Piyush Goyal, Union Minister of Commerce and Industry, spoke at the India-Middle East-Europe Economic Corridor (IMEC) High Level Roundtable on Connectivity and Economic Growth, in New Delhi. The Ministry of Commerce and Industry said in a release on Wednesday.
In his address, Goyal remarked that the IMEC is a strong affirmation of the leadership and partnership of India, Middle East and East Europe a ground-breaking and visionary concept that has captured the imagination of the world.
According to the statement, the Minister stated, “IMEC is not just a trade route, but a new Silk Route -- a partnership of equals - creating synergy, connectivity and shared 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.
He added, "We will not only be linking trade; we will be linking civilizations 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 shared.
As per the statement, 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.