India’s exports to Kuwait surge to $2 billion in 2023

• His Excellency Dr. Adarsh Swaika, the Ambassador of India to the country, praised the frequency of high-level visits between India and Kuwait, particularly highlighting the recent meeting between Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah and Indian Prime Minister Narendra Modi in New York, which he noted strengthens bilateral relations.

• The Indian ambassador expressed excitement for the December Startup Conference, where Kuwait and India will share success stories to explore investment opportunities in the startup sector.

• Indian employment in Kuwait exceeds one million and the recent regulatory easing, especially family visa restrictions, has been positively received by expatriate families.

• India has emerged as a global investment hotspot, growing at 7-8% over the past decade and attracting $70 billion in investment, with over $600 billion received in the last 10 years.

The Times Kuwait Report

His Excellency Dr. Adarsh Swaika, the Ambassador of India to Kuwait, commended the frequency of high-level visits and exchange meetings between officials of India and Kuwait. He highlighted the recent meeting between His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah and Indian Prime Minister Narendra Modi in New York, noting that such interactions elevate the bilateral relationship to new heights.

Ambassador Swaika stated during a press conference with representatives of the Kuwaiti media that India exported approximately $2 billion worth of goods to Kuwait last year, including cars manufactured in India, communication equipment, and food items such as rice. He noted that Indian businessmen have a strong interest in working in Kuwait.

He mentioned that nearly 15-40 Indian companies specializing in the food and agriculture sector recently visited Kuwait and had positive interactions with Kuwaiti businessmen. Additionally, the President of the Union of Cooperative Societies and representatives of the Saudi Food and Nutrition Authority visited India to attend the “Indian World Food” event in New Delhi last week.

Regarding Indian employment in Kuwait, he reported that the number exceeds one million, emphasizing that the easing of many regulations, particularly expatriate-friendly measures taken by the new government, including the removal of restrictions on family visas, has been well-received by families.

The ambassador added that many skilled Indian laborers, including doctors, engineers, nurses, and domestic workers, have come to Kuwait, highlighting his vision for greater compliance with Kuwaiti rules and regulations within his community.

Regarding the tourism sector, Ambassador Swaika stated that 6,000 tourist visas have been issued to Kuwaitis this year, and he looks forward to the Kuwaiti Foreign Minister attending the first meeting of the Higher Joint Committee sometime this year. The mechanism of the joint committee between the two countries has been elevated to the level of foreign ministers, up from the Minister of State.

On the cultural front, the Indian ambassador noted positive developments, including the launch of a Hindi-language program on Kuwait National Radio. Recently, a memorandum of understanding was signed with the Gulf University of Science and Technology to teach the Indian language, with hopes of bringing a professor from India by this year, allowing the course to commence in the next semester.

He also mentioned plans for a major B2B tourism event early next month. Additionally, he revealed their “UH” initiative, which was launched by Prime Minister Narendra Modi on World Environment Day. This initiative, aimed at planting one tree in honor of one’s mother, will be implemented in collaboration with the Environment Agency and the Farwaniya Governorate to kick off this campaign in Kuwait. He added that they will encourage people to bring trees to plant in their mothers’ names.

Ambassador Swaika continued, saying that this is a very positive initiative, as Kuwait is also pursuing sustainable development. Furthermore, a grand concert featuring a renowned Indian musician is planned for November, and he expressed enthusiasm for the upcoming Startup Conference in December, where success stories from both Kuwait and India will be shared to explore investment opportunities in the startup sector in both countries.

Regarding the participation of Indian companies in Kuwaiti projects, he noted that many Indian companies have been operating in Kuwait for a long time and have successfully completed numerous major projects in the oil and gas sector. Notably, Al-Sabah Hospital and Al-Shadadiya University were built by Indian firms, and the electrical interconnection project between Kuwait and Iraq is being carried out by two Indian companies. Additionally, the South of Al-Sarra Road project is also being implemented by an Indian company, along with several recent IT projects, such as a significant contract signed by Burgan Bank with the Indian company TCS.

He added that they are currently focusing on sectors like pharmaceuticals, real estate, and food processing, mentioning that two or three Indian companies are also registered with the Kuwait Investment Authority.

He stated that while a number of Indian medicines are already registered in Kuwait, the percentage of medicines coming from India remains much lower than expected, given that India is known as the “world’s pharmacy.” This is an area of focus for them, as they aim to attract some of India’s major pharmaceutical companies to Kuwait. He noted that 40 to 50 percent of Indian pharmaceutical products are registered with the US Food and Drug Administration and approved by European regulators. Thus, these companies provide the same quality of products at perhaps a tenth of the cost, as they supply a significant amount to the United States and Europe.

He stated that India has become a hotspot for global investment flows, growing at a rate of between seven and eight percent over the past ten to twelve years. This sentiment is echoed by all major consulting agencies and partners, who are very optimistic about India’s prospects. India has witnessed investment flows worth $70 billion last year alone and saw more than $600 billion in investment over the past decade. India is currently the fifth-largest economy and are on track to become the third-largest economy soon.