ISTANBUL

US President Joe Biden Saturday said the world was at an "inflection point," calling for “collective investments.”

Addressing the India-Middle East-Europe Economic Corridor Summit in New Delhi, Biden said: “World stands at an inflection point in the history.”

“The decisions we make today are going to affect all of our futures for decades to come … a point where our investments are more critical than ever,” Biden told the event, held on the sidelines of the G-20 summit, hosted by India.

Calling the new agreement on the corridor “historic,” he said the India-Middle East-Europe Economic Corridor will see investments in ships and rail.

“The corridor extends from India, all over Europe, connected by the UAE, Saudi Arabia, Jordan, and Israel,” Biden said, emphasizing on collective investments.

"Let us seize this moment in history and maximize our collective investments," he told the summit.

Saudi Arabia will invest $20 billion in a new transcontinental corridor, Saudi Crown Prince Mohammed bin Salman (MbS) announced on Saturday.

"I would like to commend the PGII (Partnership for Global Infrastructure and Investment) launch by President Biden with the participation of Saudi Arabia with 20 billion dollars. We look forward to the integration of the initiative and the economic corridor project which is announced in this meeting," he told the summit.

"I would like to thank those who worked with us to reach this founding step, to establish this important economic corridor."

Indian Prime Minister Narendra Modi said the corridor promises to be a "beacon of cooperation, innovation, and shared progress."

"Charting a journey of shared aspirations and dreams ... as history unfolds, may this corridor be a testament to human endeavour and unity across continents," he wrote on X, formerly Twitter.

Meanwhile, Modi Saturday announced the Global Biofuels Alliance (GBA) on the sidelines of the G-20 summit.

GBA is an India-led initiative to develop an alliance of governments, international organizations and industry to facilitate adoption of biofuels, the Indian government said in a statement. “Bringing together the biggest consumers and producers of biofuels to drive biofuels development and deployment, the initiative aims to position biofuels as a key to energy transition and contribute to jobs and economic growth,” the statement added.