July 22, 2024

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Fact Sheet: World leaders launch historic economic corridor between India, Middle East and Europe

Fact Sheet: World leaders launch historic economic corridor between India, Middle East and Europe

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 working together to develop a new economic corridor between India, the Middle East, and Europe. . Announced at the G20 Leaders’ Meeting on Partnership for Global Infrastructure and Investment, this historic corridor is expected to stimulate economic development by enhancing connectivity and economic integration across two continents, thus unleashing sustainable and inclusive economic growth.

Through the India-Middle East-Europe Economic Corridor, we aim to usher in a new era of connectivity through railways, connected via ports connecting Europe, the Middle East and Asia. The United States and its partners intend to connect the two continents with trade centers and facilitate the development and export of clean energy; laying undersea cables and connecting power grids and communications lines to expand reliable access to electricity; enabling innovation in advanced clean energy technology; Connecting communities to a safe and stable Internet. Through the corridor, we envision propelling existing trade and industrialization and strengthening food security and supply chains. Our approach aims to unleash new investments from partners, including the private sector, and stimulate the creation of good jobs.

Looking to the future, the United States affirms our steadfast commitment to pursuing transformative regional investments and working to build this corridor with our partners. These investments constitute a gateway to our future and support our shared vision of an open, secure and prosperous future.

Read the memorandum of understanding here.