Tag: India-Middle East-Europe Economic Corridor

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MoU Announced for India-Middle East-Europe Economic Corridor

The Corridor will consist of two separate corridors: the East Corridor connecting India to West Asia and the Middle East, and the Northern Corridor connecting West Asia and the Middle East to Europe…reports Asian Lite News

The proposed India-Middle East-Europe Economic Corridor will give a “fillip” to Gujarat’s “potential” as an investment hub, said state government officials, adding that the coastal state is the gateway to the Middle East, Africa, Eastern Europe, and Central Asia.

Rahul Gupta, Chairman and Managing Director of Gujarat Industrial Investment Corporation, exuded confidence over the positive impact of the ambitious corridor, given the strategic position of the state.

In a response to a query from media persons, Gupta said, “We (Gujarat) have a 1,600-km coastline, the longest in the country. We are strategically located, and given the number of ports along our coastline and the fact that we are almost handling more than 40 per cent of India’s port cargo, Gujarat, even today, is a gateway to not only the Middle East but also Africa, Eastern Europe, and Central Asia. So, the kind of project you are referring to, I believe will give further fillip to the potential that the state has.”

During the G20 Summit last month in New Delhi, India, the United States, 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 Corridor will consist of two separate corridors: the East Corridor connecting India to West Asia and the Middle East, and the Northern Corridor connecting West Asia and the Middle East to Europe.

It will include a rail line, which, upon completion, will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement the existing multi-modal transport routes, enhancing the transhipment of goods and services from South East Asia through India to West Asia and Middle East Europe.

Last week, Prime Minister Narendra Modi praised the corridor and said it “is going to become the basis of world trade for hundreds of years to come, and history will always remember that this corridor was initiated on Indian soil”.

To further the growth of the state, the Gujarat government has announced that the 10th edition of the Vibrant Gujarat Summit will be organised in 2024 January. It is a biennial event. The last Vibrant Gujarat summit was organized in 2019. However, due to the Covid-19 pandemic, the government could not go ahead with its plans to organise the summit in 2021.

“Even in those years of COVID, there was no let down. The relentless effort of state departments on the road to growth The growth never decelerated. notwithstanding, we went ahead with our downward march. All these economic activities—factories, making forays into newer areas, engaging emerging technologies,” state’s Additional Chief Secretary (Industries and Mines), S J Haider said last week.

ALSO READ-Netanyahu Hails India-Middle East-Europe Corridor As A ‘Blessing’

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Netanyahu Hails India-Middle East-Europe Corridor As A ‘Blessing’

PM Benjamin Netanyahu says Israel will benefit from it by becoming “a bridge of peace”.

Israel Prime Minister Benjamin Netanyahu on Friday hailed the India-to-Europe Economic Corridor as a “blessing” that will dramatically lower costs for over 2 billion people.

At the G20 Summit in New Delhi “we saw another blessing in sight”, he said of the “plans for the visionary corridor” announced by Prime Minister Narendra Modi and President Joe Biden.

“It will connect India to Europe with maritime links, rail links, energy pipelines, fibre optic cables, this corridor will bypass maritime checkpoints or choke points rather, and dramatically lower the cost of goods, communication and energy for over 2 billion people,” he said, while speaking at the United Nations General Assembly. 

Israel will benefit from it by becoming “a bridge of peace”.

Situated on the crossroads of Asia, Africa and Europe, Netanyahu said that “for centuries, my country was repeatedly invaded by empires passing through it in their campaigns of plunder and conquest elsewhere. But today, today as we tear down the walls of enmity Israel can become a bridge of peace and prosperity between these continents and prosperity between these continents [Asia and Europe]”.

Netanyahu, who uses props in his addresses to the UN, pulled up a map of the region and with a red marker dramatically traced the route of the India-to-Europe Corridor.

He attributed the plans for the corridor to the normalising relations between Israel and its Arab nations.

In particular, he mentioned the attempts to normalise ties with Saudi Arabia that the two countries are pursuing with the US.

“Every day we get closer,” Saudi Arabia’s Crown Prince Mohammed bin Salman had said in a Fox News interview on Wednesday.

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India-Middle East-Europe Mega Economic Corridor Launched

This is a historic and first-of-its-kind initiative on cooperation on connectivity and infrastructure involving India, UAE, Saudi Arabia, EU, France, Italy, Germany and the US.

