Riyadh/New Delhi – The Middle East, and Europe for the construction of a new economic corridor. The announcement was made during the G20 Summit in New Delhi and was reported by Saudi Arabia’s state TV.
The economic corridor, as outlined by the crown prince, will encompass the development of pipelines for electricity and hydrogen. Its primary objective is to strengthen economic interdependence among the participating countries and promote common interests.
The project will focus on the development and rehabilitation of infrastructure, including railways, ports, and other related facilities. By improving these vital transportation networks, the corridor aims to facilitate an increase in the exchange of goods and services between the participating nations.
One of the key benefits highlighted by Crown Prince Mohammed bin Salman is the enhancement of trade exchange between the countries involved. The corridor will also play a crucial role in bolstering the import of energy supplies, particularly hydrogen, to ensure long-term energy security.
Moreover, the crown prince emphasized the significance of clean energy development in the memorandum. Its implementation is expected to contribute to the generation of new job opportunities and long-term gains along the transit corridors for all parties involved.
The announcement of this ambitious economic corridor signifies Saudi Arabia’s commitment to fostering stronger regional and international partnerships. By promoting economic interdependence and investing in critical infrastructure, the participating countries aim to create a more prosperous and sustainable future.
While specific details regarding the timeline and financial aspects of the project have yet to be disclosed, the memorandum of understanding marks an important step toward realizing the shared vision of economic integration and cooperation in the region.
