India’s Modi hails ‘historic’ alternative to belt and road economic corridor as he cements Saudi ties

“This corridor will not only connect the two countries, but economic cooperation, digital connectivity between Asia, West Asia and Europe,” Modi added, in talks following the end of the two-day Group of 20 summit he hosted.

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US, Russia praise G20 summit declaration as India meeting closes without Putin and China’s Xi

US, Russia praise G20 summit declaration as India meeting closes without Putin and China’s Xi

The Saudi crown prince praised “cooperation to build the future for our countries”.

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European Commission President Ursula von der Leyen said the so-called India-Middle East-Europe economic corridor was “much more than ‘just’ a railway or a cable”.

Signatories hope it can help integrate India’s vast market of 1.4 billion people with countries to the west, offer a counterbalance to lavish Chinese infrastructure spending, boost Middle Eastern economies and help normalise relations between Israel and Gulf Arab states.

For India, the world’s most populous country, and Riyadh, the world’s biggest crude exporter, it was another step in bringing the nations closer, with bilateral trade already reaching US$42.8 billion last year, according to Saudi’s investment ministry.

Indian and Saudi companies later signed some 50 memorandums of understanding including over fuel stations, renewable energy and banking, trade officials from both countries said.

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“As two of the world’s fastest growing economies, our mutual cooperation is important for the peace and stability of the entire region,” Modi added, in footage shown on state broadcasters.

“For India, Saudi Arabia is one of most important strategic partners.”