Saudi Arabia, India to Link Three Regions with $100 Billion Corridor

Saudi Arabia's Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi have announced that they will sign a memorandum of understanding (MoU) for an economic corridor project that will connect India with the Middle East and Europe.

The project aims to enhance economic connectivity between the three regions by developing and upgrading infrastructure, such as roads, railways, and ports. It also aims to boost trade between the three regions by removing barriers to trade and investment.

The Crown Prince stated: “The project is built on principles that serve the common interests of our countries by enhancing economic connectivity and positively impacting our partners in other countries and the global economy as a whole.”

The Crown Prince said that the MoU will also support clean energy development efforts and create new jobs for all involved parties.

Indian Prime Minister Narendra Modi announced the launch of the India-Middle East-Europe connectivity corridor, which is a first-of-its-kind initiative on cooperation on connectivity and infrastructure between India, UAE, Saudi Arabia, EU, France, Italy, Germany, and the US.

The bilateral memorandum of understanding (MoU) provides a framework for developing a plan to establish intercontinental green transit corridors through Saudi Arabia, connecting Asia and Europe. The project aims to facilitate the transmission of renewable electricity and clean hydrogen via transmission cables and pipelines, as well as the construction of rail linkages.