New Delhi: Prime Minister Shri Narendra Modi and President of the United States, H.E. Mr. Joe Biden, jointly presided over a special event focused on the Partnership for Global Infrastructure and Investment (PGII) and the India-Middle East-Europe Economic Corridor (IMEC), which took place on 9th September 2023 during the G20 Summit in New Delhi. The purpose of the event was to facilitate increased investment for infrastructure development and enhance connectivity across various sectors between India, the Middle East, and Europe.
Distinguished leaders from the European Union, France, Germany, Italy, Mauritius, UAE, Saudi Arabia, as well as representatives from the World Bank, actively participated in the event. The PGII initiative aims to bridge the infrastructure gap in developing nations and accelerate progress on the Sustainable Development Goals (SDGs) at a global level.
The IMEC encompasses the Eastern Corridor, connecting India with the Gulf region, and the Northern Corridor, facilitating connectivity between the Gulf region and Europe. This ambitious endeavor includes the construction of a railway and ship-rail transit network, alongside the development of efficient road transport routes.
During his address, Prime Minister Modi emphasized the significance of physical, digital, and financial connectivity. He highlighted how the IMEC would foster economic integration between India and Europe, promoting enhanced collaboration and prosperity.
Furthermore, a Memorandum of Understanding (MOU) on IMEC was successfully signed by India, the United States, Saudi Arabia, the UAE, the European Union, Italy, France, and Germany.
