'IMEC to cut logistics costs, boost maritime security'

The proposed India-Middle East-Europe Economic Corridor (IMEC) will add to India's maritime security and reduce the country's reliance on a few trade routes, Union Commerce and Industry Minister Piyush Goyal said on Friday.

- YASH KUMAR SINGHAL

IndiaBusiness Addressing Mediterranean Conclave organised by the Confederation of Indian Industry (CII), Goyal said IMEC will provide faster connectivity at lower logistics costs.

"IMEC was launched during India's G20 presidency, which aims to integrate India, Middle East, and Europe through the United Arab Emirates (UAE), Saudi Arabia, Jordan, Israel and the European Union (EU). It will add to India's maritime security and, as a strategy, it will reduce our reliance on very few routes which today can become detrimental to our maritime security", he added.