The India-Middle East-Europe Economic Corridor (IMEC) is expected to reduce logistics costs by up to 30% and cut transportation time by 40%, Union Minister of Commerce and Industry Piyush Goyal said on Wednesday. The Minister was addressing the IMEC High-Level Roundtable on Connectivity and Economic Growth in New Delhi.
Highlighting these figures, Goyal said IMEC is poised to become a transformative corridor for global trade, offering faster, more cost-effective, and sustainable connectivity between Asia, the Middle East, and Europe.
“IMEC is not just a trade route — it’s a modern-day Silk Route, a partnership of equals that promotes synergy, connectivity, and inclusive prosperity,” said Goyal. “This corridor will seamlessly link economies and cultures — from Southeast Asia to the Gulf, and from the Middle East to Central Europe.”
Goyal noted that the corridor could also open new trade pathways to Africa, and will include railways, roadways, energy pipelines, undersea cables, and clean energy infrastructure. He added that India is already in talks with Singapore on clean energy transmission and is engaged in dialogue with Saudi Arabia and the UAE for broader collaboration.
Stressing that IMEC is a symbol of mutual trust and respect, Goyal said, “This initiative respects sovereignty and territorial integrity. It’s not about creating blocs or economic unions, but about forging partnerships based on inclusivity and sustainability.”
To ensure IMEC’s successful implementation, Goyal urged a public-private partnership for IMEC, with the private sector participation to boost efficiency and innovation. He stressed the need for regulatory connectivity, innovative financing models, and engagement with industry bodies. He also recommended involving think tanks and academia for the research-driven, long-term planning.