INTERNATIONAL

Biden praises the investment in the India-Middle East-Europe Economic Corridor as “game-changing”

On Sunday, US Vice President Joe Biden praised the historic deal for a new India-Middle East-Europe Economic Corridor (IMEC) as a regional investment that would change the game. In a social media post, President Biden said that the project will connect ports on two continents, facilitate commerce, facilitate the export of clean energy, and provide access to dependable clean power.

The United States, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union have signed a historic deal for a new India-Middle East-Europe Economic Corridor, the US president said.

It’s not only about laying tracks in this project, you know. This regional investment will change the game.

On Saturday, India, the US, and a number of other big economies revealed an ambitious infrastructure project for a railway and maritime corridor intended to improve trade, energy, and internet connection.

The G20 Summit side event was co-chaired by President Biden and Prime Minister Narendra Modi. Along with Modi and Biden, other attendees included Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, UAE President Mohammed bin Zayed Al Nahyan, French President Emmanuel Macron, German Chancellor Olaf Scholz, Italian Prime Minister Giorgia Meloni, and European Commission President Ursula von der Leyen.

In his remarks at the G20 Summit’s Bharat Mandapam location, Prime Minister Modi remarked, “Today we have all seen the completion of a historic and vital accord. It will serve as a productive means of economic fusion between India, South Asia, and Europe in the approaching days.

“India does not impose restrictions on connection across regional boundaries. India has made improving connection with all areas a top priority. Increasing commerce and fostering mutual trust are also possible outcomes of connection between nations, according to Modi.

Modi later said in a post on X that the India-Middle East-Europe Economic Corridor “charts a path of shared hopes and desires, and promises to be a light of collaboration, innovation, and shared development. May this corridor serve as a symbol of global cooperation and human endeavor as history plays out.

The proposal, according to the ministry of foreign affairs, would have two distinct corridors: an eastern corridor linking India to the Gulf area and a northern corridor linking the Gulf region to Europe. The corridor will include a network of roads, ship-rail transportation, and railroads.

 

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