G-20 Summit: India-Middle East-Europe 'historic' economic corridor announced, Biden termed it 'big deal'

Prime Minister Narendra Modi, US President Joe Biden, Dubai Crown Prince Mohammad Bin Salman among other leaders jointly announced India-UAE-Europe economic corridor including railways and shipping links to boost economic activity in the region.

United States President Joe Biden termed the new economic corridor a 'big deal' adding that it was focused on building a sustainable, resilient infrastructure, making quality infrastructure investments, and creating a better future.

Jointly announcing the economic corridor project with PM Modi, Joe Biden said he was proud to announce that they have finalised a "historic agreement" for the new India-Middle East-Europe Economic Corridor.

"As key part of this corridor, we are



investing in ships and rails, that extends from India to Europe connected by the UAE, Saudi Arabia, Jordan and Israel. It will make it far easier to trade. I want to thank sponsors and particularly Prime Minister Modi and (Saudi Crown Prince) Mohammed bin Salman," he said.

The launch of the initiative was hailed as "historic" by leaders of all participating nations, including the co-chairs Prime Minister Narendra Modi and US President Joe Biden.

Besides Modi and Biden, 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 participated in the event.