RIYADH: The Council of Ministers of Saudi Arabia has approved the Memorandum of Understanding (MoU) regarding the principles of the India-Middle East-Europe Economic Corridor (IMEC).
The decision was announced during a meeting in Riyadh on Tuesday, November 28, chaired by King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques, the Saudi Press Agency (SPA) reported.
During the G20 summit in New Delhi in September this year, India, the United States of America (US), the United Arab Emirates (UAE), Saudi Arabia, France, Germany, Italy and the European Union signed an MoU to establish IMEC. Signed.
The corridor aims to promote economic growth by enhancing connectivity and integration between Asia, West Asia, the Middle East and Europe.
The corridor will consist of two distinct segments: the Eastern Corridor connecting India with West Asia/Middle East and the Northern Corridor connecting West Asia/Middle East with Europe.
The rail line will enhance the cross-border ship-to-rail transit network, providing a reliable and cost-effective solution to transport goods and services between Southeast Asia, India and West Asia/Middle East Europe.
