Prime Minister Narendra Modi and President Joe Biden of the United States jointly presided over a special event focusing on the Partnership for Global Infrastructure and Investment (PGII) and the India-Middle East-Europe Economic Corridor (IMEC) on September 9, 2023. This momentous occasion took place during the G20 Summit in New Delhi, with the primary objective of catalyzing increased investment in infrastructure development and fortifying multifaceted connectivity links among India, the Middle East, and Europe.
Distinguished leaders from the European Union, France, Germany, Italy, Mauritius, the United Arab Emirates (UAE), Saudi Arabia, and the World Bank actively participated in this event.
PGII represents a forward-looking development initiative designed not only to bridge the infrastructure divide in developing nations but also to expedite global progress towards the Sustainable Development Goals (SDGs).
IMEC encompasses both an Eastern Corridor that connects India to the Gulf region and a Northern Corridor that interlinks the Gulf region with Europe. This comprehensive undertaking encompasses a network encompassing railways, ship-rail transit, and road transport routes.
During his address, Modi underscored the critical importance of physical, digital, and financial connectivity. He emphasized that IMEC would play a pivotal role in fostering economic integration between India and Europe.
A Memorandum of Understanding (MOU) pertaining to IMEC was signed by India, the United States, Saudi Arabia, the UAE, the European Union, Italy, France, and Germany.