New Delhi— India is poised to emerge as a trusted bridge for global connectivity through the India-Middle East-Europe Economic Corridor (IMEC), Union Commerce and Industry Minister Piyush Goyal said on Wednesday.
Speaking at an event in the capital, Goyal described IMEC as a “modern-day Silk Route” that goes beyond trade — a visionary partnership of equals fostering synergy, sustainability, and inclusive prosperity.
“This corridor is a powerful endorsement of India’s growing global leadership and a testament to the collaborative potential between India, the Middle East, and Eastern Europe,” he said. “It’s not just about linking trade, it’s about linking civilizations — from Southeast Asia to the Gulf, and from the Middle East to Central Europe.”
Goyal emphasized that IMEC will significantly reduce logistics costs by up to 30% and cut transportation time by nearly 40%, creating seamless trade linkages across continents. He added that the corridor also has the potential to enhance connectivity with Africa via the Middle East.
The corridor will include multimodal infrastructure—railways, roadways, energy pipelines, clean energy systems, and undersea cables. India is already in talks with Singapore on clean energy transmission and is also engaging with Saudi Arabia and the UAE on related initiatives, Goyal noted.
Highlighting its core values, the minister said, “IMEC respects sovereignty and territorial integrity. It is not about dominance or economic unions. It’s a partnership built on mutual trust, sustainability, and inclusivity.”
To ensure the corridor’s success, Goyal outlined five key strategic suggestions:
- Public-Private Partnership (PPP): Goyal urged that IMEC should not be left solely to governments. A private-sector-led model would enhance efficiency, innovation, and financial viability.
- Regulatory Connectivity: Beyond physical infrastructure, he stressed the importance of harmonizing regulations to ensure smooth operations across borders.
- Innovative Financing Models: To fund the corridor and support trade activities, Goyal called for creative financial frameworks that can attract global investment.
- Industry Engagement: He recommended close collaboration with industry bodies and trade associations to ensure the corridor is designed around real-world business needs.
- Academic and Think Tank Involvement: Goyal proposed involving research institutions and think tanks in the planning and design process, bringing in long-term vision, creativity, and strategic insights.
The IMEC initiative, announced at the G20 Summit in New Delhi in 2023, is expected to be a game-changer for cross-continental trade and cooperation, placing India at the center of a new global connectivity network. (Source: IANS)
