India-Middle East-Europe Economic Corridor will create seamless trade link: Goyal

The India-Middle East-Europe Economic Corridor (IMEC) will establish smooth trade links across continents and reduce logistics costs by up to 30% while cutting down on transportation time by 40%, according to Union Minister of Commerce and Industry Piyush Goyal's statement on Friday.

Speaking at a forum on connectivity and economic growth in New Delhi, he declared, "We will not only be linking trade, but we will be linking civilizations and cultures — from Southeast Asia to the Gulf, from the Middle East to Central Europe." Goyal emphasized IMEC's potential reach, stating that it might potentially improve access to Africa via the Middle East.

Roads, railroads, energy pipelines, and sustainable energy infrastructure, including underwater cables, are all part of the proposed route. Singapore and India are already negotiating the transfer of clean energy. Additionally, we are in communication with the United Arab Emirates and Saudi Arabia," he stated.