The Kingdom of Saudi Arabia, the US, India, the UAE, France, Germany, Italy and the EU have signed a memorandum of understanding (MoU) for a project that establishes a new economic corridor connecting India, the Middle East and Europe.

According to Saudi Press Agency (SPA), the MoU will help realise the signatories' interests and enhance the Kingdom's economic ties with its partners in a way that eventually reflects positively on the global economy in general.

The project will contribute to the development and rehabilitation of infrastructure that includes railways and port linkages to increase the passage of goods and services, and boost trade among stakeholders, installing electricity lines and pipelines to carry electricity and hydrogen to enhance global energy security, as well as data transmission cables for a highly efficient and reliable cross-border network.

The MoU is also envisioned to enhance economic integration and contribute to providing new, quality jobs for long-term gains, along with new cross-border corridors.

The Kingdom's contribution to this project stems from its strategic geographical position linking the East to the West, its global leadership role as a reliable source of energy and its competitive advantages that make its participation in this project central to its success.

To bring this project to completion, there is need of sustained efforts and coming up promptly with the mechanisms necessary for its implementation within the timeframe agreed upon in the memorandum.

Source: Bahrain News Agency (BNA)