Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Saturday the signing of a memorandum of understanding (MoU) to establish a new economic corridor connecting India, the Middle East, and Europe. The Kingdom’s state TV reported this significant development.
The envisioned corridor will encompass infrastructure for both electricity and hydrogen pipelines. Speaking at the G20 Summit in New Delhi, the crown prince emphasized that the project’s primary goal is strengthening economic interdependence among participating countries, serving their collective interests.
Under this agreement, the crown prince signed the MoU with the United States, India, the United Arab Emirates, France, Germany, Italy, and the European Union. This initiative aims to revitalize and improve infrastructure, including railways and ports while facilitating the exchange of goods and services.
Crown Prince Mohammed bin Salman highlighted that this project will foster increased trade between the participating nations and facilitate importing energy resources, mainly hydrogen, to bolster energy security. He underscored that the memorandum aligns with efforts to advance clean energy, with its implementation expected to create new job opportunities and deliver long-term benefits along the transit corridors for all parties involved.
Source: Arab News