Partnership for Global Infrastructure and Investment (PGII) & India-Middle East-Europe Economic Corridor (IMEC)

• Prime Minister Shri Narendra Modi and the President of USA, H.E. Mr. Joe Biden co-chaired a special event on Partnership for Global Infrastructure and Investment (PGII) and India-Middle East-Europe Economic Corridor (IMEC), on 9 September 2023 on the sidelines of the G20 Summit in New Delhi.
• The event aimed at unlocking greater investment for infrastructure development and strengthening connectivity in its various dimensions between India, Middle East and Europe.
• Leaders of the European Union, France, Germany, Italy, Mauritius, UAE and Saudi Arabia, as also the World Bank, participated in the event.
• PGII is a developmental initiative aimed at narrowing the infrastructure gap in developing countries as well as help towards accelerating progress on SDGs globally.
• The IMEC comprises of an Eastern Corridor connecting India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe. It will include a railway and ship-rail transit network and road transport routes.
• Prime Minister highlighted the importance of physical, digital and financial connectivity. He said that IMEC would help promote economic integration between India and Europe.
• An MOU on IMEC was signed by India, USA, Saudi Arabia, UAE, European Union, Italy, France and Germany.

Weekly Current Affairs (International) 5-11 August 2023 Bitbank: Which country is the most populous in the world as of August 2023?

Published date : 11 Sep 2023 05:44PM