Prime Minister Narendra Modi and other world leaders at G20 summit launched a new connectivity corridor between India, the Middle East and Europe on Saturday.
The corridor is seen as a way to boost trade and investment between the three regions, and as a potential alternative to China's Belt and Road Initiative.
The corridor would link railways and port facilities across the Middle East, including the United Arab Emirates, Saudi Arabia, Jordan and Israel. It has the potential to speed trade between India and Europe by up to 40%.
Speaking at the launch, PM Modi said that the corridor would "give a new direction to connectivity and sustainable development". He said that it would "become an effective medium for economic integration of India, the Middle East and Europe".
US President Joe Biden also spoke at the launch, calling it "a real big deal". He said that the project would help to build sustainable and resilient infrastructure, and create a better future for all.
European Commission president Ursula von der Leyen also called the launch "historic". She said that the corridor would boost trade and investment between India, the Middle East and Europe.
The corridor is expected to be completed in the next few years. It is a major boost to the economies of India, the Middle East and Europe.
