Riyadh: The Kingdom of Saudi Arabia’s Council of Ministers 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, headed by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on Tuesday, November 28, the Saudi Press Agency (SPA) reported.
During the G20 Summit in New Delhi in September this year, India, United States (US), United Arab Emirates (UAE), Saudi Arabia, France, Germany, Italy and the European Union signed an MoU to establish the IMEC.
The corridor aims to boost economic development by enhancing connectivity and integration between Asia, West Asia, the Middle East, and Europe.
The corridor will consist of two distinct sections: the East corridor connecting India to West Asia/Middle East and the Northern corridor connecting West Asia/Middle East to Europe.
The rail line will enhance cross-border ship-to-rail transit networks, providing a reliable and cost-effective solution for goods and services transhipment between South East Asia, India, and West Asia/Middle East Europe.