Partnership for Global Infrastructure and Investment (PGII) & India-Middle East-Europe Economic Corridor (IMEC)

Partnership for Global Infrastructure and Investment (PGII) & India-Middle East-Europe Economic Corridor (IMEC)

New Delhi :- Prime Minister Shri Narendra Modi and the President of USA, H.E. Mr. 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. 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.

MEMORANDUM OF UNDERSTANDING
ON THE PRINCIPLES OF AN INDIA - MIDDLE EAST - EUROPE ECONOMIC
CORRIDOR
Pursuant to this Memorandum of Understanding, the Governments of the
Kingdom of Saudi Arabia, the European Union, the Republic of India, the United
Arab Emirates (UAE), the French Republic, the Federal Republic of Germany, the
Italian Republic, and the United States of America (the “Participants”) commit
to work together to establish the India - Middle East - Europe Economic Corridor
(IMEC). The IMEC is expected to stimulate economic development through
enhanced connectivity and economic integration between Asia, the Arabian
Gulf, and Europe.
The IMEC will be comprised of two separate corridors, the east corridor
connecting India to the Arabian Gulf and the northern corridor connecting the
Arabian Gulf to Europe. It will include a railway that, upon completion, will
provide a reliable and cost-effective cross-border ship-to-rail transit network to
supplement existing maritime and road transport routes – enabling goods and
services to transit to, from, and between India, the UAE, Saudi Arabia, Jordan,
Israel, and Europe.
Along the railway route, Participants intend to enable the laying of cable for
electricity and digital connectivity, as well as pipe for clean hydrogen export.
This corridor will secure regional supply chains, increase trade accessibility,
improve trade facilitation, and support an increased emphasis on
environmental social, and government impacts.
Participants intend that the corridor will increase efficiencies, reduce costs,
enhance economic unity, generate jobs, and lower greenhouse gas emissions -
- resulting in a transformative integration of Asia, Europe and the Middle East.
In support of this initiative, Participants commit to work collectively and
expeditiously to arrange and implement all elements of these new transit
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routes, and to establish coordinating entities to address the full range of
technical, design, financing, legal and relevant regulatory standards.
Today’s Memorandum of Understanding is the result of initial consultations. It
sets forth political commitments of the Participants and does not create rights
or obligations under international law. The Participants intend to meet within
the next sixty days to develop and commit to an action plan with relevant
timetables.
Signed at ______________ on ______________, 2023, in the English language.
For the Kingdom of Saudi Arabia:
For the European Union:
For the Republic of India:
For the United Arab Emirates:
For the French Republic:
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For the Federal Republic of Germany:
For the Italian Republic:
For the United States of America: