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Business News/ News / World/  G20 Summit: ‘Game-changing regional investment,’ says Joe Biden on India-Middle East-Europe Economic Corridor
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G20 Summit: ‘Game-changing regional investment,’ says Joe Biden on India-Middle East-Europe Economic Corridor

G20 Summit: US President Joe Biden hails the India-Middle East-Europe Economic Corridor as a transformative regional investment. The corridor was announced during the G20 Summit and involves collaboration between the US, India, Saudi Arabia, UAE, France, Germany, Italy, and the EU.

G20 Summit: New Delhi: Prime Minister Narendra Modi welcomes US President Joe Biden upon his arrival at the Bharat Mandapam for the Gala Dinner during the G20 Summit, in New Delhi, Saturday, Sept. 9, 2023. (PTI Photo) (PTI)Premium
G20 Summit: New Delhi: Prime Minister Narendra Modi welcomes US President Joe Biden upon his arrival at the Bharat Mandapam for the Gala Dinner during the G20 Summit, in New Delhi, Saturday, Sept. 9, 2023. (PTI Photo) (PTI)

Regarding the India-Middle East-Europe Economic Corridor, established during the G20 Summit in New Delhi on Saturday, US President Joe Biden described it as a transformative regional investment. Biden emphasized that this initiative extends beyond mere infrastructure development.

"I'm proud to announce that the US, 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 posted on X.

"This project is about more than just laying tracks. This is a game-changing regional investment," he added.

According to Prime Minister Narendra Modi, the India-Middle East-Europe Economic Corridor holds the potential to serve as a symbol of collaboration, innovation, and collective advancement.

Meanwhile, on board Air Force One, Jon Finer, Principal Deputy National Security Advisor of the White House speaks on the United States' railway deal with India, UAE and Saudi, “US President Joe Biden along with India, Saudi Arabia, UAE, France, Germany, Italy and European Union, announced a landmark commitment to work together to develop a new India-Middle East-Europe economic corridor."

Finer added that this transformative partnership has the potential to unleash a new era of economic activities from Europe to Asia with a railway, linked with ports, connected to the Middle East. “This will create a novel interconnected corridor to facilitate global trade, expand reliable access to electricity, facilitate clean energy distribution and strengthen telecommunication links," he added.

Also Read: G20 Summit: 'G20 can still drive solutions to our most pressing issues,’ says US President Joe Biden

“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," PM Modi wrote on ‘X’ on Saturday.

During the G20 Summit, Prime Minister Narendra Modi unveiled a groundbreaking initiative in collaboration with the United States, Saudi Arabia, and the European Union. They jointly declared plans to initiate a massive India-Middle East-Europe transportation corridor encompassing both shipping and railway connectivity.

Also Read: G20 Summit: PM Modi, Joe Biden to unveil rail and shipping corridor linking India to Middle East, Europe

The announcement was made in the presence of US President Joe Biden, Saudi Arabia's Prime Minister Mohammed bin Salman, and EU leaders, marking a historic agreement.

Also Read: G20 Summit: ‘India-Middle East-Europe' economic corridor, a modern-day spice route, announced. Details here

Additionally, it has the potential to serve as a substantial response to China's Belt and Road Initiative, which aimed to link various parts of the world to the Chinese economy.

During a call with reporters, Jon Finer outlined three key justifications for the project. Firstly, he emphasized that the corridor would boost economic prosperity among the participating countries by enhancing the transportation of energy resources and digital communications. Secondly, the initiative aims to tackle the infrastructure deficit that hampers growth in lower- and middle-income nations. Lastly, Finer suggested that the project could contribute to reducing tensions and instability in the Middle East, thereby improving overall regional security.

The White House more broadly is trying to strengthen the G20 as an international forum, while Chinese President Xi Jinping and Russian President Vladimir Putin have chosen not to attend. Still, China and Russia are represented at the summit and that could make it difficult for the G20 to produce a joint statement on the war in Ukraine, Finer said.

(With inputs from agencies)

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ABOUT THE AUTHOR
Mausam Jha
A journalist covering International Relations, and Business.
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Updated: 10 Sep 2023, 10:04 AM IST
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