Saudi Arabia - India economic corridor worth billions of dollars launched by Prince MBS

Saudi Arabia - India economic corridor worth billions of dollars launched by Prince MBS

In a significant development, Saudi Crown Prince and Prime Minister Mohammed Bin Salman have unveiled a momentous memorandum of understanding (MoU) in New Delhi. This historic agreement is geared toward the establishment of an expansive economic corridor project that will forge a vital connection between India, the Middle East, and Europe.

This project stands as a testament to the collective aspirations of these nations to augment economic interconnectivity, foster infrastructure development, and invigorate trade among the participating entities.

Amidst the grandeur of the G20 Leaders' Summit in Delhi, the Crown Prince expressed his gratification at the signing of this MoU, hailing it as a culmination of collaborative efforts spanning several months. This visionary project, underpinned by principles of mutual interest, is poised to enhance economic ties and exert a positive influence on partnering nations and the global economy at large.

Furthermore, this transformative endeavor will contribute significantly to the evolution and refinement of essential infrastructure elements, encompassing railways, port connections, and the facilitated flow of goods and services. The economic corridor will not only expand pipelines for the import and export of electricity and hydrogen, thus fortifying global energy supply security, but it will also include high-efficiency, dependable cross-border data transmission cables.

Importantly, the MoU underscores its support for the advancement of clean energy initiatives and the creation of high-quality employment prospects along these corridors.

The journey towards realizing the aspirations outlined in this memorandum necessitates the sustained dedication of all involved parties. The immediate initiation of mechanisms to ensure timely implementation is paramount, as emphasized by the Crown Prince. This milestone in economic cooperation elicits profound gratitude for the collaborative spirit that has set the stage for the establishment of this significant economic corridor.

Indian Prime Minister Narendra Modi also underscored the significance of this endeavor, announcing the launch of the India-Middle East-Europe connectivity corridor, an unparalleled initiative that brings together nations such as India, UAE, Saudi Arabia, EU, France, Italy, Germany, and the US in a cooperative pursuit of connectivity and infrastructure development