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AllAfrica
03-07-2025
- Business
- AllAfrica
India and Ghana: Narendra Modi's visit rekindles historical ties
Narendra Modi's trip to Ghana in July 2025, part of a five-nation visit, is the first by an Indian prime minister in over 30 years. The two countries' relationship goes back more than half a century to when India helped the newly independent Ghana set up its intelligence agencies. Ghana is also home to several large Indian-owned manufacturing and trading companies. International relations scholar Pius Siakwah unpacks the context of the visit. It can be traced to links between Kwame Nkrumah, Ghana's first president, and his Indian counterpart, Prime Minister Jawaharlal Nehru, in 1957. It is not surprising that the Indian High Commission is situated near the seat of the Ghana government, Jubilee House. Nkrumah and Nehru were co-founders of the Non-Aligned Movement, a group of states not formally aligned with major power blocs during the cold war. Its principles focused on respect for sovereignty, neutrality, non-interference, and peaceful dispute resolution. It was also a strong voice against the neo-colonial ambitions of some of the large powers. The movement emerged in the wave of decolonization after the Second World War. It held its first conference in 1961 under the leadership of Josip Bros Tito (Yugoslavia), Gamal Abdel Nasser (Egypt) and Sukarno (Indonesia) as well as Nehru and Nkrumah. The relationship between Ghana and India seemingly went into decline after the overthrow of Nkrumah in 1966, coinciding with the decline of Indian presence in global geopolitics. In 2002, President John Kufuor re-energised India-Ghana relations. This led to the Indian government's financial support in the construction of Ghana's seat of government in 2008. Though the concept of the Non-Aligned Movement has faded this century, its principles have crystallized into South-South cooperation. This is the exchange of knowledge, skills, resources and technologies among regions in the developing world. South-South cooperation has fueled India-Ghana relations. Modi's diplomatic efforts since 2014 have sought to relaunch India's presence in Africa. In recent times, India has engaged Africa through the India–Africa Forum Summit. The first summit was held in 2008 in New Delhi with 14 countries from Africa. The largest one was held in 2015. The fourth was postponed in 2020 due to Covid-19. The summit has led to 50,000 scholarships, a focus on renewable energy through the International Solar Alliance and an expansion of the Pan-African e-Network to bridge healthcare and educational gaps. Development projects are financed through India's EXIM Bank. India is now one of Ghana's major trading partners, importing primary products like minerals, while exporting manufactured products such as pharmaceuticals, transport and agricultural machinery. The Ghana-India Trade Advisory Chamber was established in 2018 for socio-economic exchange. Modi's visit supports the strengthening of economic and defence ties. The bilateral trade between India and Ghana moved from US$1 billion in 2011-12 to US$4.5 billion in 2018-19. It then dipped to US$2.2 billion in 2020-21 due to Covid. By 2023, bilateral trade amounted to around US$3.3 billion, making India the third-largest export and import partner behind China and Switzerland. Indian companies have invested in over 700 projects in Ghana. These include B5 Plus, a leading iron and steel manufacturer, and Melcom, Ghana's largest supermarket chain. India is also one of the leading sources of foreign direct investment into Ghana. Indian companies had invested over US$2 billion in Ghana by 2021, according to the Ghana Investment Promotion Center. The key areas of collaboration are economic, particularly: energy infrastructure (for example, construction of the Tema to Mpakadan railway line) defence technology pharmaceuticals agriculture (agro-processing, mechanisation and irrigation systems) industrial (light manufacturing). Modi's visit is part of a broader visit to strengthen bilateral ties and a follow-up to the BRICS Summit to be held in Brazil. Thus, whereas South Africa is often seen as the gateway to Africa, Ghana is becoming the opening to West Africa. Modi's visit can be viewed in several ways. First, India as a neo-colonialist. Some commentators see India's presence as just a continuation of exploitative relations. This manifests in financial and agricultural exploitation and land grabbing. Second, India as smart influencer. This is where the country adopts a low profile but benefits from soft power; linguistic, cultural and historical advantages; and good relationships at various societal and governmental levels. Third, India as a perennial underdog. India has less funding, underdeveloped communications, limited diplomatic capacity, little soft power advantage and an underwhelming media presence compared with China. China is able to project its power in Africa through project financing and loans, visible diplomatic presence with visits and media coverage in Ghana. Some of the coverage of Chinese activities in Ghana is negative – illegal mining is an example. India benefits from limited negative media presence but its contributions in areas of pharmaceuticals and infrastructure don't get attention. Modi will want his visit to build on ideas of South-South cooperation, soft power and smart operating. He'll want to refute notions that India is a perennial underdog or a neo-colonialist in a new scramble for Africa. In 2025, Ghana has to navigate a complex geopolitical space. Pius Siakwah is a senior research fellow at the Institute of African Studies, University of Ghana. This article is republished from The Conversation under a Creative Commons license. Read the original article.
