On Thursday, the I2U2 formally kicked off at the summit where. Two key takeaways were announced during the meeting, namely a 300 MW hybrid renewable power project in Gujarat and a $2 billion investment by the UAE to develop an integrated food park in India. As part of the I2U2 Group, a hybrid renewable energy project in Gujarat will utilize 300 MW of wind and solar capacity, coupled with battery energy storage. The summit included PM Narendra Modi, Israel PM Yair Lapid, UAE President Mohammed bin Zayed Al Nahyan, and Us President Joe Biden. Despite increased global uncertainties, Modi s
On Wednesday, US Vice President Kamala Harris launched a significant push into the Pacific with funds of $600 million for a critical regional summit. According to her, the nation will open its embassies in Tonga and Kiribati. This announcement was made during an unprecedented address to the Pacific Island Forum in Fiji. A comprehensive national strategy for the Pacific will be launched, and the US will nominate its first ever ambassador to the Pacific. During a recent interview with US President Joe Biden, Harris acknowledged the Pacific had not received sufficient attention. She said,
India’s imports from China reached a record $57.51 billion in the first half of 2022, as per China’s trade data released on Wednesday, July 13. The India-China trade is all set to exceed USD 100 billion for the second consecutive year as it has gone up to USD 57.51 billion in the first half of this year during a big surge of Chinese exports. Imports from China are up by 34.5 percent from last year, while Indian exports to China declined to USD 9.57 billion, a fall of 35.3 percent compared to last year China’s all-inclusive export performance in June showed a recovery, up
The euro stands at par with the United States dollar, and stock markets fell as the investors are no longer anxious about the possibility of the central bank tightening further and about the health of the global economies. On Tuesday at 10:00 GMT, the euro was at a low of $1, its weakest in over two decades. The US dollar’s fame as a reliable currency for investors worried about the economic outlook has recently improved, with the US currency reaching a 20- year high against various currencies. The euro has been in peril due to the effect of a sharp increase in natural gas prices on t
Several GCC countries, including Saudi Arabia and Oman, may sign a Comprehensive Economic Partnership Agreement with India ahead of the maiden West Asian Quad Summit scheduled for July 14. Oman is India’s oldest strategic partner in the region. In the course of President Joe Biden's tour to Israel and Saudi Arabia, the US, Israel, UAE, and India will host a virtual summit. On May 1, the UAE and India signed the CEPA, with the first consignment of goods arriving from India with tariff exemptions. This will help the West Asian Quadrilateral in its economic projects. As per a senior offi
French aerospace major Safran announced its decision to institute its first and biggest aircraft engine MRO (maintenance, repair, and overhaul) facility in Hyderabad. The facility requires an investment of Rs 1200 crore ($150 million) and is expected to create nearly 1,000 high-skilled jobs in Telangana. The MRO will also significantly promote the Hyderabad International Airport and the Telangana Aviation ecosystem. KT Rama Rao, Telangana Minister, welcomed the Safran group’s decision to choose Hyderabad for its mega airplane engine, MRO. The MRO facility in Hyderabad will conduct
On Friday, the South Korean government removed tariffs on some food imports and increased welfare support for low-income earners announcing measures valued at $873 million to ease people's living costs. South Korean President Yoon Suk-yeol called the current economic conditions an emergency and ordered his administration to take all feasible measures to reduce the strain on people's means of subsistence. The government is reaffirming its bet on the central bank to raise the policy rate by 50 basis points at its next meeting. These measures will include the removal of tariffs on beef and
The Indian services sector grew at its fastest pace in more than eleven years in June, according to the S&P Global India services PMI. Despite strong demand, persistent inflation remains a concern as prices soared at their most rapid rate in almost five years. During the month of June, the S&P Global India Services Purchasing Managers' Index increased from 58.9 to 59.2, reaching its highest level since April 2011. The difference between expansion and contraction is 50 points or more. Stronger than expected, the S&P Global India Composite PMI Output Index was at 58.2, down fr
On Sunday, Egyptian President Abdel Fattah al-Sisi inaugurated the Adly Mansour Transportation Hub in east Cairo. Kamel al-Wazir, Minister of Transport, provided President Abdel Fattah with a detailed explanation of the station and inspected an electric train at the Adly Mansour station. The Adly Mansour Transportation Hub is the largest in the Middle East and is designed as a central interchange station. It will include an integrated service transportation complex along with a commercial investment area on 15 acres. In terms of accomplishment, Adly Mansour station is the first metro st
Indonesian officials claim that they are hopeful of boosting the country’s exports to the Middle East after the signing of a new economic pact with the UAE. Indonesia’s Trade Minister Zulfikli Hasan and UAE Economy Minister Abdullah bin Touq Al-Marri signed the Comprehensive Economic Partnership Agreement on Friday in Abu Dhabi. This is Indonesia’s first such agreement with a Gulf country and the UAE’s first with a Southeast Asian nation. In September 2021, both countries had discussed ways to eliminate tariffs and boost bilateral investment. According to data from Indonesia’s