Union Commerce and Industry Minister Piyush Goyal, speaking at the India-Middle East-Europe Economic Corridor (IMEC) High-Level Roundtable on Connectivity and Economic Growth in New Delhi, emphasized India’s growing role as a reliable bridge connecting regions across Asia, the Middle East, and Europe. According to a statement released by the Ministry of Commerce and Industry, Goyal described IMEC as a visionary initiative that represents a powerful collaboration among India, the Middle East, and Eastern Europe. He likened it to a modern-day Silk Route that embodies mutual respect, equal partnership, and inclusive growth.

Goyal stressed that IMEC is not just a trade route but a broader symbol of connectivity that integrates infrastructure, culture, and commerce. The corridor is expected to reduce logistics costs by up to 30% and cut transport time by nearly 40%, enabling smooth and efficient trade across continents. He noted that the project would strengthen ties from Southeast Asia to the Gulf and from the Middle East to Central Europe, with the possibility of future expansion into Africa.

He shared that IMEC would include a network of railways, highways, energy pipelines, clean energy projects, and undersea cables. He pointed out India’s ongoing discussions with Singapore on clean energy transmission and active dialogue with countries like Saudi Arabia and the UAE. Highlighting the corridor’s focus on sustainability and digital integration, Goyal said the project respects national sovereignty and aims to foster collaboration—not dominance—among nations.

During his address, Goyal presented a broader vision for IMEC’s implementation, advocating for a strong public-private partnership to ensure innovation, flexibility, and financial viability. He called for harmonized regulations, streamlined customs procedures, and interoperable digital systems to support seamless trade. Referencing India’s digital payment success with UPI, he suggested similar models could reduce financial barriers and simplify cross-border transactions within the corridor.

He also underscored the importance of innovative financing, proposing green bonds and long-term infrastructure bonds to support the project. Goyal highlighted the need to actively involve industry bodies and trade associations to ensure the corridor reflects real business needs. He further emphasized the value of engaging think tanks and academic institutions for their insights and long-term strategic thinking. Reaffirming India’s commitment, Goyal said the country is ready to serve as a trusted and dependable link in this global network. He concluded by saying the IMEC initiative represents a collective step toward global cooperation, guided by the Indian ethos of Vasudhaiva Kutumbakam—the world is one family.

Disclaimer: This image is taken from PTI.