Sydney - Middle East Times Int’l: A very ambitious project that will have a very significant positive impact on the region. In these terms, Amos Hockstein, the US administration’s presidential envoy for energy affairs, described the infrastructure initiative known as the “Economic Corridor,” which was signed with Saudi Arabia, India, the UAE, and Europe at the G20 summit.

The American official told media that this corridor will change the Middle East.

He also added that the signing of the memorandum of understanding is the result of a calm movement and diplomatic efforts that lasted for months.

He stressed that it is an ambitious plan that the American administration worked on for several months until the signing of the memorandum of understanding was reached in the presence of Saudi Crown Prince Mohammed bin Salman, in the Indian capital, New Delhi.

In addition, he explained that the start of developing the broad outlines of the plan will begin within 60 days, as the work committees will meet to develop the budget and review the existing infrastructure to connect Saudi Arabia, the Emirates and Jordan with railway plans, then discuss the investment mechanism and begin negotiating energy generation centers such as electricity and hydrogen and purchase contracts with... Europe.

Hockstein expected that the first year would achieve tangible progress before moving to the second phase, which is implementation, construction and investments.

Yesterday, the Saudi Crown Prince announced that a memorandum of understanding had been signed regarding an economic corridor project between India, the Middle East and Europe. He added on the sidelines of the G20 summit that this project will contribute to developing and rehabilitating infrastructure, connecting ports, increasing the passage of goods and services, and enhancing trade exchange between the parties concerned.

He also explained that it will also contribute to laying pipelines to export and import electricity and hydrogen to enhance the security of global energy supplies. He said that the memorandum of understanding supports efforts to develop clean energy and generate new, quality job opportunities and long-term gains for all parties.

It is noteworthy that this plan consists of two separate corridors: the Eastern Corridor, which connects India with the Gulf, and the Northern Corridor, which connects the Gulf with Europe.

These corridors include a railway that, once established, will form a cross-border ship-to-rail network to complement existing land and sea transport routes to enable the passage of goods and services.