G20 Summit 2023: World Leaders Launch A India-Middle East-Europe Economic Corridor

India, along with members of the G20, entered into a memorandum of understanding to develop an India-Middle East-Europe economic corridor, according to a White House fact sheet.

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, according to a fact sheet published by the White House on Saturday.

"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," the release stated.

The countries 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 the innovation of advanced clean energy technology; and connect communities to secure and stable Internet, the release said.  

The corridor is expected to drive existing trade and manufacturing while strengthening food security and supply chains. It also aims to unlock new investments from partners, including the private sector, and spur the creation of quality jobs, the release said.