Saudi- India- ME-Europe Economic Corridor to Revolutionize Global Market
The Saudi-India Middle-Europe Economic Corridor that was announced by the Crown Prince Mohammed bin Salman on the sidelines of the G20 Summit hosted by New Delhi on 10th September is expected by many economic experts to revolutionize and balloon the access of global market and value chain especially in Asia and Europe.
Signatories
The 4,800 km sea and rail route deal was inked by the Kingdom of Saudi Arabia, India, Italy, USA, the Europe Union (EU), Germany, France and the United Arab Emirates (UAE).
Experts believe that the Asian-Europe corridor will play an influential role in bolstering global economic development and integration, transit of goods and services, digital and electric grid connectivity, in addition to the export of hydrogen.
The corridor, which will establish sustainable trade connection between Middle East (ME) and Europe, North Africa, North America and India in the Asian continent, is going to make the Kingdom “a game changer” in the international scene. It will bolster the sea-railway transit system as well as cutting down the cost of transiting goods and services.
Furthermore, the Middle East region will economically benefit from this corridor especially countries that have outlets to the sea such as Egypt, UAE, Oman, Kuwait and Qatar which will tap the potential of this new trade route fully.
Tailored by Saudi Arabia that strives to create diversified partnership globally, the corridor will accelerate digitalization, green energy, create jobs, reduce carbon emission, bolster investments, energy security and vital infrastructure development. The corridor will also enhance connectivity by creating important channels through railway lines, ports, and energy pipelines.
The transcontinental corridor will be influential economically since all the eight signatories account for approximately half of the global commerce. It will also play a significant role in enhancing clean energy security that the international community is striving to achieve.
The Saudi-led initiative was initiated by the Crown Prince to achieve the Kingdom’s vital interests, prop up economic interdependence with other states, and give boost to the global economy.
The initiative reflects the growing economic ties between Saudi Arabia and the world in general. The Kingdom has recently been engaging in diversifying its economic resources to move away from oil dependency and developing its ports which both align with the country’s 2030 Vision.
Once the signatories implement the project, the Crown Prince Mohammed bin Salman will go down to history as a young international visionary leader with considerable business acumen.
