Washington DC (United States): The White House on Saturday welcomed the launch of the India-Middle East-Europe Economic Corridor and said that through it they aim to usher in a new era of connectivity.
"Today, we the leaders of the United States, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union announced a Memorandum of Understanding committing to work together to develop a new India-Middle East-Europe Economic Corridor," the White House said in a statement issued here.
Indian Prime Minister Narendra Modi in New Delhi on the opening day of the two-day G20 Summit announced the launch of the India-Middle East-Europe Economic Corridor in the presence of US President Joe Biden and a host of other world leaders.
"Announced at the G20 Leaders’ event on the Partnership for Global Infrastructure and Investment, this landmark corridor is expected to stimulate economic development through enhanced connectivity and economic integration across two continents, thus unlocking sustainable and inclusive economic growth," added the White House.
"Through the India-Middle East-Europe Economic Corridor, we aim to usher in a new era of connectivity with a railway, linked through ports connecting Europe, the Middle East, and Asia," it added.
According to the White House, the United States and their partners intend to link both continents to commercial hubs and facilitate the development and export of clean energy; lay undersea cables and link energy grids and telecommunication lines to expand reliable access to electricity; enable innovation of advanced clean energy technology; and connect communities to secure and stable Internet.
"Across the corridor, we envision driving existing trade and manufacturing and strengthening food security and supply chains. Our approach aims to unlock new investments from partners, including the private sector, and spur the creation of quality jobs," the White House added.
"Looking to the future, the United States underscores our unwavering commitment to pursuing transformative regional investments and working to build out this corridor together with our partners. These investments are a gateway to our future and underpin our shared vision of an open, secure, and prosperous future," it signed off.