Union Minister of Commerce and Industry Piyush Goyal recently addressed the India-Middle East-Europe Economic Corridor (IMEC) High-Level Roundtable on Connectivity and Economic Growth in New Delhi, where he presented a comprehensive vision for this ambitious infrastructure project. 

Speaking at the event on April 16, 2025, Goyal characterised IMEC as a "powerful endorsement" of the leadership and partnership between India, the Middle East, and Eastern Europe, describing it as a forward-thinking concept that has captured global attention.

Goyal emphasised that IMEC represents far more than a simple trade route, calling it a "modern-day Silk Route" that establishes a partnership of equals fostering synergy, connectivity, and inclusive prosperity across regions.

The economic benefits are expected to be substantial, with projections indicating a 30% reduction in logistics costs and a 40% decrease in transportation time, creating 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," Goyal stated.

The corridor's scope is extensive, potentially extending connectivity to Africa through the Middle East. Infrastructure plans include railways, roadways, energy pipelines, and clean energy infrastructure, including undersea cables. India has already initiated discussions with Singapore regarding clean energy transmission and is engaged in dialogue with Saudi Arabia and the UAE on related matters.

The IMEC initiative was formally launched on September 9, 2023, during the G20 New Delhi summit, when a Memorandum of Understanding was signed by the governments of India, the United States, United Arab Emirates, Saudi Arabia, France, Germany, Italy, and the European Union. The project aims to bolster economic development by fostering connectivity and economic integration between Asia, the Persian Gulf, and Europe, with a proposed route from India to Europe through the UAE, Saudi Arabia, Israel, and Greece.

The corridor is structured as two separate pathways: an eastern corridor connecting India to the Arabian Gulf and a northern corridor linking the Arabian Gulf to Europe. It will include a railway network that will provide a reliable and cost-effective cross-border ship-to-rail transit system to supplement existing maritime and road transport routes. Along this railway route, participants intend to lay cables for electricity and digital connectivity, as well as pipes for clean hydrogen export.

IMEC is widely viewed as a strategic counterbalance to China's Belt and Road Initiative (BRI), highlighting India's increasing role in global infrastructure projects. The announcement builds on the G7's June 2023 pledge to raise $600 billion in private and public funds over five years for infrastructure projects in developing countries.

During his address, Goyal outlined five key suggestions for advancing the IMEC initiative:

First, he stressed the importance of viewing IMEC through the lens of a Public-Private Partnership (PPP), arguing that government-only initiatives would limit efficiency and financial viability. Instead, he advocated for a collaborative model where the private sector leads with its expertise, needs, and innovative capabilities.

Second, Goyal highlighted the need to focus on Regulatory Connectivity beyond physical infrastructure. He called for greater alignment in trade processes, customs procedures, and paperwork among participating nations, citing India's ongoing regulatory collaboration with the UAE as an example. He suggested that common digital payment systems, such as India's Unified Payments Interface (UPI), could serve as a model for enabling seamless financial transactions.

Third, he underlined the need for Innovative Financing Models to support both the development of the corridor and the trade it will generate, calling for active involvement of multilateral financial agencies and suggesting instruments like green bonds and long-term "IMEC Bonds."

Fourth, Goyal recommended active engagement with industry bodies and trade associations, asserting that their insights are essential for designing a corridor that aligns with the real needs of businesses.

Finally, he proposed bringing in Think Tanks and Academia to contribute creativity, research strength, and long-term thinking to the visioning and design process.

Goyal concluded by reiterating India's commitment to acting as a trusted, reliable bridge connecting regions and catalysing global cooperation, guided by the principle of "Vasudhaiva Kutumbakam" — the world is one family.

The IMEC represents a significant step in reshaping global trade routes and enhancing economic integration across three continents, with India positioned at its strategic centre. As the project progresses, it promises not only to transform physical connectivity but also to strengthen diplomatic and cultural ties between participating nations.

Agencies