‘Exporters in Karnataka and other States will benefit from IMEC amid West Asia crisis’

Owing to geopolitical tensions in West Asia, connectivity was hindered with the Strait of Hormuz and Suez Canal as the choke points. Now with India-Middle East-Europe Economic Corridor (IMEC) gaining momentum as alternatives to the choke points, exporters from Karnataka and other States in India stand to gain in the global trade market, observed Kotraswamy M., Commissioner of Central Tax, Bengaluru North, here on Wednesday.

While speaking at a half-day seminar on “Navigating Geo-Political Challenges: Policy Measures and Preparedness to Build Resilience” jointly organised by the Bangalore Chamber of Industry and Commerce (BCIC) and the Indian Institute of Materials Management (IIMM), Mr. Kotraswamy said, “IMEC is now gaining momentum as a more efficient and more reliable pathway, instead of depending on routes like the Suez Canal, the Strait of Hormuz, or even the Cape route which are costly in terms of freight and sailing time.”