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> MEDAgascar-II opens rock solid!
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MEDAgascar-II opens rock solid!
MEDA surprises like nobody’s business in economic development
If continents are a dividing factor, seas have often played the very opposite role in not just connecting people from distant regions but also in often giving a reason of commonality for people bordering the same sea. The Mediterranean region, which had in the past incubated some of the prominent civilisations like the Mesopotamian, the Greek, the Egyptian, the Roman and Turkish ones, is now again giving shape to the ascent to some of the bordering nations cutting across the continental factors. MEDA – or the Mediterranean Economic Development Area – is increasingly becoming a key economic block to reckon with.
And with some tacit support from the European Union, the MEDA Region is just a shade behind China when it comes to inward FDI for the year 2006 as per a report by ANIMA Investment Network. Though countries like Israel, Egypt and Turkey continue to take the lion’s share of the estimated $59 billion of investments that flew into that region in 2006, this block has the potential to not just bring in economic and subsequent social development in some of the coastal African and Asian countries like Morocco, Algeria, Jordan, Lebanon, Tunisia and Libya but in a chain reaction would also help in restricting a major menace inhibiting the European Union today, i.e. illegal migrants from Coastal Africa and Asia. If the proposed Euro-Mediterranean Free Trade Area sees the light of the day by 2010, then it would usher in a new era and would go a long way in making sure that the benefits of free trade and globalisation eventually start permeating down from rich Europe to its much poorer brethren in Africa and Asia as well. Thereafter, it is expected that in a domino effect, many of the mainland African countries too would take cue from their coastal neighbours and go for development while shedding the path of ethnic violence. MEDAgascar-II rocks!
By:- Pathikrit Payne
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