Remarks by President Biden at Meeting for Partnership for Global Infrastructure and Investment

International Exhibition-cum-Convention Centre
New Delhi, India

5:46 P.M. IST

THE PRESIDENT:  Well, ladies and gentlemen, thank you all.  My colleagues, this is — someone 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 Future: That’s the focus of this G20 Summit.  And in many ways, it’s also the focus of this partnership that we’re going to — that we’re talking about today: building sustainable, resilient infrastructure; making quality infrastructure investments; and creating a better future — a future of a greater — that’s — represents 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 corridors — you’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 — as a key part of this corridor, we’re going to invest in ships and rail that extends the India — that extends from India all the way to Europe, connected by the UAE, 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 that 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 the Crown Prince of Saudi Arabia Mohammed bin Salam [sic] — Sa- — excuse me, Mohammed bin Salman and President von der Leyen and the European Commissions.  And since his — he’s not speaking today, I wanted to — or maybe he is speaking today.  I had a note he wasn’t speaking.  Any rate, I’m going to — I’m going to stop there. 

In Saudi Ar- — the Sub-Saharan Africa — we’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 — the DRC, to Zambia, and, ultimately, the Indian Ocean.

It’s a project that’s about — far 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 the — both of these are huge — huge steps 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 future — our future — all 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 max- — 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.  (Applause.)

(Event continues.)

MODERATOR:  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.

THE PRESIDENT:  Could I — excuse — excuse 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 UAE, but — because 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.  (Applause.)

6:05 P.M. IST