The correct answer is option 1, which states that statements I and II are correct.

Statement I is correct because the Suez Canal indeed serves as an important link between developed countries and developing countries. It is a major maritime route for international trade, connecting Europe and Asia, which includes developed countries in Europe with developing countries in Asia and the Middle East.

Statement II is also correct. The Suez Canal connects the Mediterranean Sea with the Gulf of Suez, allowing ships to bypass the longer route around the Cape of Good Hope at the southern tip of Africa.

Statement III, however, is incorrect. The Suez Canal is a sea-level canal, meaning it does not have locks or other mechanisms to raise or lower water levels. Ships can navigate through the canal without the need for elevation changes.

In summary, option 1 is the correct answer because statements I and II are correct.