Our Bureau
New Delhi
Citing the transformative significance of India-Middle East-Europe Economic Corridor (IMEC), Union Commerce Minister Piyush Goyal has called it “modern-day Silk Route”, which can likely reduce global logistics costs by 30% and transportation time by 40% through public-private partnership (PPP).
While sharing his vison at a high-level roundtable in New Delhi, Goyal said, “This isn’t just about trade routes; it’s about linking civilizations while cutting costs and carbon footprints.” He asserted that IMEC is a blend of economic ambition and cultural diplomacy.
He further stated, “”India is already in discussions with Singapore on clean energy transmission. We are also engaged in dialogue with Saudi Arabia and the UAE.”
According to Goyal, the government cannot function in isolation and will require equal participation of private players for the success of IMEC. Therefore, he urged private companies to come forward for planning for cost efficiency and innovation. “Governments alone cannot deliver this vision. The private sector’s expertise will ensure smarter solutions and financial viability,” he said.
Highlighting regulatory connectivity as priority, Goyal urged going beyond just physical infrastructure, for IMEC to be successful. He rallied for greater alignment in trade processes, customs procedures, and paperwork among participating nations.
He suggested that common digital payment systems, such as India’s Unified Payments Interface (UPI), could also be a great tool for conducting seamless financial transactions.
IMEC aims to create seamless trade linkages across Asia, the Middle East, and Europe, with plans to extend connectivity to Africa. The corridor will integrate railways, roadways, energy pipelines, and undersea cables.