India, the United States, Saudi Arabia and the European Union on Saturday announced a historic agreement to soon launch a mega India-Middle East-Europe shipping and railway connectivity corridor.

Prime Minister Narendra Modi made the announcement for the ambitious project on the sidelines of the G20 Summit and was flanked by US President US Biden, Saudi Arabia Prime Minister Mohammed bin Salman and leaders of the EU.

This is a historic and first-of-its-kind initiative on cooperation on connectivity and infrastructure involving India, UAE, Saudi Arabia, EU, France, Italy, Germany and the US.

Speaking after the launch, PM Modi said, “I cordially welcome you all at this event. I am very happy to co-chair this event with my friend President Joe Biden. Today we all have seen the conclusion of a historic and important agreement. In the coming days, it will be an effective medium of economic integration between India, South Asia, and Europe”.

Speaking at the Bharat Mandapam venue of the G20 Summit here, PM Modi said the mega-deal will give a sustainable direction to connectivity and sustainability across the world.

He also congratulated all the leaders who were part of the connectivity corridor. 

“Strong connectivity and infrastructure are the foundation of the development of human civilisation. India has given this issue utmost priority during its course of development. Along with physical infrastructure, unprecedented investments are being made in social, economic and financial infrastructure as well,” PM Modi said.

He added, “Through this, we are laying a strong foundation for a developed India. As a reliable partner, India has set up infrastructure projects in the field of railways, energy, and technology partnerships, among the nations of the Global South. We have laid special emphasis on a demand-driven and transparent approach”.

The Prime Minister further stressed respecting sovereignty and regional integrity and stated that connectivity between different countries not only increases business but also trust between them.

“We believe connectivity between different countries increases not only business but trust between them. By promoting connectivity initiative, we need to ensure we stick to philosophies, that is, adhesion to international rules, respect for all nations’ sovereignty and regional integrity,” PM Modi said.

The infrastructure deal is expected to connect countries in the Middle East via a network of railways. The network will also connect to India through shipping lanes from ports in the region.

White House Deputy National Security Advisor Jon Finer had earlier said that “The deal will benefit low and middle-income countries in the region, and enable a critical role for the Middle East in global commerce. We see this as having a high appeal to the countries involved, and also globally because it is transparent because it is a high standard because it is not coercive”.

Delving more on the initiative, Finer noted it was not just a railway project but more of a shipping and railway project.

“It is not just the Railway project, it is a shipping and Railway project and it is important for people to understand how expansive, ambitious and ground-breaking this will be” Finer added.

Finer termed this to-be-built project as “affirmative positive” aimed at serving the underserved.

“The way we see the infra project, it is an affirmative positive project. It has appeal for countries underserved by infra. We are not asking countries to make a zero-sum choice. We have seen other efforts that are not as ambitious, we feel good about the contrast of what we provide,” White House Deputy National Security Advisor said.

Addressing the the Partnership for Global Infrastructure Investment (PGII) and India-Middle East-Europe Economic Corridor programme at Bharat Mandapam US President Joe Biden said, “This is a real big deal. I want to thank PM. One Earth, One Family, One Future that’s the focus of this G 20 Summit. And in many ways, it’s also the focus of this partnership that we’re talking about today. Building sustainable, resilient infrastructure, making quality infrastructure investments and creating a better future…”

Speaking at the same forum, Crown Prince of Saudi Arabia Muhammed Bin Salman said, “… We look forward to the integration of the initiative and the Economic Corridor project which is announced in this meeting. I would like to thank those who worked with us to reach this founding step to establish this important economic corridor…”

French President Emmanuel Macron said, “… So now with the European Commission here, we commit to invest alongside with you on this road. And this is a very important project from Asia through Middle East to Europe to offer big opportunities and connect people.

“But our intention is as well to make it real and to be sure that after this commitment we have concrete results and especially to have the first global green trade road meaning having net zero transport infrastructure…” Macron said.

European Commission President Ursula von der Leyen said, “More large-scale projects are seeing the light…We are presenting two of them today. First the India-Middle East-Europe economic corridor…It will be the most direct connection to date between India, the Arabian Gulf and Europe…This is also the spirit of the second project we announce today the Trans African Corridor…” (ANI)

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