Gulf Nations' FDI Investment in India Rises to $24.54 Billion Over 12 Years
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New Delhi, Dec 22 (NationPress) FDI investments from the Gulf Cooperation Council (GCC) nations to India have experienced a remarkable surge, reaching over $24.54 billion between September 2013 and September 2024. This represents an astonishing 8-fold increase in comparison to the $3.046 billion FDI that flowed from these nations in the period from April 2000 to September 2013, according to statistics compiled by the Commerce and Industry Ministry.
The data further indicates that a significant 89 percent of the FDI influx into India from GCC countries occurred in the last decade, showcasing the deepening economic connections between India and the Gulf region.
Currently, with Kuwait presiding over the Gulf Cooperation Council, Prime Minister Narendra Modi's recent visit to the emirate is anticipated to enhance India’s engagement with this influential group, which includes Bahrain, Oman, Qatar, Saudi Arabia, the UAE, and Kuwait.
On Saturday, PM Modi arrived in Kuwait, marking the first visit by an Indian Prime Minister to the Gulf state in 43 years.
During his visit, he highlighted that the Kuwait Investment Authority has invested over $10 billion in India, strengthening the financial ties between the two nations.
Additionally, PM Modi noted the growing interest in investing in India from the Kuwait Investment Authority, which is recognized as a sovereign wealth fund.
In an interview with the Kuwait News Agency (Kuna), PM Modi emphasized that trade and commerce are crucial aspects of the bilateral relationship with Kuwait, with an upward trend in two-way trade.
He stated, "Trade and commerce have been essential pillars of our bilateral relationship. Our bilateral trade is on the rise, and our energy partnership adds significant value to this interaction," while addressing Kuna's Director General Fatma Al-Salem.
Kuwait is an important partner for India, being the sixth-largest crude oil supplier and fulfilling 3 percent of India’s energy needs.
In the fiscal year 2023-24, bilateral trade between the two nations reached $10.47 billion, with Indian exports witnessing a remarkable growth of 34.7 percent year-on-year.
Meanwhile, India's trade with GCC countries stood at an impressive $184.46 billion in 2022-23.
PM Modi also expressed his happiness to observe 'Made in India' products making significant strides in Kuwait, particularly in the automotive, electrical, mechanical machinery, and telecommunications sectors.
He remarked, "India is now producing world-class products at competitive prices. Shifting towards non-oil trade is essential for achieving greater bilateral trade."
