The project was launched to bolster transportation and communication links between Europe and Asia through rail and shipping networks and is seen as a counter to China's
Belt and Road Initiative. The memorandum of understanding document has only mapped out the potential geography of a corridor and will compete against the current trade route going through the
Suez Canal.[7]
In September 2023, Turkish president
Recep Tayyip Erdogan criticised the project for bypassing
Turkey, and has vowed for an alternative route, the "Iraq Development Road Project", which is envisaged to connect the Persian Gulf with Europe through a railway and highway via ports in the
United Arab Emirates,
Qatar, and
Iraq, including the under-construction
Grand Faw Port.[11]
Despite these challenges, IMEC is viewed positively by participating countries, with expectations to foster economic development, enhance connectivity, and potentially rebalance trade and economic relations between the EU and China.[12] Saudi Arabia and the UAE, for instance, view IMEC not as a challenge to China but as an opportunity to diversify their economies and strengthen their positions as inter-regional connectivity hubs. This aligns with their broader economic visions and the desire to maximize their geopolitical influence across Asia and Europe.[13][14]