India.com
26-06-2025
- Business
- India.com
How Ceasefire Between Iran And Israel Saved India's Rs 47,000 Crore Bet And Cornered Pakistan
New Delhi: Guns falling silent in West Asia brought more than a diplomatic relief for India. It saved a critical investment – Rs 47,16,53,21,335 to be exact. That is the amount New Delhi has poured into Iran's Chabahar Port and related trade corridors. When missiles flew between Iran and Israel, that money stood at the edge of a cliff. Now, it is back on solid ground. The ceasefire could not have come at a better time. Not just for regional peace, but for India's long game. Chabahar is not merely a port. It is a strategic lifeline. It links India to Afghanistan, Central Asia and even Russia. It is a direct counter to China's Belt and Road, and a way to bypass Pakistan completely. India's Stakes Were Massive India's involvement in Chabahar has grown steadily. A direct investment of $85 million. A credit line of $150 million through EXIM Bank. Another $400 million promised for the railway to Zahedan. Together, nearly $550 million or over Rs 47,000 crore. The 2024 deal to operate the Shahid Beheshti Terminal for 10 years was a landmark moment. India Ports Global Limited (IPGL), a joint venture between JNPT and Deendayal Port, manages the terminal in partnership with Iran's Arya Banader. Big Indian companies like Adani and Essar have also expressed interest. That shows how serious India is about locking down Chabahar. Chabahar – Safe, For Now During the war, fears mounted that Chabahar could become a casualty. India worried that a direct hit could undo years of planning and investment. And if the United States stepped up pressure on Iran, sanctions might have shut down operations altogether. But Chabahar came through unscathed. No Israeli bombs. No damage. For India, that is a diplomatic jackpot. The port remains intact. The International North-South Transport Corridor (INSTC) remains alive. Regional trade plans remain on track. Pakistan's Plan Derailed Again For decades, Afghanistan leaned on Pakistan's Karachi Port for sea access. But today's Taliban-led Kabul is searching for options. Chabahar fits that need. It offers a direct connection to sea routes via Iran. With Iran calm, Afghanistan is exploring closer ties to the INSTC as well. That could reduce its dependence on Pakistan even further. If Central Asian countries support the INSTC, Pakistan's grip on regional trade could weaken fast. Had the war dragged on, Pakistan might have regained influence. But now, that door seems to be closing. India's Window of Opportunity India and Iran have been talking frequently. At the 19th Foreign Office Consultations in January 2025, both sides reaffirmed their commitment to expanding Chabahar and the INSTC. Challenges remain. Western sanctions could return. Any future flare-up in the Gulf could disrupt trade again. But for now, diplomacy has bought time. India gains on two fronts – its investment in Chabahar is safe and Pakistan's role in regional trade continues to shrink. This could be India's moment to boost its presence in Central Asia, deepen trade ties and cement its role as a regional power broker.
