IMEC to slash logistics costs by 30%, transit time by 40%, says Piyush Goyal

By Admin

21 Apr, 2025

A Game-Changer in Global Trade Connectivity

In a bold declaration during the IMEC High-Level Roundtable on Connectivity and Economic Growth held in New Delhi, Union Minister of Commerce and Industry, Piyush Goyal, shared the transformative potential of the India-Middle East-Europe Economic Corridor (IMEC). According to the minister, the corridor is expected to reduce logistics costs by up to 30% and cut transportation time by as much as 40%, positioning it as a breakthrough in international trade efficiency.

A Modern-Day Silk Route

Goyal emphasized that IMEC is far more than just a trade corridor — it's a visionary initiative that reimagines global commerce. “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,” he said. The corridor will forge seamless links between Asia, the Middle East, and Europe, while also potentially expanding trade routes to Africa.

Connecting Continents with Innovation

The proposed corridor is set to include a comprehensive infrastructure framework comprising:

• Railways and roadways
  
  

• Energy pipelines
  
  

• Undersea cables
  
  

• Clean energy infrastructure
  
  

This connectivity will not only reduce costs and time but also promote sustainable trade practices. Goyal noted that discussions are already underway with countries like Singapore for clean energy transmission, and Saudi Arabia and the UAE for broader collaboration in the corridor's development.

Public-Private Partnership: The Key to Success

To bring IMEC’s potential to life, Goyal highlighted the importance of a robust public-private partnership (PPP) model. He called upon the private sector to join forces to enhance efficiency, innovation, and implementation capacity. In addition, he advocated for:

• Regulatory connectivity
  
  

• Innovative financing solutions
  
  

• Industry engagement
  
  

• Involvement of think tanks and academia for research-driven, long-term strategies
  
  

Looking Ahead

IMEC is set to redefine global supply chains and economic integration. With strong backing from India and growing international interest, the corridor symbolizes a future where connectivity is not just about movement, but also about mutual growth, shared knowledge, and sustainable progress.

As the world watches, India is playing a pivotal role in creating a smarter, faster, and greener logistics landscape.