Biden Applauds India-Middle East-Europe Economic Corridor as Transformative Investment

The historic India-Middle East-Europe Economic Corridor (IMEC) is anticipated to ignite economic growth by bolstering connectivity and economic integration among Asia, the Arabian Gulf, and Europe.

US President Joe Biden celebrated this significant achievement, labeling the IMEC as a transformative regional investment. In a social media announcement, President Biden expressed his enthusiasm for the project, emphasizing its role in bridging ports across two continents. He highlighted its potential to facilitate trade, export clean energy, and expand access to reliable electricity.

"I'm proud to announce that the U.S., India, Saudi Arabia, UAE, France, Germany, Italy, and the EU have finalized a historic agreement for a new India-Middle East-Europe Economic Corridor," declared President Biden. "This project is about more than just laying tracks. This is a game-changing regional investment."

The IMEC initiative, unveiled by India, the US, and several major economies, includes a railway and shipping corridor with the aim of enhancing commerce, energy, and digital connectivity. The event was co-chaired by Prime Minister Narendra Modi and President Biden on the sidelines of the G20 Summit.

Other notable participants included European Commission President Ursula von der Leyen, French President Emmanuel Macron, German Chancellor Olaf Scholz, Italian Prime Minister Giorgia Meloni, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, and UAE President Mohammed bin Zayed Al Nahyan.

Speaking at the Bharat Mandapam venue of the G20 Summit, Prime Minister Modi emphasized the historic nature of the agreement, describing it as a pivotal step toward economic integration between India, South Asia, and Europe. He underscored India's commitment to expanding connectivity with all regions, believing that such connections not only boost trade but also foster mutual trust among nations.

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

In a subsequent post on X, Prime Minister Modi expressed his aspirations for the India-Middle East-Europe Economic Corridor, envisioning it as a symbol of cooperation, innovation, and shared progress. He emphasized its potential to unite continents and serve as a testament to human endeavor and unity.

According to the Ministry of External Affairs, the IMEC project will consist of two distinct corridors: an eastern corridor linking India to the Gulf region and a northern corridor connecting the Gulf region to Europe. These corridors will encompass a comprehensive network of railways, ship-rail transit, and road transport routes.

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