By John Ensor •
Updated: 09 Sep 2023 • 20:15
A historic development was unveiled today at the G20 summit held in India, which some are heralding as a new era in global connectivity.
On Saturday, September 9, Indian Prime Minister Narendra Modi, alongside US President Biden and leaders from Europe and Saudi Arabia, launched the India-Middle East-Europe Economic Corridor. This monumental project aims to link India with Europe through West Asia, writes Indian Express.
Heralding this ground-breaking initiative, Modi expressed, ‘This will be an effective mode of economic integration between India, West Asia, and Europe, in the future. This will guide the world towards sustainable connectivity and growth… India doesn’t see connectivity merely in terms of regional boundaries. Our primary goal is to enhance connections with all regions…We believe that connectivity is the source not only for fostering trade but also trust.’
In an online post, Modi stated, ‘Charting a journey of shared aspirations and dreams, the India-Middle East-Europe Economic Corridor promises to be a beacon of cooperation, innovation, and shared progress. As history unfolds, may this corridor be a testament to human endeavour and unity across continents.’
Biden, echoing the sentiment, remarked, ‘This is a significant development… a transformative regional investment… Building sustainable, resilient infrastructure, ensuring quality infrastructure investments, and envisioning a brighter future… A future that offers more opportunities, dignity, and prosperity for all.’
He further announced, ‘Today, I’m proud to reveal that we have sealed a historic agreement for a new India Middle East Europe Economic Corridor. A central component of this corridor will be investments in ships and rail that span from India to Europe, connected by the UAE, Saudi Arabia, Jordan, and Israel.’
Leaders from the European Union, France, Germany, Japan, Italy, Mauritius, and the World Bank endorsed the corridor, viewing it as a robust response to China’s Belt and Road initiative.
Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al Saud, pledged a contribution of $20 billion.
European Commission president Ursula von der Leyen commented, ‘The India-Middle East-Europe Economic Corridor is undeniably historic. It will establish the most direct link so far between India, the Arabian Gulf and Europe with a rail connection that will make trade between India and Europe 40 per cent swifter.’
She also mentioned the inclusion of an electricity cable and a clean hydrogen pipeline to foster clean energy trade between Asia, Middle East, and Europe.
French President Emmanuel Macron voiced his commitment, saying, ‘I pledge to invest alongside you on this path… to create larger opportunities and to unite people.’
German Chancellor Olaf Scholz expressed gratitude to Modi and Biden, recalling, ‘We initiated the Partnership for Global Infrastructure & Investment (PGII) last year, and since then the PGII aids in bridging the global investment gap in top-notch infrastructure.’ He emphasised Germany’s dedication to the project’s success.
Italian Prime Minister Giorgia Meloni labelled the corridor’s inauguration as a ‘landmark’ in fortifying global ties. She affirmed, ‘This will amplify our economic ascent. Italy is poised to play a pivotal role in this venture and we aim to be the bridge between the Mediterranean and Indo Pacific.’
Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don't already have one. Review our
Originally from Doncaster, Yorkshire, John now lives in Galicia, Northern Spain with his wife Nina.
He is passionate about news, music, cycling and animals.
Download our media pack in either English or Spanish.