Bin Salman announces a new shipping corridor project connecting India with the Middle East and Europe through a memorandum of understanding.

On Sunday, Saudi Arabia’s Crown Prince Mohammed bin Salman posted on Platform X details of the signing of a memorandum of understanding regarding a project to create a new economic corridor linking India, the Middle East and Europe.

This was stated in a statement published on the page of the Crown Prince of Saudi Arabia on the X platform the day after the project was announced by Riyadh and Washington.

Bin Salman said: “As the culmination of what has been worked on over the last period, Saudi Arabia, the United States, India, the Emirates, France, Germany, Italy and the European Union announced the signing of a memorandum of understanding on a project to create a new economic corridor linking India, the Middle East and Europe.”

He said the memorandum “crystallizes the foundations on which it was built in a way that achieves the Kingdom’s common interests, enhances economic interdependence with its partners from other countries and has a positive impact on the global economy as a whole.”

In a statement, he stressed that the project “will contribute to the development and rehabilitation of infrastructure, including railways and port connections, to increase the capacity of goods and services and expand trade exchanges.”

He continued: “The project will also include the installation of power and hydrogen transmission lines and pipelines to improve the security of global energy supplies, as well as data cables across a highly efficient and reliable cross-border network.”

According to the statement, the memorandum will enhance economic integration and contribute to the provision of new and quality jobs to achieve long-term benefits in new cross-border corridors.

The statement said: “Noting that achieving what the memorandum worked to achieve requires continuing the same efforts that have been made and immediately beginning to develop the mechanisms necessary to implement them.”

Source: RT