The project aims to enhance economic connectivity, develop
and upgrade infrastructure, and boost trade between the involved parties.
Speaking
at the occasion of the launch of the corridor on the sidelines of the G20
Leaders' Summit in Delhi on Saturday, the Crown Prince said, “I am pleased
today that we are gathered in this friendly country to sign an MoU for an
economic corridor project connecting India with the Middle East and Europe.”
“This project is the culmination of our joint efforts over
the past few months.
“It is built on principles that serve the common interests
of our countries by enhancing economic connectivity and positively impacting
our partners in other countries and the global economy as a whole.”
He added, “This project will contribute to the development
and upgrading of infrastructure, including railways, port connections, and
increased flow of goods and services, thus enhancing trade between the parties
involved.
“It
will also extend pipelines for the export and import of electricity and
hydrogen to enhance global energy supply security, in addition to
high-efficiency, reliable cross-border data transmission cables.”
The Crown Prince highlighted that the MoU also supports
clean energy development efforts and will create new, high-quality employment
opportunities along the corridors for all parties.
"To
achieve what we have agreed upon in this memorandum, it requires the
continuation of our collective efforts and the immediate commencement of
developing the necessary mechanisms for its implementation within the
agreed-upon timeframe," he said.
He also expressed profound gratitude to all those who worked
together to take these foundational steps towards establishing this significant
economic corridor.
Indian
Prime Minister Narendra Modi announced the launch of the India-Middle
East-Europe connectivity corridor, which is the first of its kind initiative on
cooperation on connectivity and infrastructure involving India, UAE, Saudi
Arabia, EU, France, Italy, Germany, and the United States.
The governments of Saudi Arabia and United States announced that they had
signed a memorandum of understanding (MoU) between the two countries. The
bilateral MoU provides a framework for developing a protocol for establishing
intercontinental green transit corridors through the Kingdom to connect the
continent of Asia with the continent of Europe.
This project aims to facilitate the transit of renewable
electricity and clean hydrogen via transmission cables and pipelines as well as
constructing rail linkages.
It is also intended to enhance energy security, support
efforts for the development of clean energy, promote digital economy through
digital connectivity and transmission of data via fiber cables, and promote
trade and transport of goods by rail and through ports.
Saudi
Arabia welcomed the role of the United States to facilitate and support the
negotiation, establishment, and implementation of the green corridors transit
protocol with the relevant countries.
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