New Delhi, September 9
Top world leaders including US President Joe Biden and Prime Minister Narendra Modi on Saturday announced plans to build a mega rail and shipping corridor linking India with the Middle East and Europe, in order to undercut China’s Belt and Road Initiative in the region.
“It will give new direction to connectivity and sustainable development of the entire world,” said PM Modi on the “India-Middle East-Europe Corridor”.
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
The historic and first-of-its-kind initiative for cooperation on connectivity and infrastructure involves India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US.
Israel and Jordan, though not mentioned, will also be part of the initiative.
Significantly, the Adani Group controls a port in Israel and has plans to buy stakes in ports in Greece and Lithuania.
“In times to come, it will become an effective medium for economic integration of India, Middle East, Europe,” added PM Modi.
“This is a big deal,” said Biden at a joint press meet where, besides PM Modi, he was flanked among others by European Commission President Ursula von der Leyen, Saudi Arabian Crown Prince Mohamed bin Salman, UAE President Sheikh Mohamed bin Zayed Al Nahyan and Japanese PM Fumio Kishida.
The corridor would boost trade, transport energy resources and improve digital connectivity. It would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union, said US NSA Jake Sullivan.
Von der Leyen also announced a “Trans-African Corridor” connecting the Angolan port of Lobito with landlocked areas in the mineral-rich countries of Democratic Republic of Congo and Zambia.
Biden said this would be a “game changing regional investment” and “both of these are huge, huge steps forward.”
The leaders did not expound on how the projects will be bankrolled or what will be the timeline for completion. The project is part of an initiative called the Partnership for Global Infrastructure Investment.
“We think that the project itself is bold and transformative, but the vision behind the project is equally bold and transformative, and we will see it replicated in other parts of the world as well,” said Sullivan.
Most Read In 24 Hours
Don't MissView All
Rising trend of people leaving Canada risks undermining one ...
Shri Rashtriya Rajput Karni Sena chief Gogamedi was gunned d...
The accident occurred near Dubhaura village on Bareilly-Nain...
In 2022-23, banks got 11,133 applications vs 10,414 in neigh...
In the northern region, largest chunk of forest under encroa...