Exporters in Ludhiana are cheering a big decision made at the recently concluded G20 Summit in New Delhi. They’re excited about the India-Middle East-Europe mega economic corridor. The project which involves India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US, is expected to be a game-changer for them, especially those who deal with garments and textiles.
The corridor will significantly reduce the cost and time required to transport goods from Ludhiana, a major exporter of Indian products to Europe.
“The decision to establish the India-Middle East-Europe Corridor is a historic one indeed. It will boost international trade from India to Europe and the Middle East. This corridor will offer a huge advantage to Ludhiana’s garment and textile industry, which is one of the biggest exporters of India’s products to Europe, but has been going through a tough time lately,” said Harish Dua, executive council member of Apparel Export Promotion Council to the ET.
Dua emphasised that when the corridor, set to enhance economic development by strengthening connectivity and economic integration between Asia, the Arabian Gulf, and Europe, becomes operational, garment exporters in Ludhiana will have the opportunity to lower their product prices and effectively compete with counterparts in Sri Lanka and Bangladesh.
According to garment exporters, the corridor will substantially speed up deliveries, nearly halving the delivery times. This could potentially provide a significant boost to their business sales.
