This story is from September 11, 2023
NEW DELHI: Saudi Arabian investment minister Khalid Al-Falih said here on Monday that the India-Middle East-Europe Economic Corridor (IMEE EC) will be “equivalent to the Silk Route and Spice Route put together”. He said the top leaders of both India and Saudi Arabia are aware of the opportunities as well as challenges.
Al-Falih, on the sidelines of the Saudi-India Investment Forum meeting, said, “The economic corridor from India all the way to Europe via the Middle East will be historical. People talk about the Silk Route, the Spice Route of India through the Arabian Peninsula, but this is going to be more significant and relevant in this millennium…because it’s going to be about new energy, data, connectivity, human resources, aviation routes and it’s about aligning countries that are of the same mind and same vision.”
He said both Saudi Arabia and India have great human capital and access to financial resources. “The next step is to make sure that the private sector fully understands what we have right before them, in terms of opportunities,” Al-Falih added.
The sea and rail link is part of the Partnership for Global Infrastructure Investment (PGII) — a collaborative effort by G7 nations to fund infrastructure projects in developing nations. The massive project will not only bring down the transportation time for goods, it will accelerate economic activities along the corridor. Sources said while the link between ports in the western parts and the UAE, the remaining part of the corridor will be a rail link till Europe via Jordan and Italy.
Al-Falih, on the sidelines of the Saudi-India Investment Forum meeting, said, “The economic corridor from India all the way to Europe via the Middle East will be historical. People talk about the Silk Route, the Spice Route of India through the Arabian Peninsula, but this is going to be more significant and relevant in this millennium…because it’s going to be about new energy, data, connectivity, human resources, aviation routes and it’s about aligning countries that are of the same mind and same vision.”
He said both Saudi Arabia and India have great human capital and access to financial resources. “The next step is to make sure that the private sector fully understands what we have right before them, in terms of opportunities,” Al-Falih added.
The sea and rail link is part of the Partnership for Global Infrastructure Investment (PGII) — a collaborative effort by G7 nations to fund infrastructure projects in developing nations. The massive project will not only bring down the transportation time for goods, it will accelerate economic activities along the corridor. Sources said while the link between ports in the western parts and the UAE, the remaining part of the corridor will be a rail link till Europe via Jordan and Italy.
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