Courtesy: PIB, New Delhi | Updated – April 16, 2025 at 12:15PM – IST
Union Minister of Commerce and Industry Piyush Goyal addresses High-Level Roundtable on IMEC
Union Minister of Commerce and Industry, Shri Piyush Goyal, delivered a keynote address at the India-Middle East-Europe Economic Corridor (IMEC) High-Level Roundtable in New Delhi. He highlighted IMEC as a transformative initiative, likening it to a modern Silk Route that goes beyond trade routes to connect civilizations from Southeast Asia to Central Europe via the Gulf and the Middle East. Emphasizing its potential, Shri Goyal outlined benefits such as a 30% reduction in logistics costs and 40% shorter transportation times, aimed at fostering seamless trade across continents.
He underscored IMEC’s comprehensive scope, including infrastructure like railways, roadways, energy pipelines, and clean energy projects. Shri Goyal emphasized sustainability and digital connectivity, advocating for a Public-Private Partnership (PPP) approach to ensure efficiency and innovation in planning and execution. He also highlighted the importance of Regulatory Connectivity, proposing streamlined trade processes and harmonized regulations among participating nations to facilitate smooth cross-border movements.
Lastly, Shri Goyal called for Innovative Financing Models involving multilateral financial agencies and instruments like green bonds to support IMEC’s development. He stressed the engagement of industry bodies, trade associations, Think Tanks, and Academia to design a corridor that addresses businesses’ needs and promotes long-term economic growth and resilience.