the US and China. These developments show the various economies caught between the two powers seeking to build their own strategic alliances and spheres of influence.
Saudi Arabia and India have significantly increased their level of engagement and cooperation, with numerous agreements signed during the recent visit of the Saudi crown prince to India, indicating potential for India to contribute to the Kingdom's Vision 2030 transformation plan and ongoing megaprojects such as NEOM.
India-Middle East-Europe Economic Corridor, proposed by India, the US, United Arab Emirates, and Saudi Arabia, aims to create shipping and railway links that will connect Europe and the Middle East to India and counter China's 'Belt and Road' initiative.
Western countries have an opportunity with the Partnership for Global Infrastructure and Investment (PGII) to counter China's struggling Belt and Road Initiative by providing a credible infrastructure plan for developing countries, but the financing and transparency of the PGII still need to be addressed.
India and Australia are discussing collaboration to lay undersea cables in South Asia and the wider Indo-Pacific region to enhance connectivity in developing nations as an alternative to China's efforts in the telecommunications and digital connectivity industry.
