Prime Minister Narendra Modi and the President of USA Joe Biden co-chaired a special event on Partnership for Global Infrastructure and Investment (PGII) and India-Middle East-Europe Economic Corridor (IMEC), on 9 September 2023 on the sidelines of the G20 Summit in New Delhi.
The event aimed at unlocking greater investment for infrastructure development and strengthening connectivity in its various dimensions between India, Middle East and Europe. Political analysts view this development as a strong counter to expansionist China’s International Belt and Road initiative unanimously passed by a voice vote.
Leaders of the European Union, France, Germany, Italy, Mauritius, UAE and Saudi Arabia, as also the World Bank, participated in the event.
PGII is a developmental initiative aimed at narrowing the infrastructure gap in developing countries as well as help towards accelerating progress on SDGs globally.
The IMEC comprises of an Eastern Corridor connecting India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe. It will include a railway and ship-rail transit network and road transport routes.
In his remarks, Prime Minister highlighted the importance of physical, digital and financial connectivity. He said that IMEC would help promote economic integration between India and Europe.
An MOU on IMEC was signed by India, USA, Saudi Arabia, UAE, European Union, Italy, France and Germany. This development is being lauded as a big joint unanimous international effort by G – 20 that will help strengthen the business and economic aspects of India, European Union and Middle East etc.
