Biden lauds India-Middle East-Europe Economic Corridor at UNGA: ‘Will spur opportunities for investment’
US President Joe Biden lauded the India-Middle East-Europe Economic Corridor and said the project will spur opportunities for investment across two continents. The statement from Biden came during the 78th session of the United Nations General Assembly (UNGA) on Tuesday. Biden said that the rail port project is part of an effort to build a more sustainable integrated Middle East.
“Similarly, groundbreaking efforts were announced at the G20. Connecting India to Europe through the UAE, Saudi Arabia Jordan and Israel will spur opportunities for investment across two continents. This is part of our effort to build a more sustainable integrated Middle East,” Biden said at the 78th session of UNGA today.
While highlighting US efforts to maximize collective investment to deliver consequential results across multiple countries and multiple sectors, Biden made reference to the rail port project and added, “It demonstrates how Israel’s greater normalization and economic connection with his neighbours is delivering positive practical impacts even as we continue to work tirelessly to support just and lasting peace between Israelis and Palestinians.”
At the G20 Summit which took place in India on September 9-10; India, the US, UAE, Saudi Arabia, France, Germany, Italy and the European Union signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor. Biden called it a “game-changing” regional investment.
The corridor will encourage and provide impetus to economic development through enhanced connectivity and economic integration between Asia, West Asia, the Middle East and Europe, as per sources. The India-Middle East-Europe Economic Corridor will consist of two separate corridors, the East corridor connecting India to West Asia/Middle East and the Northern corridor connecting West Asia/Middle East to Europe.
It will include a rail line, which upon completion, will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement the existing multi-modal transport routes enhancing transhipment of goods and services between South East Asia through India to West Asia/Middle East Europe.
Biden also highlighted the issue of expanding the UN Security Council and said the US would continue to push for reforms. “In my address in this body last year, I announced the United States would support expanding the Security Council, increasing the number of permanent and non-permanent members. The United States has undertaken serious consultation with many member states we’ll continue to do our part to push more reform efforts forward. Look for points of common ground and make progress in the year ahead. We need to be able to break the gridlock too often,” Biden said.
(With inputs from ANI)
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