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The India – Middle East – Europe Economic Corridor (IMEC) will provide numerous benefits to all parties involved, Saudi Arabia’s Crown Prince Mohammed bin Salman told Fox News in an interview on Thursday.
When asked about the IMEC, the Crown Prince said: “Logistics is important if you want to manufacture in your country, if you want to move goods, it’s important to have good logistics plan or work with many countries, many regions to be sure that goods pass in the right time.”
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He continued, “The project will cut the [transfer] time of goods from India to Europe by three to six days. It will cut time, save money, and is more safe and more efficient. So, why not?”
Earlier this month, the Saudi Crown Prince announced a memorandum of understanding (MoU) to establish two railways connecting Asia and Europe through Saudi Arabia with the aim of transferring renewable electricity and clean hydrogen via cables. The MoU was signed by Saudi Arabia, the US, the EU, India, UAE, France, Germany, and Italy.
The project aims to facilitate the transit of renewable electricity and clean hydrogen via transmission cables and pipelines as well as the construction of rail linkages, the Saudi Press Agency (SPA) reported at the time.
It is also intends to enhance energy security, support efforts for the development of clean energy, promote digital economy through digital connectivity and transmission of data via fiber cables, and promote trade and transport of goods by rail and through ports.
But the railway is more than just about facilitating the transfer of goods, MBS explained, the corridors will facilitate the export of green energy produced in the region to other continents.
“It is not about only moving goods, railways, and ports. It is also about making grids, energy grids, data, cables, and other stuff that would benefit Europe, the Middle East and also India,” he said.
“All of the energy is going to be green energy that is going to be produced in the Middle East and being exported to Europe and India. So, it is a big deal for us, and for Europe or for India.”
According to the MoU signed earlier this month, the participating countries “intend to enable the laying of cable for electricity and digital connectivity, as well as pipe for clean hydrogen export. This corridor will secure regional supply chains, increase trade accessibility, improve trade facilitation, and support an increased emphasis on environmental social, and government impacts.”
Read more:
Saudi Arabia, US sign MoU for corridor linking Asia, Gulf, Europe: Everything to know
MBS announces MoU for economic corridor linking Saudi, India, Middle East and Europe
Saudi Arabia and US sign MoU for intercontinental green corridors
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