India, the USA, Saudi Arabia, UAE, the European Union, Italy, France, and Germany have joined hands through a Memorandum of Understanding (MoU) to initiate the India-Middle East-Europe Economic Corridor (IMEC). This ambitious project aims to establish interconnected shipping and rail networks that span from India to Europe, traversing the United Arab Emirates, Saudi Arabia, Jordan, and Israel.
The official announcement of the IMEC MoU took place during a special event co-chaired by Prime Minister Shri Narendra Modi and U.S. President Mr. Joe Biden. This event occurred on the sidelines of the G20 Summit held in New Delhi and focused on the Partnership for Global Infrastructure and Investment (PGII) and IMEC.
IMEC comprises two key components: an Eastern Corridor, which will link India to the Gulf region, and a Northern Corridor, which connects the Gulf region to Europe. These corridors will encompass an extensive network of railways, ship-rail transit routes, and roadways.
Prime Minister Modi emphasized that IMEC’s implementation will not only enhance connectivity and bolster trade but also foster trust among participating nations.
Jon Finer, President Biden’s principal deputy national security adviser, underscored the corridor’s objectives, which include promoting prosperity among the involved countries through increased energy and digital communication flows. It also seeks to address infrastructure deficiencies hindering growth in lower- and middle-income nations.
Ursula von der Leyen, European Commission President, hailed the “India-Middle East-Europe” economic corridor as historic, highlighting its potential to significantly expedite trade between India and Europe. She emphasized the corridor’s green and digital character, which encompasses electricity and data transmission cables. Additionally, the project incorporates a railway link, an electricity cable, a hydrogen pipeline, and a high-speed data cable, as outlined in documents prepared by the European Commission.