New Delhi: US President Joe Biden has hailed the  India-Middle East-Europe Economic Corridor (IMEC) launched on Saturday as a 'game-changing investment' for the US.

Emphasising the significance of the India-Middle East-Europe Economic Corridor (IMEC), he underscored the US's commitment to investing in the new rail line from Angola towards the Indian Ocean.

Biden said IMEC is a critical step to increase employment generation and boost food security globally.

He forecast the term 'economic corridor' to gain prominence in the forthcoming decade.

Prime Minister Narendra Modi on Saturday announced the India-Middle East-Europe Economic Corridor (IMEC) with India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US as its members.

The corridor will provide a new direction to connectivity and sustainable development of the entire world, said PM Modi

In his remarks, the Prime Minister highlighted the importance of physical, digital, and financial connectivity. He said that IMEC would help promote economic integration between India and Europe.

“Today we all have reached an important and historic partnership. In the coming times, it will be a major medium of economic integration between India, West Asia and Europe,” he said. The corridor will give a new direction to connectivity and sustainable development of entire world, said PM Modi

The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII) — an initiative of the G7 nations to fund infrastructure projects in developing nations.