New Delhi: On the inaugural day of the ongoing G20 Leaders’ Summit in New Delhi, on Saturday, Prime Minister Narendra Modi and President of the United States of America Joe Biden co-chaired a significant event that could reshape the future of infrastructure and connectivity across India, the Middle East, and Europe.
The event, dedicated to the Partnership for Global Infrastructure and Investment (PGII) and the India-Middle East-Europe Economic Corridor (IMEC), witnessed the participation of prominent leaders from around the world.
The primary objective of this gathering is to stimulate investment in infrastructure development, enhance connectivity, and promote economic growth and cooperation on a global scale.
Distinguished leaders representing a diverse array of nations, including the European Union, France, Germany, Italy, Mauritius, the United Arab Emirates, Saudi Arabia, and with the influential presence of the World Bank, united their efforts in this vital endeavor.
At the heart of this visionary initiative lies the PGII, a bold undertaking aimed at bridging the infrastructure gap in developing countries. Furthermore, it commits to advancing progress on the Sustainable Development Goals (SDGs) globally, offering the potential for transformative change in regions where infrastructure development is urgently needed.
The IMEC, a pivotal component of this initiative, comprises two primary corridors: the Eastern Corridor, linking India to the Gulf region, and the Northern Corridor, connecting the Gulf region to Europe.
This extensive network encompasses a comprehensive railway and ship-rail transit system, as well as critical road transport routes.
Prime Minister Narendra Modi, in his address during the event, underscored the paramount importance of physical, digital, and financial connectivity.
He emphasized that the IMEC project holds the promise of promoting economic integration between India and Europe, fostering economic prosperity, and strengthening cooperation bonds across continents.
A significant moment of the event was marked by the signing of a Memorandum of Understanding (MOU) on IMEC.
This landmark agreement brought together the strategic cooperation of India, the United States, Saudi Arabia, the United Arab Emirates, the European Union, Italy, France, and Germany. This collective commitment represents a resounding stride towards realizing the vision of enhanced infrastructure and connectivity on a global scale.
The proceedings of this event have established a precedent for international collaboration in infrastructure development and economic integration. In a world grappling with evolving challenges, this initiative shines as a beacon of hope for progress, cooperation, and prosperity across regions, ultimately contributing to the advancement of global society and the realization of the United Nations’ Sustainable Development Goals.