PM Modi Highlights India's Role as Kuwait's Natural Trade Partner
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Kuwait City, Dec 21 (NationPress) India has established itself as a natural trading ally of Kuwait and continues to strengthen this relationship in modern times. The centuries-old people-to-people connections have cultivated a unique friendship between the two nations, as stated by Prime Minister Narendra Modi on Saturday.
In an interview with the Kuwait News Agency (Kuna), PM Modi noted that trade and commerce serve as crucial foundations of the bilateral relationship, with a notable increase in two-way trade.
"Trade and commerce have been essential 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 informed Kuna Director General Fatma Al-Salem.
On Saturday afternoon, PM Modi arrived in Kuwait, marking the first visit by an Indian Prime Minister to the Gulf nation in 43 years.
Kuwait plays a vital role for India, being the sixth-largest supplier of crude oil and fulfilling 3 percent of India’s energy demands.
Bilateral trade between the two nations reached $10.47 billion in 2023-24, with Indian exports witnessing an impressive growth of 34.7 percent year-on-year.
Kuwait's sovereign wealth fund, the Kuwait Investment Authority, has invested over $10 billion in India, strengthening the financial connection between the two countries.
The Indian Prime Minister also highlighted that the Kuwait Investment Authority has made significant investments in India, with a growing interest in further investments.
Meanwhile, India's trade with GCC countries stood at a robust $184.46 billion in 2022-23.
PM Modi remarked to the Kuna news agency, "We are pleased to see 'Made in India' products, especially in the automobile, electrical, mechanical machinery, and telecom sectors, making significant strides in Kuwait."
"India is now producing world-class products at the most competitive prices. Expanding into non-oil trade is crucial for enhancing our bilateral trade," PM Modi was quoted as saying.
With Kuwait currently leading the Gulf Cooperation Council (GCC), PM Modi's visit is anticipated to strengthen India's engagement with this influential group, which includes Bahrain, Oman, Qatar, Saudi Arabia, the UAE, and Kuwait.
