COLOMBO – The Crown Prince and Prime Minister Mohammed Bin Salman announced the signing of a memorandum of understanding (MoU) for a project to build an economic corridor connecting India with the Middle East and Europe on the occasion of the G20 conference which concluded at New Delhi on Monday Sept.11.
The project intends to improve infrastructure, increase trade, and improve economic connectivity amongst the countries involved. The Crown Prince added, “This project is the culmination of our combined efforts over the past few months, it is based on principles that advance economic interconnection and have a good effect on our partners in other nations and the global economy overall, serving the interests of our countries as a whole.” during the opening of the corridor on the sidelines of the G20 Leaders’ Summit in Delhi on Saturday. “This project will contribute to the development and upgrading of infrastructure, including railways, port connections, and increased flow of goods and services, thereby enhancing trade between the parties involved. To increase the security of the world’s energy supply, it will also extend pipelines for the export and import of electricity and hydrogen, as well as high-performance, dependable cables for cross-border data transmission.” he added.
The MoU would help efforts to promote renewable energy and will give all parties new, high-quality job possibilities along the corridors, the Crown Prince emphasized. The Middle East-India-Europe connectivity corridor, a first-of-its-kind project to cooperate on connectivity and infrastructure involving India, the UAE, Saudi Arabia, the EU, France, Italy, Germany, and the US, was officially launched by Indian Prime Minister Narendra Modi. The governments of Saudi Arabia and the US declared on Friday that a memorandum of understanding (MoU) had been signed between the two nations.
By connecting the continents of Asia and Europe with intercontinental green transit routes that pass through the Kingdom of Saudi Arabia, the bilateral MoU offers a framework for protocol development. This project proposes to provide rail links, transmission cables, and pipelines to ease the transportation of clean hydrogen and renewable electricity. Additionally, it aims to improve energy security, aid in the development of sustainable energy, advance the digital economy through data transfer via fibre cables and digital connection, as well as trade and the movement of commodities by rail and through ports.
Prince Mohammed Bin Salman, the Crown Prince and Prime Minister of Saudi Arabia, was present at the G20 Leaders’ Summit in New Delhi, India. The summit is intended to concentrate on problems like the global economic recovery, mitigating climate change, sustainable development, and geopolitical difficulties. It aimed to address global issues, economic policies, and collaboration projects. Saudi officials’ attendance at the occasion underlines the Kingdom’s dedication to promoting international cooperation and finding solutions to world problems.
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