Indian PM visits Croatia with EU trade on agenda
Narendra Modi will visit Croatia today, the first time an Indian prime minister has toured the Balkan nation, in a sign of increasing ties with the European Union.
Modi will visit the EU member on his way back from the G7 Summit in Canada, following an earlier stop in Cyprus.
Croatian newspaper Vecernji List reported on Tuesday that a key focus of discussions will be a proposed trade route between Europe, the Middle East and India -- an investment touted to rival Beijing's Belt and Road Initiative.
"As the first visit by an Indian prime minister to Croatia, it will open new avenues for bilateral cooperation," Modi said in a statement ahead of the trip.
He will meet Croatian counterpart Andrej Plenkovic and President Zoran Milanovic in Zagreb during a visit that was initially scheduled for mid-May, but got pushed back because of an escalation in tensions between India and Pakistan.
European leaders are increasingly looking to other trading partners in response to US President Donald Trump's imposition of tariffs on the bloc, which are now flagged to increase in July.
The EU is India's second-largest trading partner, accounting for 120 billion euros (US$138 billion) worth of trade in goods in 2024 -- more than 11 percent of total Indian trade, according to the EU.
First proposed in 2023, the India-Middle East-Europe Economic Corridor would be a railway and maritime route linking the regions and is seen as a potential counter to growing Chinese investment.
Although trade between India and Croatia remains relatively small, Croatia, suffering from a chronic workforce shortage, has been attracting more Indian workers.
China has pumped billions of dollars into the Balkans in recent years to expand its economic footprint in central Europe.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
an hour ago
- Daily Tribune
Gaza civil defence says Israel strikes displacement shelter
Gaza's civil defence agency said Israeli forces killed at least 25 people on Thursday, including 12 in a strike on a school sheltering Palestinians displaced by the war nearing its 22nd month. Israel has recently expanded its military operations in the Gaza Strip, where its war on Hamas militants has created dire humanitarian conditions and displaced nearly all of the territory's population of more than two million. Many have sought shelter in school buildings, but these have repeatedly come under Israeli attacks that the military often says target Hamas militants hiding among civilians. In Gaza City on Thursday, civil defence official Mohammad al-Mughayyir told AFP that 12 people, "the majority of them children and women", were killed and several others wounded in an Israeli air strike on a school-turned-shelter, which the Israeli military did not confirm. Pressure has risen for a ceasefire to allow sorely needed humanitarian aid into Gaza at scale and permit the release of hostages seized by Palestinian militants during Hamas's October 2023 attack that sparked the war. US President Donald Trump earlier this week declared a new ceasefire push, aiming for an initial 60-day truce, which he said had Israel's backing. But Israel's leaders held firm to their objective of crushing Hamas, even as the group said Tuesday it was discussing new proposals for a ceasefire from mediators.
Gulf Insider
12 hours ago
- Gulf Insider
Jaguar Sales Crash 97% in Europe After Rebrand
Jaguar, the quintessentially British carmaker, is facing a crisis of epic proportions as its European sales plummeted 97.5% in April 2025, with just 49 vehicles registered compared to 1,961 the previous year, according to the New York Post. The collapse follows a controversial November 2024 rebranding campaign, labelled 'woke' for its car-less, avant-garde visuals featuring androgynous models and slogans like 'Copy Nothing'. As Jaguar shifts to an all-electric, ultra-luxury brand, this drastic sales drop, coupled with a product void, has sparked debate: has the rebrand alienated loyal customers, or is this a bold step towards reinvention? Misjudge Loyal Buyers with Bold Rebrand Jaguar's rebrand aimed to reposition the brand for a younger, global audience, ditching its iconic 'growler' logo for a minimalist 'J' and swapping performance-driven ads for vibrant, abstract visuals. The Financial Express notes the campaign, launched on 18 November 2024, was meant to signal Jaguar's pivot to electric vehicles (EVs) by 2026. Instead, it drew mockery, with Tesla's Elon Musk quipping on X, 'Do you sell cars?' Loyal buyers, typically affluent, heritage-conscious drivers, felt sidelined, with X posts mocking the rebrand 'How's that rebrand working out for you?'