G20 Summit: US President Joe Biden emphasised the importance of the India-Middle East-Europe Economic Corridor (IMEC), which was officially launched on Saturday. He described it as “a big deal” and a “game-changing investment” for the US. In order to promote job creation and improve food security on a global scale, he emphasised the US’s commitment to investing in the innovative train line that runs from Angola to the Indian Ocean. He predicted that in the future ten years, the phrase “economic corridor” will be widely used.
Narendra Modi Unveils IMEC during G20 Summit
The opening of IMEC was announced by Prime Minister Narendra Modi on Saturday, the first day of the G20 Summit. The United Arab Emirates, Saudi Arabia, the European Union, France, Italy, Germany, and the United States are working together on the plan. According to PM Modi, this corridor would serve as a “significant medium of economic integration between India, West Asia, and Europe,” opening up new possibilities for global connection and sustainable growth. He added, “This corridor will show a sustainable way to the whole world,” underscoring the significant opportunities this initiative aims to provide.
Two Strategic Routes; Eastern Corridor and Northern Artery
Through its two defined paths—the eastern corridor linking India to the Arabian Gulf and the northern artery connecting the Arabian Gulf to Europe—the joint initiative lays the groundwork for deeper economic cooperation between nations. These corridors will use a complex network of railways, maritime lanes, digital and electricity cable networks, and clean hydrogen export pipes to enable smoother passage of products and services. The corridor, which is anchored under the Partnership for Global Infrastructure Investment (PGII) banner and promoted by the G7 countries, seeks to be a strong rival to China’s Belt and Road Initiative. The G7’s joint initiative, facilitated by PGII, will finance infrastructure improvements in developing countries, thereby strengthening global economic ties with energy goods playing a key role in the improvement of trade between the participant countries.
Ursula von der Leyen Praises IMEC as the Shortest Path Between India, Middle East, and Europe
Ursula von der Leyen, president of the European Union, identified the corridor as the “most direct connection between India, the Middle East, and Europe,” highlighting the efficiency it promises by considerably cutting travel time by 40%. Mohd bin Salman, the Crown Prince and Prime Minister of Saudi Arabia, expressed excitement at the success of this revolutionary project. The White House described the planned rail system as a dependable and affordable alternative to the existing sea and road transit networks, greatly increasing the possibilities for global trade. The participating nations committed to moving on with this historic endeavour and diligently developing an action plan within the following 60 days.
PM Modi and World Leaders Highlight the Importance of Sovereignty
In order to emphasise the importance of sovereignty even more, PM Modi, US President Joe Biden, and a group of other world leaders echoed the call for respecting the sovereignty of all countries as they announced this project to connect the sea to the land. This clear emphasis served as a testament to the shared goal of balancing China‘s contentious Belt and Road Initiative. Ajay Banga, the head of the World Bank, French President Emmanuel Macron, German Chancellor Olaf Scholz, European Commission President Ursula von der Leyen, Italian Prime Minister Giorgia Meloni, and Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud were among the world leaders who converged for the high-level engagement.
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