India a natural trade and commerce partner of Kuwait PM Modi

India a natural trade and commerce partner of Kuwait: PM Modi

21 Dec, 2024 9:57 PM

rime Minister Narendra Modi addresses a community programme in Kuwait on Saturday

Kuwait City, Dec 21 (IANS) India has been a natural trading partner of Kuwait and continues to be so in contemporary times and people-to-people linkages over centuries have fostered a special bond of friendship between the two countries, Prime Minister Narendra Modi said on Saturday.

In an interview with Kuwait News Agency (Kuna), PM Modi said that trade and commerce have been important pillars of bilateral relationship between Kuwait and India, with the two-way trade increasing.

"Trade and commerce have been important pillars of our bilateral relationship. Our bilateral trade has been on an upswing. Our energy partnership adds a unique value to our bilateral trade," the Prime Minister told Kuna Director General Fatma Al-Salem.

PM Modi on Saturday afternoon arrived in Kuwait, becoming the first Indian Prime Minister to visit the Gulf nation in 43 years.

Kuwait is a critical partner for India, ranking as the sixth-largest supplier of crude oil and meeting 3 per cent of India’s energy needs.

Bilateral trade between the two countries reached $10.47 billion in 2023-24, with Indian exports growing 34.7 per cent (year-on-year).

Kuwait's sovereign wealth fund, the Kuwait Investment Authority, has invested more than $10 billion in India, reinforcing the financial ties between the nations.

The Indian Prime minister also mentioned that Kuwait Investment Authority has made substantial investments in India and there is a growing interest in investing in India now.

Meanwhile, India's trade with GCC countries stood at a robust $184.46 billion in 2022-23.

PM Modi told Kuna news agency that “we are happy to see 'Made in India' products, particularly in automobile, electrical and mechanical machinery, and telecom segments making new inroads in Kuwait”.

“India today is manufacturing world-class products at the most affordable cost. Diversification to non-oil trade is key to achieving greater bilateral trade,” PM Modi was quoted as saying.

With Kuwait currently chairing the Gulf Cooperation Council (GCC), PM Modi's visit is expected to bolster India's engagement with the influential bloc, comprising Bahrain, Oman, Qatar, Saudi Arabia, the UAE, and Kuwait.

Courtesy Media Group: IANS

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