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Monday, June 24, 2024

India-Middle-East-Europe corridor will make global supply chain more resilient: EEPC India


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New Delhi: The proposed India-Middle East-Europe Economic Corridor will prove to be a game-changer project and provide a huge impetus to global trade, EEPC India Chairman Arun Kumar Garodia said on Monday.

The US-backed corridor announced on the sidelines of G20 Leaders’ Summit seeks to connect India with Europe via the Middle East by sea and port.

“This will redefine the movement of goods and services across the three continents as it will bring down logistics costs and ensure quicker delivery of shipments,” Garodia said.

He said that for India’s engineering exports sector, both the Middle East and Europe are key markets, and having transport infrastructure of this scale will significantly enhance its competitiveness globally.

Garodia said that the investment in the transformative project will greatly boost economic activities, create jobs and most importantly help reduce carbon footprint.

The EEPC Chairman further said that the proposed corridor will also make the global supply chain more resilient.

The leaders of the United States, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union had last week on the sidelines of the G20 leaders’ summit announced

a Memorandum of Understanding committing to work together to develop the mega project.

“Through the India-Middle East-Europe Economic Corridor, we aim to usher in a new era of connectivity with a railway, linked through ports connecting Europe, the Middle East, and Asia,”

an official release from White House had said last week on the proposed corridor.

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