Administration of Joseph R. Biden, Jr., 2023

September 9, 2023

President Biden. Well, ladies and gentlemen, thank you all. My colleagues, this isâsomeone once said in a similar domestic action that was positive: This is a big deal. This is a real big deal. And I want to thank you, Mr. Prime Minister.

One earth, one family, one futureâthat's the focus of this Gâ20 summit. And in many ways, it's also the focus of this partnership that we're going toâthat we're talking about today: building sustainable, resilient infrastructure; making quality infrastructure investments; and creating a better future, a future of a greaterâthat'sârepresents greater opportunity, dignity, and prosperity for everyone.

Last year, we came together as one to commit to this vision. And this afternoon I want to highlight the key ways in which the United States and our partners are working to make this a reality.

Economic corridorsâyou're going to hear that phrase more than once, I expect, over the next decade. Economic corridors. As we work to address infrastructure gaps across low- and middle-income countries, we need to maximize the impacts of our investments. That's why, a few months ago, I announced that the United States will work with our partners to invest in economic corridors.

In practice, it means we're focusing on regional infrastructure projects that deliver results across multiple countries and in multiple sectors. And today I'm proud to announce that we've finalized a historic agreement for a new India-Middle East-Europe Economic Corridor.

As a key part of this corridor, we're going to invest in ships and rail that extends the Indiaâ that extends from India all the way to Europe, connected by the U.A.E., Saudi Arabia, Jordan, and Israel; bridging ports across two continents; unlocking endless opportunities, including making it far easier to trade, export clean energy, expand access to reliable clean electricity, lay cables that will connect communities and secure a stable internet, contributing a more stable, more prosperous, and integrated Middle East.

And I want to thank the sponsors. And I particularly want to thank Prime Minister Modi and theCrown Prince of Saudi Arabia Muhammad bin Salamâexcuse me, Muhammad bin Salman and President von der Leyen and the European Commissions. And since hisâhe's not speaking today, I wanted toâor maybe he is speaking today. I had a note he wasn't speaking. At any rate, I'm going to stop there.

In Saudiâthe sub-Saharan Africaâwe're working in a private-public partnership as well to invest in a Trans-African Corridor. That includes a new partner, the European Union. President von der Leyen, thank you for making this very possible. Together, as part of this corridor, we're going to invest in a new rail line that will extend from the western port in Angola, to the D.R.C., to Zambia, and ultimately, the Indian Ocean.

It's a project that's aboutâfar from just laying tracks. It's about creating jobs, increasing trade, strengthening the supply chains, boosting connectivity, laying foundations that will strengthen commerce and food security for people across multiple countries. This is a game- changing regional investment.

And theâboth of these are hugeâhugeâsteps forward, but they're far from the only ones.

We're continuing to make big investments in infrastructure around the world. That includes a solar energy site, an insulin manufacturing facility, an electricity project right here in India.

We're continuing to develop economic corridors across Africa, Asia, and the Americas. And together with our partners, we're working to mobilize the trillions of investment needed to close the infrastructure gaps around the world, including the formation of a new investor forum that the United States will host in a couple of weeks.

Let me close with this. The world stands at an inflection point in history, a point where decisions we make today are going to affect the course of our futureâour futureâall of our futures for decades to come; a point where our investments are more critical than ever.

So, together, let's continue to work as one to seize this moment in history and maximize our collective investments, to find new partners, to unlock new capital. Because when we invest in low- and middle-income countries, all countries benefit. When we invest in emerging economies, all economies benefit. And when we invest in the future of people anywhere, people everywhere benefit.

So I want to thank you, again, for being here. I look forward to working with all of you. And I'm going to turn it back to the Prime Minister. Thank you.

Moderator. Thank you, Excellencies. We now invite the Crown Prince and the Prime Minister of the Kingdom of Saudi Arabia for his remarks.

[*At this point, Crown Prince and Prime Minister Muhammad bin Salman bin Abd al-Aziz Al Saud of Saudi Arabia, President Ursula von der Leyen of the European Commission, President Emmanuel Macron of France, Chancellor Olaf Scholz of Germany, Prime Minister Fumio Kishida of Japan, and Prime Minister Giorgia Meloni of Italy made remarks. No transcript was provided. The moderator then made concluding remarks as follows.*]

Moderator. Thank you, Excellency. Thank you, your Highnesses and your Excellencies, for launching the landmark India-Middle East-Europe Economic Corridor.

I would request all media and officials to remain seated and standing in their places while the leaders depart.

President Biden. Could Iâexcuse me for interrupting, but as we say in my body I used to work, "a point of personal privilege." I did not mention the Sheikh Mohammed of the U.A.E., butâbecause I knew he wasn't speaking.

But I do want to say thank you, thank you, thank you. I don't think we'd be here without you.

Thank you.

President Mohammed bin Zayed Al Nahyan of the United Arab Emirates. You're welcome, sir. Thank you.

NOTE: The President spoke at 5:46 p.m. at the International Exhibition-cum-Convention Centre. In his remarks, he referred to Prime Minister Narendra Modi of India, who made introductory remarks.

Categories: Addresses and Remarks : Partnership for Global Infrastructure and Investment, meeting in New Delhi, India.

Locations: New Delhi, India.

Names: Modi, Narendra; Mohammed bin Zayed Al Nahyan; Salman bin Abd al-Aziz Al Saud, Crown Prince; von der Leyen, Ursula.

Subjects: Africa, economic growth and development; Broadband and wireless technologies; Economic improvement; European Commission President; Global supply chain disruptions, efforts to address; Group of Twenty (Gâ20) nations; India, President Biden's visit; India, Prime Minister; India, relations with U.S; India-Middle East-Europe Economic Corridor; Infrastructure development, international assistance for developing countries; Partnership for Global Infrastructure and Investment; Renewable energy sources and technologies; Saudi Arabia, Crown Prince; United Arab Emirates, President.

DCPD Number: DCPD202300765.