Biden hails India-Middle East-Europe Economic Corridor as ‘game-changing’ investment

US President Joe Biden on Sunday hailed the historic agreement for a new India-Middle East-Europe Economic Corridor (IMEC) as a game-changing regional investment. President Biden, in a social media post, said the project would bridge ports across two continents and would make it easier to trade, export clean energy, and expand access to reliable clean electricity.

“I'm proud to announce that the U.S., India, Saudi Arabia, UAE, France, Germany, Italy and EU finalized a historic agreement for a new India-Middle East-Europe Economic Corridor,” the US president said.

“This project is about more than just laying tracks. This is a game-changing regional investment.”

India along with the US and several major economies on Saturday unveiled an ambitious infrastructure initiative of a railway and shipping corridor aimed at enhancing commerce, energy and digital connectivity.

Prime Minister Narendra Modi and President Biden co-chaired the event on the sidelines of the G20 Summit. Besides Modi and Biden, European Commission President Ursula von der Leyen, French President Emmanuel Macron, German Chancellor Olaf Scholz, Italian Prime Minister Giorgia Meloni, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud and UAE President Mohammed bin Zayed Al Nahyan participated in the event.

Speaking at the Bharat Mandapam venue of the G20 Summit, PM Modi said, "Today we all have seen the conclusion of a historic and important agreement. In the coming days, it will be an effective medium of economic integration between India, South Asia, and Europe”.

"India does not limit connectivity into regional borders. It has been India's priority to increase connectivity with all regions. We believe that connectivity between various countries is not only a source of increasing trade but also for strengthening mutual trust," Modi said.

Later, in a post on X, Modi said, "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."

The ministry of external affairs said the project would comprise of two separate corridors, an eastern corridor connecting India to the Gulf region and a northern corridor connecting the Gulf region to Europe. The corridor will include a railway and ship-rail transit network and road transport routes.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.