‘Journey of dreams’: India-Middle East-Europe Economic Corridor is launched

4 min readNew DelhiUpdated: Sep 10, 2023 08:44 AM IST

Calling it a “beacon of cooperation and innovation” that charts a journey of “shared aspirations and dreams,” Prime Minister Narendra Modi, joined by US President Biden, and leaders from Saudi Arabia and Europe, unveiled the India-Middle East-Europe Economic Corridor, an ambitious infrastructure project aimed to connect India to Europe via West Asia.

Underlining the “historic agreement,” Modi said: “This will be an effective mode of economic integration between India, West Asia, and Europe, in the time to come. This will provide a sustainable direction to connectivity and development in the entire world…India does not measure connectivity in terms of regional borders. India’s main priority is to increase connectivity with all regions… Hamara manana hai ki connectivity vibhinna deshon ke beech, aapsi vyapar hi nahi, aapsi vishwas badhane ka bhi source hai. (We believe that connectivity is the source not only for fostering trade but also trust)”.

In a post on X, Modi added: “As history unfolds, may this corridor be a testament to human endeavour and unity across continents.”

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

Speaking on the occasion, Biden said: “This is a big deal. This is really a big deal…a game changing regional investment…Building sustainable, resilient infrastructure, making quality infrastructure investments, and creating a better future… A future that presents greater opportunity, dignity, and prosperity for everyone.”

“Today, I’m proud to announce that we have finalized a historic agreement for a new India Middle East Europe Economic Corridor. As a key part of this corridor, we are going to invest in ships and rail that extends from India, all over Europe connected by the UAE, Saudi Arabia, Jordan, and Israel…,” Biden said.

In addition to India and the US, leaders of the European Union, France, Germany, Japan, Italy, Mauritius, and World Bank flagged the corridor widely seen as a strong counter to China’s Belt and Road initiative.

Speaking on the occasion, Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud announced participation of his country with a contribution of $20 billion.

Said European Commission president Ursula von der Leyen: “The India-Middle East-Europe Economic Corridor is nothing but historic. It will be the most direct connection to date between India, the Arabian Gulf and Europe with a rail link that will make trade between India and Europe 40 per cent faster.”

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This will include an electricity cable and a clean hydrogen pipeline to promote clean energy trade between Asia, Middle-East and Europe, she said.

French President Emmanuel Macron declared his commitment to “invest alongside you on this road…for bigger opportunities, and to connect people.”

German Chancellor Olaf Scholz thanked Modi and Biden for convening the event. “I think it is important to remember that we launched the Partnership for Global Infrastructure & Investment (PGII) last year, and since then the PGII contributes to closing the global investment gap in quality infrastructure,” he said. He added: “We have to ensure that we implement (the corridor) successfully and Germany is committed to contribute in that regard.”

The launch of the corridor is a “milestone” in strengthening global interconnections, Italian Prime Minister Giorgia Meloni said. Thanking Modi and Biden, she said: “This will scale up our economic growth. Italy is ready to play a decisive role in this initiative and we want to contribute in building bridges between the Mediterranean and Indo Pacific.”

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Harikishan Sharma, Senior Assistant Editor at The Indian Express’ National Bureau, specializes in reporting on governance, policy, and data. He covers the Prime Minister’s Office and pivotal central ministries, such as the Ministry of Agriculture & Farmers’ Welfare, Ministry of Cooperation, Ministry of Consumer Affairs, Food and Public Distribution, Ministry of Rural Development, and Ministry of Jal Shakti. His work primarily revolves around reporting and policy analysis. In addition to this, he authors a weekly column titled “STATE-ISTICALLY SPEAKING,” which is prominently featured on The Indian Express website. In this column, he immerses readers in narratives deeply rooted in socio-economic, political, and electoral data, providing insightful perspectives on these critical aspects of governance and society. … Read More

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