New Delhi, April 17 (IANS) The country is poised to become a trusted bridge of global connectivity through India-Middle East-Europe Economic Corridor (IMEC), Union Minister of Commerce and Industry, Piyush Goyal, has said.
Goyal said during an event here that the IMEC is a powerful endorsement of the leadership and partnership of India and Middle East and East Europe a very forward and visionary concept that has caught the fancy of the world.
The minister stated that IMEC is not merely a trade route, but a modern-day Silk Route — a partnership of equals — that fosters synergy, connectivity, and inclusive prosperity.
“It will bring down logistics costs by up to 30 per cent, reduce transportation time by 40 per cent, and create seamless trade linkages across continents,” he said, adding that “We will not only be linking trade; we will be linking civilisations and cultures — from Southeast Asia to the Gulf, from the Middle East to Central Europe.”
Highlighting its potential reach, Goyal added that IMEC could even enhance connectivity to Africa through the Middle East.
The corridor would include railways, roadways, energy pipelines, and clean energy infrastructure, including undersea cables. “India is already in discussions with Singapore on clean energy transmission. We are also engaged in dialogue with Saudi Arabia and the UAE,” he noted.
Goyal underscored the corridor’s emphasis on sustainability and digital connectivity. “This initiative respects sovereignty and territorial integrity. It is not about dominance or creating economic unions. It is a partnership built on mutual trust, inclusivity and sustainability,” he said.
The minister further outlined five key suggestions as a way forward for the IMEC initiative.
First, Goyal stressed the importance of viewing IMEC through the lens of a Public-Private Partnership (PPP). He emphasised that leaving the initiative solely to the government would limit its efficiency and financial viability.
Instead, he called for a collaborative model where the private sector leads, bringing to the table its real-world expertise, needs, and innovative capabilities.
Second, he highlighted the need to focus on Regulatory Connectivity, going beyond just physical infrastructure.
Third, he underlined the need for Innovative Financing Models to support both the development of the corridor and the trade it will generate.
Fourth, he recommended active engagement with industry bodies and trade associations, asserting that their insights are essential for designing a corridor that aligns with the real needs of businesses.
Lastly, Goyal proposed bringing in think tanks and academia to the visioning and design process. These institutions, he noted, bring creativity, research strength, and long-term thinking.
—IANS
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