At the G20 Summit on Saturday, Prime Minister Narendra Modi and other world leaders launched the India-Middle East-Europe economic corridor in an effort to enhance trade ties.
Launching the corridor, PM Modi said that it will give a new direction to connectivity and sustainable development. "In times to come, the corridor will become an effective medium for economic integration of India, the Middle East and Europe," he said.
PM Modi also said that the 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," he wrote on X (formerly Twitter).
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
Emphasising that strong connectivity and infrastructure are the fundamental basis for the development of human civilisation, the prime minister said, "India has given top priority to connectivity and infrastructure in its development journey."
Calling it "a real big deal", US President Joe Biden said, "I want to thank Prime Minister Modi. Building sustainable, resilient infrastructure, making quality infrastructure investments and creating a better future... Last year, we came together to commit to this vision."
#WATCH | G-20 in India: US President Joe Biden says, "This is a real big deal. I want to thank PM. One Earth, One Family, One Future that's the focus of this G 20 Summit. And in many ways, it's also the focus of this partnership that we're talking about today. Building… pic.twitter.com/XffltBQipsSeptember 9, 2023
Besides, European Commission president Ursula von der Leyen also called the launch "historic".
As he launched the India-Middle East-Europe connectivity corridor, PM Modi said investments are also being made in social, digital and financial infrastructure.
The corridor would link railways and port facilities across the Middle East, including the United Arab Emirates, Saudi Arabia, Jordan and Israel, reported news agency AFP.
The project has the potential to speed up trade between India and Europe by up to 40 per cent.
"A shipping container that travels from Mumbai, through the Suez Canal to Europe, could in the future go by rail from Dubai to Haifa in Israel, and later to Europe," Pramit Pal Chaudhuri, South Asia practice head at the Eurasia Group, told AFP.
He said money and time would be saved if his prediction became a reality.
(With agency input)