Latest news with #India-MiddleEast-Europe
India.com
5 days ago
- Business
- India.com
India Commits $20 Billion For Maritime Infrastructure Development: Sarbananda Sonowal
New Delhi: India has committed $20 billion for infrastructure development focused on enhancing multimodal logistics, port connectivity, and trade facilitation, Union Minister Sarbananda Sonowal said on Thursday. Delivering the keynote speech at the India Country Session in Oslo and highlighted India's growing maritime capabilities, including a favourable policy-induced investment environment, proven shipbuilding strength, circular economy efforts, and innovative financing plans to accelerate sectoral growth, he said: "Under the able and visionary leadership of Prime Minister Narendra Modi, India is moving decisively toward the goals of Viksit Bharat and Atmanirbhar Bharat. These goals envisage India as a modern, self-reliant, inclusive, and globally engaged economy." In this journey, the maritime sector is central - not just as a driver of growth, but as an enabler of resilience, sustainability, and strategic connectivity. "India has launched wide-ranging efforts to expand port infrastructure, integrate logistics systems, and improve ease of doing business for the private sector. These reforms are already bearing fruit in the form of increased port efficiency, stronger cargo flows, and rising investor confidence," he said. The Shipping Minister also highlighted strengthening of maritime connectivity and supply chains with strategic corridors like the India-Middle East-Europe Economic Corridor (IMEEC), the Eastern Maritime Corridor (EMC), and the International North-South Transport Corridor (INSTC). "India is working to become a credible and competitive alternative. Through policy incentives, ease of doing business, and infrastructure enhancement, we are laying the foundation for India to emerge as one of the top five shipbuilding nations by 2047," he said. India is establishing three Green Hydrogen Hub Ports — Kandla, Tuticorin, and Paradip — to support the manufacturing of green hydrogen and its derivatives and to pioneer the use of alternative fuels in the maritime domain. "We are also proud to lead under the IMO's Green Voyage 2050 initiative, assisting developing countries in their energy transitions," he added. India's maritime digital ecosystem is undergoing a transformation. Initiatives such as ONOP (One Nation-One Port Process), National Logistics Portal (Marine), and MAITRI – Virtual Trade Corridor are creating a unified national platform for port services and EXIM trade. "These efforts are improving operational transparency, reducing transaction time and building real-time data systems. We are also engaging with global partners to establish Virtual Trade Corridors that will digitally connect ports, enabling seamless cargo movement and reducing bottlenecks," said the minister.
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Business Standard
24-05-2025
- Politics
- Business Standard
Marked shift in GCC stance on terror since Mumbai attacks: Indian envoy
There has been a marked shift in the Gulf Cooperation Council (GCC) countries' stance on terrorism since the 2008 Mumbai attacks due to the widespread realisation that it is a common enemy of all and there is a need for collaborative efforts to combat the menace, the Indian envoy in the UAE has said. Sunjay Sudhir, India's Ambassador to the UAE, also hailed the visit of the all-party delegation led by Shrikant Shinde to the country to highlight India's stance on the issue. He termed the visit as very successful. "The narrative, our thoughts, our perspectives, were well received, very well reciprocated. And again, it was a clear reciprocation, a clear reiteration of the fact that in the UAE, we have a true strategic partner, a friend, whom we can rely on," the ambassador told PTI. Ambassador Sudhir also highlighted a shift in the response by the GCC nations - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates - after the Pahalgam terror attack in comparison to the response they had shown after the Mumbai attack. In 2008, after the Mumbai terror attack, the situation was quite different. The response of GCC countries was quite different. This time, it was very different. Our leadership was very actively engaged with the UAE, Saudi Arabia, Kuwait and Qatar. It's the same GCC, but some things have changed because of widespread realisation that terrorism is something which is a common enemy for humanity, for mankind, and we need to work together to counter that, Sudhir told PTI. The ambassador said that the UAE was perhaps the first country to issue a clear and categorical statement condemning the attack as an act of terror and calling for the elimination of terrorism in all its forms. The all-party delegation led by Shinde, during its two-day visit, held substantive discussions with senior UAE officials, including Sheikh Nahyan bin Mubarak Al Nahyan, Minister for Tolerance and Coexistence, and Ali Rashid Al Nuaimi, who chairs the Federal National Council Committee on Foreign Affairs, Defence, and Interior. The way the delegation was received and the reciprocation of our perspective reflects the strength of our partnership, Sudhir said, adding that the UAE's response reaffirmed its commitment to countering terrorism as a common enemy of humanity. Reflecting on Prime Minister Modi's stern warning to Pakistan of severe consequences for sponsoring terrorism, the ambassador emphasised that India conveyed to the world that there is a limit to patience. PM Modi has made it clear that there is a limit to patience. We come from the land of Mahatma Gandhi and Gautam Buddha, but nobody can take us for granted, he said, referring to Operation Sindoor as a testament to India's proactive stance. On the broader India-UAE bilateral relationship, Sudhir highlighted the robust growth in ties, particularly in trade, which crossed USD 100 billion in the 2024-25 financial year, well ahead of the target. He pointed to the India-Middle East-Europe Economic Corridor (IMEC) as a flagship initiative, with India and the UAE leading efforts to enhance connectivity, reduce paperwork, and facilitate the movement of goods, data, and clean energy. We are testing a proof of concept for IMEC, which could materialise in the next month, he revealed. Sudhir also noted advancements in fintech, with the UAE's credit and debit card system built on India's RuPay stack, and the local currency trade settlement mechanism boosting confidence in the Indian rupee and UAE dirham.
