New Economic Corridor linking India announced at G20Summit : The signing of a memorandum of understanding regarding the project to establish a new economic corridor connecting India was announced by the Kingdom of Saudi Arabia, the United States of America (USA), India, United Arab Emirates (UAE), Germany, Italy, and the European Union as a peak of the work done during the previous period, both Europe and the Middle East. Trending Video : Know all about Final Exit Visa of Saudi Arabia
In order to advance the Kingdom’s common interests, strengthen its financial relationship with its partners from other nations, and have a good impact on the world economy as a whole, this memorandum forms the underlying principles upon which it was created.
– This new economic corridor project will aid in the creation and restoration of the infrastructure, which includes railways and connecting ports to improve trade between the parties involved, increase the passage of goods and services, and extend lines and pipelines to transmit electricity and hydrogen to increase the security of the world’s energy supplies. Additionally, cables to transmit data through a cross-border network with high efficiency and reliability will be added.
– In order to achieve long-term gains along the new cross-border corridors, this memorandum will seek to improve economic integration and contribute to delivering new and excellent job possibilities. The officials at G20 Summit hailing the deal as Game Changer. See Also : Saudi Crown Prince Mohammed bin Salman at G20 Summit in New Delhi
– The Kingdom’s commitment to this project comes from its strategic location connecting East and West, its leading position as a trustworthy energy source around the world, and the competitive advantages it enjoys that make its involvement in this project essential to its success.
– The Kingdom stated that in order to achieve the goals set forth in this memorandum, it is necessary to maintain the current pace of efforts and to start immediately developing the necessary mechanisms for their implementation, within the time frame set forth in the memorandum.
– The announcement of a global rail and shipping project connecting India with the Middle East and Europe on the eve of the G20 meeting in New Delhi is seen as a threat to China’s regional economic aspirations.
– The new economic corridor, which would connect India, Saudi Arabia, the United Arab Emirates, Jordan, Israel, and the European Union, would improve digital connection while boosting trade and delivering energy supplies. It consists of railway lines and shipping lines that pass through these countries. Read : Saudi Arabia announces Global Logistical Hub master plan
– Crown Prince Mohammed bin Salman at the summit said that the new project will involve pipelines for electricity, hydrogen, and railroads and would improve global energy security.
– According to Jon Finer, the US deputy national security adviser, during the bloc’s annual summit in New Delhi, the agreement will benefit low- and middle-income countries in the area and enable the Middle East to play a crucial role in international trade.
– It will facilitate the flow of energy and trade from the Gulf to Europe by reducing shipping times, costs, and fuel use by connecting Middle Eastern countries by train and connecting them to India via port, according to US authorities.
– India has made improving communication with all regions a top priority, said Indian Prime Minister Narendra Modi, speaking through a translator. “We believe that connectivity is a means to not only increase mutual trade between different countries, but also increase mutual trust.” Follow Saudi Expatriates on Reddit