+
Ahead of G7 Summit, India, EU to partner on global infra projects
ROADS & HIGHWAYS

Ahead of G7 Summit, India, EU to partner on global infra projects

The European Union (EU) and India are planning to agree to partner each other in international infrastructure development. This "connectivity" partnership will develop projects across the world in an attempt to compete with China's Belt and Road Initiative (BRI).

India and the EU are likely to announce the initiative in a virtual summit on May 8. The two entities will take up the initiative as an alternative to China's BRI across Europe, Asia and Africa. The terms of the deal are yet to be finalised.

The plan may feature in the upcoming G7 summit to be hosted by the UK. India has been invited to participate in that summit. The G7 members are the US, UK, Japan, France, Germany, Italy and Canada. At each G7 summit, a few other countries may be invited to participate. This year, apart from India, Australia and South Korea get to attend.

Diplomats told the media that the India-EU partnership would revolve around joint projects in their own regions, initiatives in third countries and setting standards in segments such as the rule of law benchmark and financial stability. Another focus will be to improve cooperation in innovation and research.

The EU has previously highlighted plans to deploy major funds to attract investments of multiple times the value to develop ties between Asia and Europe. India has also committed to significant financing for international projects. China's BRI includes international projects involving railways, bridges, roads and ports.

Over 150 states and international organisations have endorsed China's initiative. However, as a report in the Financial Times points out, the BRI also faces criticism over activities such as environmental standards, the takeover of projects in debt-laden countries, and the penalties charged on these countries for payment failures.

In July 2020, India and the EU had agreed to explore their own initiatives to attain cooperation on connectivity with other countries, including the Indo-Pacific region.

Image Source


Also read: India inaugurates several development projects in Seychelles

Also read: India signs up to boost infra projects in Maldives

The European Union (EU) and India are planning to agree to partner each other in international infrastructure development. This connectivity partnership will develop projects across the world in an attempt to compete with China's Belt and Road Initiative (BRI). India and the EU are likely to announce the initiative in a virtual summit on May 8. The two entities will take up the initiative as an alternative to China's BRI across Europe, Asia and Africa. The terms of the deal are yet to be finalised. The plan may feature in the upcoming G7 summit to be hosted by the UK. India has been invited to participate in that summit. The G7 members are the US, UK, Japan, France, Germany, Italy and Canada. At each G7 summit, a few other countries may be invited to participate. This year, apart from India, Australia and South Korea get to attend. Diplomats told the media that the India-EU partnership would revolve around joint projects in their own regions, initiatives in third countries and setting standards in segments such as the rule of law benchmark and financial stability. Another focus will be to improve cooperation in innovation and research. The EU has previously highlighted plans to deploy major funds to attract investments of multiple times the value to develop ties between Asia and Europe. India has also committed to significant financing for international projects. China's BRI includes international projects involving railways, bridges, roads and ports. Over 150 states and international organisations have endorsed China's initiative. However, as a report in the Financial Times points out, the BRI also faces criticism over activities such as environmental standards, the takeover of projects in debt-laden countries, and the penalties charged on these countries for payment failures. In July 2020, India and the EU had agreed to explore their own initiatives to attain cooperation on connectivity with other countries, including the Indo-Pacific region. Image Source Also read: India inaugurates several development projects in Seychelles Also read: India signs up to boost infra projects in Maldives

Next Story
Infrastructure Energy

UERC Rejects Pleas Over Cancelled 200 MW Solar Awards

The Uttarakhand Electricity Regulatory Commission (UERC) has rejected review petitions filed by 12 solar developers against the cancellation of Letters of Award (LoAs) issued under the state’s 200 MW Solar Programme.The scheme, launched by the Uttarakhand Renewable Energy Development Agency (UREDA) under the 2013 solar policy, aimed to help Uttarakhand Power Corporation Ltd (UPCL) meet its renewable purchase obligations through tariff-based competitive bidding.The projects—classified under the Type I category—had original commissioning deadlines in 2019–2020, later extended multiple ti..

Next Story
Infrastructure Energy

Solarium Wins Rs 266 Million Rooftop Solar Orders

Solarium Green Energy has secured two significant work orders valued at a combined Rs 266 million for rooftop solar projects across various locations in the Northeastern States, under the Ministry of Home Affairs.The first order, worth approximately Rs 129.8 million, was awarded by NTPC Vidyut Vyapar Nigam Limited (NVVN) for the development of a 3,319 kW rooftop solar photovoltaic (PV) project. This was tendered under the NVVN’s “Selection and Discovery of L1 Rates for Rate Contract for EPC of Grid Connected Rooftop Solar PV Projects (51–200 kW) across India”. The project is scheduled ..

Next Story
Real Estate

Omaxe Secures Rs 5 Billion From Oaktree For Expansion

Omaxe Group has raised Rs 5 billion in funding from Oaktree Capital Management LP, a global investment firm specialising in alternative investments, to fuel the development of ongoing projects and support future growth plans.In a regulatory filing dated 28 July, the company confirmed that the funds will support construction and infrastructure development across key markets, including New Chandigarh, Lucknow, Ludhiana, and Faridabad. The capital will also be directed towards flagship projects such as Omaxe State in Dwarka, an upcoming integrated township in Amritsar, and a new township in Indor..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?