'Game-changing regional investment': US President Joe Biden on India-Middle East-Europe Economic Corridor

With respect to the India-Middle East-Europe Economic Corridor which came into being at the G20 Summit in New Delhi on Saturday, US President Joe Biden has said that it is a "game-changing" regional investment.Biden said that this project is about more than just laying tracks."I'm proud to announce that the US, India, Saudi Arabia, UAE, France, Germany, Italy and EU finalized a historic agreement for a new India-Middle East-Europe Economic Corridor," the US President posted on X."This project is about more than just laying tracks. This is a game-changing regional investment," he added.The India-Middle East-Europe Economic Corridor, according to Prime Minister Narendra Modi, "promises to be a beacon of cooperation, innovation, and shared progress."The corridor, according to him, is evidence of human endeavour and unity across continents.“Charting a journey of shared aspirations and dreams, the India-Middle East-Europe Economic Corridor promises to be a beacon of cooperation, innovation and shared progress.As history unfolds, may this corridor be a testament to human endeavour and unity across continents,” PM Modi wrote on ‘X’ formerly Twitter on Saturday.India, the United States, Saudi Arabia and the European Union on Saturday announced a historic agreement to soon launch a mega India-Middle East-Europe shipping and railway connectivity corridor.Prime Minister Narendra Modi made the announcement for the ambitious project on the sidelines of the G20 Summit and was flanked by US President Joe Biden, Saudi Arabia Prime Minister Mohammed bin Salman and leaders of the EU.This is a historic and first-of-its-kind initiative on cooperation on connectivity and infrastructure involving India, UAE, Saudi Arabia, EU, France, Italy, Germany and the US.Speaking after the launch, PM Modi said, “I cordially welcome you all at this event. I am very happy to co-chair this event with my friend President Joe Biden. Today we all have seen the conclusion of a historic and important agreement. In the coming days, it will be an effective medium of economic integration between India, South Asia, and Europe”.Speaking at the Bharat Mandapam venue of the G20 Summit here, PM Modi said the mega-deal will give a sustainable direction to connectivity and sustainability across the world.He also congratulated all the leaders who were part of the connectivity corridor.“Strong connectivity and infrastructure are the foundation of the development of human civilisation. India has given this issue utmost priority during its course of development. Along with physical infrastructure, unprecedented investments are being made in social, economic and financial infrastructure as well,” PM Modi said.The Prime Minister further stressed respecting sovereignty and regional integrity and stated that connectivity between different countries not only increases business but also trust between them."We believe connectivity between different countries increases not only business but trust between them. By promoting connectivity initiative, we need to ensure we stick to philosophies, that is, adhesion to international rules, respect for all nations' sovereignty and regional integrity," PM Modi said.