• About
  • Advertise
  • Contact
Saturday, May 17, 2025
Manhattan Tribune
  • Home
  • World
  • International
  • Wall Street
  • Business
  • Health
No Result
View All Result
  • Home
  • World
  • International
  • Wall Street
  • Business
  • Health
No Result
View All Result
Manhattan Tribune
No Result
View All Result
Home Business

India establishes a port within the plan to connect trade with Europe Economy

manhattantribune.com by manhattantribune.com
20 June 2024
in Business
0
India establishes a port within the plan to connect trade with Europe  Economy
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


6/20/2024–|Last updated: 6/20/202405:57 PM (Mecca time)

The Indian Cabinet has approved the establishment of a new deep-water port as an important part of a plan to connect the Asian country to Europe by sea and rail lines through the Middle East.

The Indian Minister of Information, Ashwini Vaishnao, stated that the Vadavan port will be built on the western coast of India, about 150 kilometers from the economic capital, Mumbai, at a cost of 762 billion Indian rupees ($9.14 billion).

Port components

Vaishnau added that the port will include stations to accommodate “giant ships” and terminals for oil, cars and other imports with an annual capacity of 298 million tons. He indicated that construction will take place in two phases and that the first phase is expected to be completed by 2029.

“This will be part of the corridor between India and the Middle East,” Vaishnau said, referring to a plan announced last September on the sidelines of the G20 summit hosted by India.

New line

The new line starts from India and passes through the Emirates, Saudi Arabia, Jordan, and Israel, and from there to the European Union and vice versa, according to what was revealed from the countries declared in the agreement, according to the memorandum published by the White House.

According to the White House, the line consists of two separate corridors, the eastern one links India to the Arabian Gulf, while the northern one links the Gulf to Europe.

The line is scheduled to include railways, and upon completion will provide a cost-effective cross-border transport network from ships to railways to complement existing sea and land transport routes, allowing the transit of goods and services across the countries party to the new line.

Along the railway route, participants intend to lay electricity and digital communication cables, as well as pipes for hydrogen export.

India seeks to exploit the new road in competition with China’s Belt and Road Initiative (Shutterstock)

From another angle, the agreement announced in September came at a time when US President Joe Biden sought to confront China’s global infrastructure initiative (Belt and Road) by presenting Washington as an alternative partner and investor to developing countries in the G20.

Biden said it was a “big, real deal” that would connect ports across two continents, and lead to a “more stable, prosperous, and integrated Middle East.”

He added, during an event to announce the agreement, that it would provide “endless opportunities” for energy, clean electricity, and laying cables to connect communities.

It is noteworthy that the ultimate goal of the Chinese “Belt and Road” initiative is to reach the European consumer from China, by sea via Singapore and India towards the Mediterranean, and by land via these routes:

  • From western China to western Russia, and then to northern Europe.
  • From northern China to the Russian east, and from there west to Europe.
  • From western China to Türkiye and west to Europe.
Tags: connecteconomyestablishesEuropeIndiaplanPorttrade
Previous Post

Nvidia at the top, S&P and Nasdaq timidly in the green

Next Post

Extreme heat and snow: violent and chaotic weather in the United States

Next Post
Extreme heat and snow: violent and chaotic weather in the United States

Extreme heat and snow: violent and chaotic weather in the United States

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Category

  • Blog
  • Business
  • Health
  • International
  • National
  • Science
  • Sports
  • Wall Street
  • World
  • About
  • Advertise
  • Contact

© 2023 Manhattan Tribune -By Millennium Press

No Result
View All Result
  • Home
  • International
  • World
  • Business
  • Science
  • National
  • Sports

© 2023 Manhattan Tribune -By Millennium Press