Khaleej Times
25-04-2025
- Business
- Khaleej Times
Dubai Summit spotlights IMEC as a global model for innovation and integration
The SCM Middle East Conclave & Awards 2025 concluded today in Dubai, establishing itself as a powerful platform for redefining the future of global logistics, trade, and supply chain resilience. Organised by Logistics Shakti, the two-day event drew over 400 influential stakeholders, including global CEOs, CXOs, investors, and policymakers from India, the UAE, and the broader India-Middle East-Europe (IME) Corridor. Gracing the occasion as chief guest was former president of India Ram Nath Kovind, alongside Abdullah Ahmed Al Saleh, undersecretary of the Ministry of Economy, UAE, as guest of honour. Their presence, along with other eminent dignitaries, underscored the event's strategic importance in advancing regional and global trade partnerships. One of the most anticipated discussions centered on the India-Middle East-Europe Economic Corridor (IMEC), which promises to revolutionise trade efficiency. Notably, shipments from India to mainland Europe via the IMEC are projected to be delivered nearly 40% faster and at 30% lower cost than the traditional Suez Canal route, reinforcing the corridor's game-changing potential. Speaking at the conclave, Ram Nath Kovind remarked, "It is a privilege to be part of the SCM Middle East Conclave 2025 in Dubai—a city that embodies global dynamism. The India-Middle East-Europe Economic Corridor is more than a trade route; it is a bridge between civilisations and a promise of shared prosperity. As India emerges as a global growth engine, let us move forward together in the spirit of Vasudhaiva Kutumbakam—the world is one family." Highlighting the UAE's vision for sustainable and technology-driven trade, Abdullah Ahmed Al Saleh said: "The UAE stands at the crossroads of a global economic transformation, powered by innovation, AI, and strategic alliances. Our record-breaking $815 billion in non-oil foreign trade in 2024 is a testament to our commitment to building inclusive, tech-enabled supply chains. Through initiatives like the Trade Tech Accelerator and CEPA, and with transformative projects such as the IMEC, we are creating agile and transparent trade networks that will shape the future of global commerce." Meenakshi Lekhi, former Minister of State for External Affairs, Government of India, added powerful insights on the strategic relevance of the corridor, stating, "The IMEC is not a competitor to traditional routes, but a vital alternative — a fire escape ensuring continuity in uncertain times. It is a beacon of cooperation, resilience, and regional security. Built not just on infrastructure but also on trust and streamlined processes, this initiative symbolises the evolution of global connectivity." These sessions provided in-depth perspectives on the challenges and opportunities shaping the logistics sector, while emphasising the transformative role of collaboration and innovation. The highlight of the conclave was the SCM Awards 2025, which honoured individuals and organisations for excellence, innovation, and leadership in supply chain management. The awards celebrated milestone achievements that are setting new benchmarks in the industry. Commenting on the success of the event, Kamal Narayan Omer, co-founder and director of Logistics Shakti, said: "The SCM Middle East Conclave and Awards is not just an event—it's a movement towards building a smarter, more connected, and resilient global supply chain ecosystem." Amit Shankhdhar, co-founder and director of Logistics Shakti, echoed the sentiment, stating: "This conclave has served as a vital platform for leaders to co-create the future of global supply chains. With a strong focus on the IME Corridor, we are exploring new possibilities for trade, connectivity, and economic integration."
