At the G20 leaders’ summit, United States President Joe Biden announced an ambitious infrastructure plan to establish an economic corridor connecting India and Europe.
The economic corridor will involve streamlining trade and investment between India and the European Union (EU) by developing better transport and communications links. This includes improved ports, railways, highways and digital infrastructure, which is intended to boost growth in both regions.
The proposed corridor, which is set to cost over $100 billion, is also an effort to reduce energy poverty in India by providing access to affordable, renewable energy solutions. The US plans to leverage its experience in engineering, finance and technology to help realize this vision and is seeking support from other leading economies to bring the plan to fruition.
According to the White House, the economic corridor between India and the EU will benefit both sides in terms of economic growth, jobs, and access to new markets. The corridor is also being touted as an opportunity to increase cooperation and promote economic integration between India and Europe.