Time of India
17-06-2025
- Business
- Time of India
Centre greenlights export of 25,000 tonnes pharma-grade sugar
New Delhi: The government on Tuesday allowed the export of up to 25,000 tonnes of pharma-grade sugar per financial year under the restricted category. Only bona fide pharmaceutical exporters will be allowed to avail the opportunity. Pharma-grade sugar is a high-quality product manufactured as per specific standards and is used by drug makers. "Export of pharma grade sugar, up to a total of 25,000 MTs per financial year, shall be permitted to bona fide pharma exporters against a restricted export authorisation," the DGFT said. In a separate trade notice, the DGFT said that it has added 'Source from India' feature on the Trade Connect ePlatform , which is a hub of information and services on international trade with all related stakeholders including Indian missions abroad, export promotion councils, EXIM Bank and the commerce ministry. Economic Times WhatsApp channel )
Barnama
13-06-2025
- Business
- Barnama
EXIM Bank Malaysia Strengthens Strategic Ties at Uzbekistan's Foreign Investors Council
TASHKENT, UZBEKISTAN, June 13 (Bernama) -- The Export-Import Bank of Malaysia Berhad (EXIM Bank) has reinforced its commitment to expanding Malaysia's global trade presence by participating in the Third Plenary Session of the Foreign Investors Council (FIC) in Tashkent. The high-level forum, held on 11June 2025, was co-chaired by His Excellency Shavkat Mirziyoyev, President of the Republic of Uzbekistan, and Her Excellency Odile Renaud-Basso, President of the European Bank for Reconstruction and Development. The session convened global leaders to explore reforms and opportunities under Uzbekistan's Vision 2030 economic roadmap. EXIM Bank's participation is aligned with Malaysia's National Investment Policy 2030 (NIMP2030), which aims to expand investment beyond traditional markets and support the globalisation of Malaysian small and medium enterprises. As part of its mandate to promote exports, EXIM Bank is focusing on strengthening ties with Central Asia through strategic engagements that benefit both Malaysian businesses and regional partners. This includes exploring structured financing solutions for key partners in Uzbekistan, most notably a proposed collaboration with Joint-Stock Commercial Bank Hamkorbank, Uzbekistan, aimed at supporting Malaysian companies operating in Uzbekistan and Uzbek importers of Malaysian goods.
Barnama
13-06-2025
- Business
- Barnama
EXIM Bank Strengthens Central Asian Ties, Benefits Malaysian Businesses And Regional Partners
REGION - CENTRAL > NEWS KUALA LUMPUR, June 13 (Bernama) -- The Export-Import Bank of Malaysia Bhd (EXIM Bank) will focus on strengthening Central Asian ties through strategic engagements to benefit Malaysian businesses and regional partners. In a statement today, it said the initiative includes exploring structured financing solutions for key partners in Uzbekistan, notably a proposed collaboration with Joint-Stock Commercial Bank HamkorBank to support Malaysian companies operating in Uzbekistan and Uzbek importers of Malaysian goods. Hence, the bank's participation in the third plenary session of the Foreign Investors Council (FIC) in Tashkent has reinforced its commitment to expanding Malaysia's global trade presence. bootstrap slideshow EXIM Bank chief business officer Faizah Mustapa said its participation at the high‑level forum signals the bank's strategic intent to support Malaysia's exporters through innovative trade-financing, while exploring joint ventures with Uzbek financial institutions. "We applaud Uzbekistan's reforms to streamline banking regulations and enhance credit facilities for import‑export activities," she said. EXIM Bank said its participation in the forum aligns with Malaysia's National Investment Policy 2030 (NIMP 2030) to expand investment beyond traditional markets and support the globalisation of Malaysian small and medium enterprises. It also complements Uzbekistan's Vision 2030, which seeks to attract foreign direct investments, increase regulatory transparency, and advance public-private partnership projects in agriculture, manufacturing, infrastructure, and tourism. "With 36 Malaysian companies operating in Uzbekistan, ties between the two countries continue to grow. "This was further strengthened by Prime Minister Datuk Seri Anwar Ibrahim's official visit to Uzbekistan in May 2024, followed by a return visit to Malaysia by President Shavkat Mirziyoyev in February 2025, reaffirming their commitment to elevate bilateral relations to a strategic partnership," it said.
