Saudi Arabia asserted the importance of the immediate commencement of developing the necessary mechanisms for the memorandum of understanding (MoU) for an economic corridor project connecting India with the Middle East and Europe.
The project, launched on the sidelines of the G20 Leaders' Summit, aims to enhance economic connectivity, develop and upgrade infrastructure, and boost trade between the involved parties.
Saudi Crown Prince Mohammed bin Salman announced, on Saturday, during his participation at various events on the sidelines of the G20, the signing of a memorandum of understanding to establish the economic corridor.
On Sunday, the Saudi Press Agency said that the memorandum of understanding includes Saudi Arabia, the UAE, the United States, Germany, India, France, Italy, and the European Union.
The project will contribute to developing and upgrading 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 and high-efficiency, reliable cross-border data transmission cables.
The Kingdom's contribution to the project stems from its strategic geographical location linking the East with the West, its leading global role as a reliable source of energy, and its competitive advantages that ensure the project's success.
"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," the Crown Prince said.
Meanwhile, Turkish President Recep Tayyip Erdogan announced that his country will work with Saudi Arabia, the UAE, and Iraq on a regional railway corridor and ports.
The White House stated that the India – Middle East – Europe Economic Corridor (IMEC) will comprise two separate corridors, the east corridor connecting India to the Arabian Gulf and the northern corridor connecting the Arabian Gulf to Europe.
Upon completion, it will include a railway that will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime and road transport routes.
The White House added that along "the railway route, Participants intend to enable the laying of cable for electricity and digital connectivity, as well as a pipe for clean hydrogen export. This corridor will secure regional supply chains, increase trade accessibility, improve trade facilitation, and support an increased emphasis on environmental, social, and government impacts."
The statement noted that the corridor will increase efficiencies, reduce costs, enhance economic unity, generate jobs, and lower greenhouse gas emissions, resulting in a transformative integration of Asia, Europe, and the Middle East.
The White House indicated that "the participants intend to meet within the next sixty days to develop and commit to an action plan with relevant timetables."
