New Delhi, September 10, 2023, The US, India, the UAE, France, Germany, Italy, and the EU have all signed a memorandum of understanding (MoU) for a project that will establish a new economic corridor between Europe, the Middle East, and Saudi Arabia. The MoU will advance the interests of the signees and strengthen the Kingdom's ties with its allies in a way that eventually benefits the state of the world economy as a whole. The project will support the development and rehabilitation of infrastructure, including the installation of data transmission cables for a highly effective and dependable cross-border network, electricity lines and pipelines for the transportation of electricity and hydrogen to enhance global energy security, and port linkages to increase the passage of goods and services and boost trade among stakeholders.
Along with creating new cross-border routes, the MoU is intended to improve economic integration and help create new, high-quality jobs for long-term gains.
The Kingdom's commitment to this project is made possible by its strategic location connecting the East and the West, its leadership position as a trustworthy source of energy around the world, and its competitive advantages, which make the Kingdom's involvement in this project essential to its success.
Continuous efforts and the rapid development of the procedures required for its implementation within the timeframe specified in the memorandum are required to see this project through to completion.