. Global sales reflect the fallout: from 180,833 vehicles in 2018 to just 26,862 in FY24/25, per The Economic Times. The absence of new models, with most petrol and diesel cars phased out, has left showrooms barren, amplifying the damage. Jaguar's EV transition is bold but poorly executed. The brand plans to launch a £160,000 ($219,837) four-door electric GT in late 2025, targeting Bentley and Rolls-Royce, but no new vehicles are available now. The Economic Times also highlights that competitors like BMW and Audi saw EV sales surge by 32.4% and 50.4% in Q1 2025, while Jaguar's product gap has left dealers struggling. The luxury car market, worth £482 billion ($638 billion) globally in 2024, is softening, per The Financial Express, making Jaguar's timing precarious. On X, users lament the lack of cars to sell, with one user posting, 'Near total collapse.' Jaguar's parent, Jaguar Land Rover (JLR), reported £2.5 billion ($3.43 billion) in profits for FY25, but Land Rover's success masks Jaguar's dire straits. The rebrand's backlash has forced JLR to act. In May 2025, JLR dropped its ad agency, Accenture Song, seeking a return to Jaguar's heritage. Critics like @JoeJMarston have gloated, 'Jaguar went woke as a strategy for declining sales' on X, reflecting a broader sentiment that Jaguar misread its audience. Yet, JLR's managing director, Rawdon Glover, defends the shift, arguing it's a 'do-or-die' move for profitability. With global sales down 46% from 61,661 in 2022 to 33,320 in 2024, per The Economic Times, Jaguar's future hinges on its EVs resonating with buyers. Can the brand reconnect with its roots while embracing electrification, or has the damage been done? Jaguar's 97.5% sales collapse in Europe is a stark warning: alienating loyal customers while chasing trends can backfire spectacularly. The rebrand's missteps, car-less ads, a ditched logo, and no new models, have left Jaguar in limbo. With £160,000 ($219,802) EVs on the horizon, JLR is betting big, but rebuilding trust will be tough. Jaguar's heritage of sleek, powerful luxury must shine through to win back buyers, but staying relevant in the electric age will demand fearless ingenuity. Also Read: 'This Is The Next Level': AI-Powered 'Digital Workers' Deployed At Major Bank To Work Alongside Humans Source International Business Times UK
Daily Tribune
a day ago
- Daily Tribune
Stable economy, affordable prices
Bahrain recorded one of the lowest inflation rates across GCC countries in 2024, with prices rising by just 0.9 per cent, according to new figures from the GCC Statistical Centre. While price swings have rattled other economies, the Gulf has seen a steadier course. Between 2020 and 2024, inflation across the six countries remained restrained. The average rate across the bloc stood at 1.7 per cent in 2024, which matched the figure from 2020. That compared with the sharp rise seen in 2022, when inflation reached 3.1 per cent following the COVID-19 pandemic. In Bahrain, price movements varied across spending categories. Steepest increase Restaurants and hotels recorded the steepest increase at 7.3 per cent. Food and beverages followed with a rise of 2.8 per cent. Miscellaneous goods and services went up by 2.3 per cent, and education costs increased by 1.3 per cent. Other categories showed smaller shifts. Communications rose by 0.9 per cent, tobacco by 0.7 per cent, transport by 0.6 per cent, healthcare by 0.5 per cent, and housing by just 0.2 per cent. Items Some items became cheaper. Furniture prices fell by 2.7 per cent. Culture and recreation dropped by 2.9 per cent. Clothing and footwear saw the largest fall, down by 4.7 per cent. Elsewhere in the region, Oman had the lowest inflation at 0.6 per cent, followed by Bahrain. Qatar recorded 1.3 per cent. Both Saudi Arabia and the UAE registered 1.7 per cent. Kuwait, at 2.9 per cent, reported the highest figure among the six. Housing Across the bloc, housing was the largest driver of rising prices, climbing by 5.7 per cent. Restaurants and hotels, as well as culture and recreation, increased by 1.8 per cent each. Education rose by 1.7 per cent, food and beverages by 1.5 per cent, and other goods and services by 1.1 per cent. The steepest drops came from transport, which declined by 2 per cent. Furniture fell by 1.6 per cent, tobacco by 1.1 per cent, communications by 1 per cent, clothing and footwear by 0.7 per cent, and healthcare by 0.2 per cent. State of prices According to the report, these figures point to a relatively settled state of prices in the Arabian Gulf region. This comes as inflation continues to shift unevenly across other parts of the world. In the European Union, inflation stood at 2.6 per cent in 2024. Global food and drink prices rose by 1.6 per cent. Trading partners Among the major trading partners of GCC countries, inflation varied. China saw a rise of just 0.2 per cent. Japan recorded 2.7 per cent, South Korea 2.3 per cent, India 3.8 per cent, and Brazil 4.4 per cent. The United States stood at 2.9 per cent. The United Kingdom came in at 3.3 per cent, France at 2 per cent, Germany at 2.3 per cent, and Italy at 1 per cent.