Hans India
23-04-2025
- Business
- Hans India
IMEC, energy ties in focus during PM's Saudi visit
Jeddah: Prime Minister Narendra Modi is on a strategically significant visit to Saudi Arabia from Tuesday as the two nations aim to elevate their ties to an all-new level. Several crucial agreements have been lined up for the two leaders to sign, marking a historic moment in bilateral relations. Modi is likely to discuss also the next steps for the India-Middle East-Europe Economic Corridor (IMEC) with Saudi Prime Minister and Crown Prince Mohammed Bin Salman during his two-day visit to Saudi Arabia that began on Tuesday, sources said. The bilateral talks will also aim to further efforts to interlink the power grids of both nations through subsea cables and to enhance collaboration in green hydrogen, they said. Launched on the sidelines of the Summit in Delhi in September 2023, the IMEC aims to establish a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime trade links. Even before PM Modi landed in Jeddah, his aircraft - Air India One - was escorted by several Saudi Air Force F-15 fighter jets in a symbolic gesture of respect accorded to only the closest strategic allies. The Royal Saudi Air Force's gesture also highlights the ever-deepening defence cooperation between the two countries. Upon his arrival, the Prime Minister was given a 21-gun salute as members of the Indian community sang 'Saare Jahan Se Achha'.
Russia Today
28-02-2025
- Business
- Russia Today
EU's von der Leyen pushes trade deal with India
The European Union is keen to expand economic and security cooperation with India, European Commission President Ursula von der Leyen has stated in New Delhi. The two sides have set a year-end deadline to conclude a free-trade agreement, negotiations for which initially started 15 years ago. The announcement on Friday came in a joint statement by von der Leyen and Indian Prime Minister Narendra Modi after they met in the Indian capital. Speaking to reporters, Modi said the two sides have directed their teams to conclude a bilateral free-trade deal by end of this year, and that decisions were taken to 'elevate and accelerate India-EU partnership.' Talks for an FTA were initiated in 2009 but were later stalled 'due to differences in the scope and expectations from the deal,' according to New Delhi. The negotiation process was relaunched in 2022. The European Commission chief emphasised that the 'free trade agreement between the EU and India would be the largest deal of this kind anywhere in the world.' Describing the potential deal as 'ambitious,' von der Leyen added that the negotiations include everything from 'green tech to pharmaceuticals, semiconductors to green hydrogen and defense.' The EU is India's largest trading partner after the US, with trade in goods valued at €124 billion ($129 billion) in 2023, and an increase of almost 90% in the last decade. Around 6,000 European companies are present in India, directly providing 1.7 million jobs and indirectly supporting 5 million jobs across various sectors, according to official data. India is delighted to welcome the President of the @EU_Commission, Ursula von der Leyen and other distinguished members of the College of Commissioners. This level of engagement is both historic and unparalleled. India-EU friendship is both natural as well as organic. Our talks… Securing a trade deal with India is crucial for Brussels, particularly after US President Donald Trump announced plans to impose a 25% tariff on goods manufactured in the EU. In her speech in New Delhi on Friday, von der Leyen claimed the EU and India 'have the potential to be one of the defining partnerships of this century,' and that this will be a 'cornerstone of Europe's foreign policy in the years and decades to come.' 'It is time to be pragmatic and ambitious. And to realign our priorities for today's realities,' she added. India is delighted to welcome the President of the @EU_Commission, Ursula von der Leyen and other distinguished members of the College of Commissioners. This level of engagement is both historic and unparalleled. India-EU friendship is both natural as well as organic. Our talks… der Leyen also pushed for progress with the India-Middle East-Europe corridor (IMEEC), the concept which she unveiled along with the leaders of the US, UAE, Saudi Arabia, and India during the 2023 G20 Summit in New Delhi. 'It's an amazing project. This can be a modern golden road – directly connecting India, the Arabian Gulf and Europe. With a rail link, that will make trade between India and Europe 40% faster. With an electricity cable and a clean hydrogen pipeline. And a high-speed data cable to link some of the most innovative digital ecosystems in the world. This corridor is much more than just a railway or a cable. It is a green and digital bridge across continents and civilizations,' she said. The project has been seen as a potential rival to China's Belt and Road Initiative as well as the International North South Transport Corridor (INSTC), developed by Russia, India, and Iran as a faster, cheaper and sanctions risk-free alternative to the traditional Suez Canal route.
