Global Gateway was launched in 2021 but still falls short of its potential. The Commission ought to seize the ongoing negotiations on the Multiannual Financial Framework for the period 2028 to 2034 as a timely opportunity – not merely to settle the budgetary arrangements for Global Gateway, but also to advance the initiative with greater strategic foresight. BDI proposes recommendations on how the EU should transform Global Gateway to increase the geopolitical impact of Europe’s external infrastructure investments.