The G20 Summit is proving to be one of the most important international political events for India. The summit has witnessed many important discussions on a variety of topics including financial stability, climate change mitigation, as well as sustainable development. In a bid to improve connectivity between nations like never before, India has announced a major multi-modal link between Southeast Asia and Europe through the Middle East. Here’s all you need to know about it.
G20 Summit: India Announces Major Economic Corridor
This particular initiative is being hailed as one of the greatest connectivity projects undertaken in the history of the world. It aims to connect Europe to Southeast Asia through the Middle East and is being backed by both, The United States of America as well as the European Union.
Called the India-Middle East-Europe Economic Corridor or the IMEE EC, it is a multi-modal link which consists of a rail link and a shipping link. It was announced during the Partnership for Global Infrastructure and Investment or the PGII. The project will consist of two major components. The East Corridor and the Northern Corridor.
The East Corridor will connect India to West Asia or the Arabian Gulf. The Northern Corridor will link the Arabian Gulf to Europe. The project is being supported by US President Joe Biden and also by the European Union.
Features And Benefits Of The Economic Corridor
In what is being hailed as the modern silk route, its impact is said to surpass even that of the Suez Canal. Once ready, the corridor will help in reducing shipping costs for the countries across the link.
It is also being said that the link will create millions of job opportunities. The link will be constructed keeping sustainability in mind and will be a green hub. According to an article recently published by ABP News, the participant countries intend to hold a meeting regarding the project.
The meeting will be held within 60 days of wherein an action plan will be committed upon in order to start working on the project.
Also Read: G20 Summit 2023: UK PM Rishi Sunak & First Lady Akshata Murthy Visit Akshardham Temple In Delhi
Do you think this multi-modal economic corridor will be one of the major links in the history of the world? Let us know in the comments below!
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