Indian Ambassador to Kuwait H.E Dr Adarsh Swaika said on Thursday that bilateral trade between Kuwait and India reached USD 14 billion last year. In an interview with Kuwait News Agency (KUNA), Ambassador Swaika said that the two countries enjoy traditionally friendly relations, which are rooted in history and have stood the test of time.
Kuwait and India had signed more than 30 different agreements of understanding but on the economic level, it is still a “fertile venue which needs more support and continuous exploration.”, the ambassador added.
He noted that there are great initiatives, particularly in the Indian exports to Kuwait and a huge interest from the Kuwaiti side to diversify its interest in fields such as food, medical equipment, electrical appliances and heavy mechanical equipment and other sectors which India is “developing to produce and export to the world.” Indian economy is the fifth largest economy in the world with stable growth of 6% annually and is heading to be the third in the world according to latest reports from International Monetary Fund and the World Bank Group, he added.
The GCC countries, especially United Arab Emirates and the Kingdom of Saudi Arabia, are considered one of the countries that trade most with India, ranked third and fourth, respectively, Ambassador Swaika said. As to mutual investment between the two counties, the ambassador said that there is a great mutual interest to increase the pace of investment with many Indian companies which have already completed many infrastructure projects in Kuwait.
Such projects include road laying projects, electricity transmission, oil supply lines, and various computer and software engineering fields that India excels at in banks and ministries, he added. The ambassador said the embassy seeks to encourage the involvement of Indian companies in the Kuwaiti government’s vision for developing the country (2024-2040).
He noted that Kuwait investment in India via Kuwait Investment Authority and a number of private Kuwaiti companies surpassed the USD five billion; centered in infrastructure, road and airport projects. He stressed on India’s quest in attracting foreign investment by issuing new laws that support the increase of electronic cooperation.
The Indian embassy is keen on organizing events that shed light on investment venues one of which is the upcoming conference on technology and programing to be held in Kuwait by October 26th with the participation of 26 Indian companies.
The embassy is also aiming to entice a delegation form pharmaceuticals companies to build a direct contact with the Kuwaiti side in hopes to enhance trade is such field. As to the Indian community in Kuwait, Ambassador noted that the Indian work force is highly trusted by Kuwaitis which explains the one million Indians living in Kuwait working in many fields and sectors.
On the cultural and touristic field, the ambassador said that India and its 28 states provide a great destination for tourism with its great natural resources and cultural history On the topic of India hosting The 2023 G20 New Delhi summit last September, the ambassador said that the summit came out with many agreements and initiatives such as including membership of the African Union into the grouping in addition to launching the ambitious India- Middle East-Europe Economic Corridor.
The ambassador thanked the Kuwaiti political leadership on their congratulations on the success of the Indian Space Research Organization which achieved many goals this year, most important of which is Indian lunar lander Chandrayaan-3 successful touche down on the lunar surface last August making India the fourth nation to successfully land on the Moon and the first to land in the south pole region.
Indian Space Research Organization (ISRO) is getting set for yet another major spaceflight endeavor: Gaganyaan a mission, which translates from Sanskrit to “celestial vehicle,” will be India’s attempt to launch at least three astronauts to low-Earth orbit before the end of 2024., he concluded. – KUNA