‘Journey of dreams’: India-Middle East-Europe Economic Corridor is launched

In a post on X, Modi added: “As history unfolds, may this corridor be a testament to human endeavour and unity across continents.”

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. pic.twitter.com/vYBNo2oa5W

— Narendra Modi (@narendramodi) September 9, 2023

Speaking on the occasion, Biden said: “This is a big deal. This is really a big deal…a game changing regional investment…Building sustainable, resilient infrastructure, making quality infrastructure investments, and creating a better future… A future that presents greater opportunity, dignity, and prosperity for everyone.”

“Today, I’m proud to announce that we have finalized a historic agreement for a new India Middle East Europe Economic Corridor. As a key part of this corridor, we are going to invest in ships and rail that extends from India, all over Europe connected by the UAE, Saudi Arabia, Jordan, and Israel…,” Biden said.

In addition to India and the US, leaders of the European Union, France, Germany, Japan, Italy, Mauritius, and World Bank flagged the corridor widely seen as a strong counter to China’s Belt and Road initiative.

Speaking on the occasion, Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud announced participation of his country with a contribution of $20 billion.

Said European Commission president Ursula von der Leyen: “The India-Middle East-Europe Economic Corridor is nothing but historic. It will be the most direct connection to date between India, the Arabian Gulf and Europe with a rail link that will make trade between India and Europe 40 per cent faster.”

This will include an electricity cable and a clean hydrogen pipeline to promote clean energy trade between Asia, Middle-East and Europe, she said.

French President Emmanuel Macron declared his commitment to “invest alongside you on this road…for bigger opportunities, and to connect people.”

German Chancellor Olaf Scholz thanked Modi and Biden for convening the event. “I think it is important to remember that we launched the Partnership for Global Infrastructure & Investment (PGII) last year, and since then the PGII contributes to closing the global investment gap in quality infrastructure,” he said. He added: “We have to ensure that we implement (the corridor) successfully and Germany is committed to contribute in that regard.”

The launch of the corridor is a “milestone” in strengthening global interconnections, Italian Prime Minister Giorgia Meloni said. Thanking Modi and Biden, she said: “This will scale up our economic growth. Italy is ready to play a decisive role in this initiative and we want to contribute in building bridges between the Mediterranean and Indo Pacific.”