The India-Middle East-Europe Economic Corridor will provide huge momentum to global trade, the Engineering Exports Promotion Council India (EEPC India) said on Monday. The economic corridor was announced last weekend at the recently concluded G20 Summit in New Delhi. The council stated that it would prove to be a major game changer for the world economy.
The council chairman, Arun Kumar Garodia, noted that the corridor will help strengthen the global supply chain. The corridor aims to connect India and Europe via the Middle East by sea and port. “This will redefine the movement of goods and services across the continents as it will bring down logistics costs and ensure quicker delivery of shipments,” said Garodia, as reported by PTI.
The chairman noted that the Middle East and Europe are major markets for the Indian engineering exports sector, and a transport structure of this huge scale will help boost the competitiveness globally. He added that the investment in the project will facilitate economic activities, generate employment, and also help reduce carbon footprint.
In the G20 Summit 2023 on September 9, India, the US along with other forum members launched the economic corridor project. Prime Narendra Modi stressed on the need to maintain the respect for sovereignty and territorial integrity of all countries and simultaneously, promote connectivity initiatives.
EEPC India further stated that achievements like the inclusion of the African Union into the G20 and the launch of the Biofuel Alliance will contribute positively to trade and investment, and facilitate the development of sustainable growth paths in the world.
Talking about the engineering export sector, the chairman added, “At a time when the engineering exporting community is looking for new markets, permanent member status to the African Union on the proposal of India will create significant goodwill for Indian businesses in African countries.”