India Middle East Europe Corridor can be new ‘Silk Route’ of 21st century: PM Modi

Prime Minister Narendra Modi on Tuesday said India Middle East Europe Corridor (IMEEC) could be the “new Silk Route” of the 21st century that would benefit future generations. He said both India and Saudi Arabia would have a key role to play to make the corridor a success.

IMEEC is a strategic multi-modal connectivity initiative launched through a memorandum of understanding (MoU) during the G20 Summit-2023 in New Delhi, whose signatories include India, the US, Saudi Arabia, the UAE, France, Germany, Italy and the European Union. IMEEC seeks to position itself as a viable alternative to China’s Belt and Road Initiative (BRI).

In his interview to Arab News, ahead of his two-day visit to Saudi Arabia, the Prime Minister said IMEEC would be "a key catalyst of commerce, connectivity and growth in the entire region".

Earlier, India on the PM’s Saudi Arabia visit had said the visit “reflects the importance India attaches to its bilateral relationship with the Kingdom of Saudi Arabia”.

On IMEEC, the PM said, “This corridor will define the future of connectivity in all forms for centuries to come. It will become the key catalyst of commerce, connectivity and growth in the entire region. The corridor will enhance connectivity in all its forms, be it physical or digital.”

“It will facilitate development of resilient and dependable supply chains, increase trade accessibility and improve trade facilitation. The corridor will increase efficiencies, reduce costs, enhance economic unity, generate jobs and lower greenhouse gas emission, resulting in a transformative integration of Asia, Europe and the Middle East,” he said.

He asserted, “Both India and Saudi Arabia have a key role to play in the success of this corridor.”

He said India was committed to working with its Saudi partners to realise the vision of connectivity, including multi-modal logistic connectivity, data connectivity and electrical grid connectivity. “We are working on clean and green hydrogen and related supply chains under this initiative,” said PM Modi.

On IMEEC, he said, “I can visualise that this initiative has a transformational potential for humanity. It can be the new Silk Route of the 21st century that will bring benefit to generations to come.”

The Prime Minister also welcomed deeper integration of Saudi and Indian businesses, particularly in emerging sectors like green hydrogen and technology.

He also congratulated Saudi Arabia for winning the bids to host World Expo 2030 and FIFA World Cup 2034, describing the dual successes as a matter of “immense pride.”

On India-Saudi Defence engagements, he said, “The growing Defence and security engagement and collaboration between the two countries is a reflection of deep mutual trust.”

Both countries, he said, had progressed their relations in counterterrorism, combating extremism, disrupting terror financing and tackling drug trafficking. “We are also exploring new frontiers of cooperation in cyber security, recognising its growing importance in today’s interconnected world,” the PM said.