It will give new direction to connectivity, sustainable development: PM Modi

Plans for an ambitious IndiaMiddle EastEurope Economic Corridor were unveiled on Saturday with Prime Minister Narendra Modi asserting that India does not limit connectivity to regional borders and believes that it can play a key role in strengthening mutual trustAt the launch event of the Partnership for Global Infrastructure and Investment and IndiaMiddle EastEurope Economic Corridor during the G20 Summit Modi said today we all have reached an important and historic partnershipHe said in the times to come it will become an effective medium for economic integration of India the Middle East and Europe It will give a new direction to connectivity and sustainable development of the entire world the prime minister saidIt will drive sustainable development for the entire world Modi saidAt the launch he also said strong connectivity and infrastructure are fundamental basis for humanity and India has always laid strong emphasis on thisWe are laying a strong foundation for a developed India Through PGII Partnership for Global Infrastructure and Investment we can play a key role in filling infrastructure gap in Global South countries India does not limit connectivity into regional borders We believe connectivity can also play a key role in strengthening mutual trust he saidModi stressed on respecting sovereignty and integrity of all nations He also stressed on promoting financial viability rather than debt burden as well as on following all environmental guidelinesWith such a major step on connectivity we are sowing the seeds for future growth he saidUS President Joe Biden said he was proud to announce that they have finalised a historic agreement for the new IndiaMiddle EastEurope Economic CorridorAs key part of this corridor we are investing in ships and rails that extends from India to Europe connected by the UAE Saudi Arabia Jordan and Israel It will make it far easier to trade I want to thank sponsors and particularly Prime Minister Modi and Saudi Crown Prince Mohammed bin Salman he saidEuropean Commission President Ursula von der Leyen hailed the agreement on the corridor saying this is nothing but historic It will be the most direct connection to date between India the Arabian Gulf and Europe with a rail link that will make trade between India and Europe 40 per cent faster she saidFrench President Emmanuel Macron said it is about having a first global green trade route as hydrogen is also part of this projectGerman Chancellor Olaf Scholz said We have to ensure that we implement it successfully and Germany is committed to contribute in that regardThe launch of the new corridor is a milestone in strengthening global integration Italian Prime Minister Giorgia Meloni said She thanked Modi Biden and all others who made it possibleThis will scale up our economic growth Italy is ready to play a decisive role in this initiative and we want to contribute in building bridges between the Mediterrarnian and Indo Pacific Meloni saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever