Prime Minister Binyamin Netanyahu said Sunday that Israel is considering building a 220 mile rail link between its Mediterranean and Red Sea coasts that could compete with the Suez Canal for Asia-Europe trade.

“The Eilat Railway will be a passenger railway with a travel time of two hours [from Tel Aviv]” Netanyahu said in his weekly cabinet meeting, Israeli business website Globes reported.

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“This will also be a line for the shipment of goods from Asia to Europe. This will create a very great interest on the part of the rising powers – India and China – and others, in Israel. It therefore has strategic, national, and international importance to build this line,” he said.

“This change is the realization of the vision to link-up Israel and the development of transport infrastructures north to Kiryat Shmona and to Eilat with traffic light-less roads and railways – lines for travel within Israel and as an intercontinental transit point.”

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