India-Middle East-Europe economic corridor more significant than silk and spice routes: Saudi minister

Saudi Crown Prince Mohammed bin Salman

India-Middle East- Europe economic corridor will be more significant than the silk and spice routes of the world, Saudi’s Investment Minister Khalid bin Abdulaziz Al-Falih has said.

“The economic corridor will be historical. People talk about the Silk route, the Spice route of India through the Arabian Peninsula, but this is going to be more significant and relevant. Because it's going to be about new energy, data, connectivity, human resources, aviation routes and it's about aligning countries that are of the same mind and same vision,” Al-Falih added. He was speaking on the sidelines of the Saudi-India Investment Forum to reporters in New Delhi.

“Both countries (Saudi Arabia and India) have great human capital and access to financial resources. The next step is to make sure that the private sector fully understands what we have right before them, in terms of opportunities... we need to clear the roadmap for them and I think great things will happen,” Al-Falih added.

The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII) — a collaborative effort by G7 nations to fund infrastructure projects in developing nations. PGII is considered to be the bloc’s counter to China’s Belt and Road Initiative.

The project will aim to enable greater trade among the involved countries, including energy products.

The corridor will include a rail link as well as an electricity cable, a hydrogen pipeline and a high-speed data cable, according to a document prepared by European Commission President Ursula von der Leyen. The declaration document also called the project “a green and digital bridge across continents and civilizations.”

“Today we all have reached an important and historic partnership. In the coming times, it will be a major medium of economic integration between India, West Asia and Europe,” PM Modi said while announcing the project. The corridor will give a new direction to connectivity and sustainable development of the entire world, he added.