India Set to become a Trusted Global Connectivity Link: Piyush Goyal
In the High-Level Roundtable on Connectivity and Economic Growth in New Delhi, Union Minister of Commerce and Industry, Piyush Goyal, said that country is poised to become a trusted bridge of global connectivity through India-Middle East-Europe Economic Corridor (IMEC).
IMEC is not merely a trade route, but a modern-day Silk Route -- a partnership of equals -- that fosters synergy, connectivity, and inclusive prosperity. It will bring down logistics costs by up to 30 percent, reduce transportation time by 40 percent, and create seamless trade linkages across continents.
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."
The IMEC initiative, as outlined by Goyal, aims to enhance connectivity across regions, including Africa through the Middle East, through infrastructure like railways, roadways, energy pipelines, clean energy systems, and undersea cables.
IMEC emphasizes sustainability, digital connectivity, and respect for sovereignty.
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Goyal proposed five key strategies for IMEC's success:
- Public-Private Partnership (PPP): Encouraging private sector leadership for efficient and innovative planning.
- Regulatory Connectivity: Aligning trade processes, customs, and digital systems for seamless cross-border movement, with models like India's UPI for financial transactions.
- Innovative Financing Models: Utilizing tools like green bonds and "IMEC Bonds" for sustainable funding.
- Industry Collaboration: Engaging trade associations to address bottlenecks and integrate economies.
- Think Tanks and Academia: Leveraging research and creativity for long-term solutions and capacity building.
India is committed to acting as a bridge for global cooperation under the principle of "Vasudhaiva Kutumbakam" (the world is one family).