Central India’s Eastern European Economic Corridor is a modern Silk Road: Piyush Goyal
New Delhi: Union Commerce Minister Piyush Goyal said the Central Eastern European Economic Corridor (IMEC) is a transformative “modern Silk Road” that has the potential to reduce global logistics costs by 30% and reduce transportation time by 40% through public-private cooperation.
“It’s not just about the trade route; it’s about connecting civilizations while cutting costs and carbon footprint,” Goyal said on Wednesday, highlighting the integration of IMEC’s economic ambitions and cultural diplomacy.
The minister stressed its potential impact and said that IMEC could even strengthen connectivity with Africa through the Middle East. “The proposed corridor includes railways, roads, energy pipelines and clean energy infrastructure, including submarine cables,” he said.
The minister further stated that India is already in discussions with Singapore on the spread of clean energy. He added: “We also have dialogue with Saudi Arabia and the UAE. This initiative respects sovereignty and territorial integrity. It has nothing to do with domination or the establishment of an economic alliance. It is a partnership built on mutual trust, inclusion and sustainability.”
He outlined several suggestions, which are the path forward for the IMEC initiative, including public-private partnerships (PPPs) and regulatory connectivity. “Viewing the importance of IMEC leaving initiatives to governments through a PPP perspective will limit its efficiency and financial viability. This approach will ensure smarter and more cost-effective plans,” he said.
Regarding regulatory connectivity, he advocates for more consistent trade processes, customs procedures and paperwork among participating countries. He also cited India’s regulatory cooperation with the United Arab Emirates (UAE) as an example, adding that the successful implementation of the corridor will require seamless cross-border movement without excessive checkpoints.
