Indian ambassador Dr Adarsh Swaika poses for group photo. - Photos by Yasser Al-Zayyat
Indian ambassador Dr Adarsh Swaika poses for group photo. - Photos by Yasser Al-Zayyat

India hails trade relations with Kuwait, eyes more investments

Ambassador: India offers diverse range of investment opportunities across various sectors

KUWAIT: The Embassy of India held on Tuesday the ‘India-Kuwait Investment Conference’ in collaboration with the Indian Business & Professional Council (IBPC) and with the support of the Kuwait Chamber of Commerce and Union of Investment Companies at Four Seasons Hotel. Ambassador of India to Kuwait Dr Adarsh Swaika said bilateral trade between the two countries reached about $14 billion based on oil and food-sector trade. “We are seeing encouraging signs of diversification in our export basket to Kuwait such as infrastructure, manufacturing, renewable energy, technology, healthcare, tourism, agriculture, etc. I strongly believe trade and investment go hand in hand”, he said.

The Indian ambassador indicated that transforming growing trade relations between both countries into a robust investment partnership requires a strategic approach and concerted efforts from both sides, noting that the positive vibes created by last year’s investment conference encouraged them to organize the event this year as well.

“India is the fastest growing major economy in the world, the 5th largest economy with GDP of $3.5 trillion, where the GDP growth last year was 7.2 percent. My country has consistently attracted foreign direct investment,” Swaika said, pointing out that FDI inflow during the last 10 years was $596 billion and annual FDI doubled in 8 years from $35 billion to $84 billion last year.

“India offers a diverse range of investment opportunities across various sectors, including but not limited to manufacturing, infrastructure, renewable energy, technology, healthcare and agriculture. Initiatives such as ‘Make in India’ and ‘Digital India’ further enhance the attractiveness of investing in India. Not only does India provide a market size of over 1.4 billion people, it serves as a strategic gateway to the vast markets of South Asia, Southeast Asia and the Middle East,” Ambassador Swaika added.

In envisioning independent India at 100 in 2047, the ambassador said the landscape appears remarkably transformed, with the nation poised as the world’s second-largest economy, boasting an estimated GDP of $32 trillion. This monumental growth is underpinned by a surge in foreign direct investment, projected to soar twelvefold to reach $1 trillion, alongside a parallel expansion in exports, anticipated to skyrocket to $8 trillion, reflecting a twelvefold increase as well.

Central to India’s economic prowess is its burgeoning workforce, hailed as the largest and youngest globally, with a median age of 29, underscoring the nation’s demographic dividend and its potential to fuel sustained growth and innovation across industries.

Meanwhile, Chairman of the Union of Investment Companies Saleh Al-Selmi praised the relationship between the two countries, saying the strategic geographical location of Kuwait and the vibrant economy of India have complemented each other, offering significant opportunities for bilateral investment and trade. He noted that India is one of Kuwait’s largest trading partners, with key exports including petroleum products, chemicals and machinery, while imports from India consist of textiles, pharmaceuticals and agricultural products.

“Kuwaiti investments in India have witnessed remarkable growth, with cumulative investments exceeding $30 billion across various sectors. Similarly, Indian companies have made significant investments in Kuwait, contributing to the development of key sectors. I am confident that the enduring partnership between two countries will continue to thrive, driven by our shared values, mutual interests and unwavering commitment to progress,” Selmi said.

Chairman of the Indian Business and Professional Council Gurvinder Lamba revealed that IBPC operates under the patronage of the Indian ambassador to Kuwait, where it serves as a platform for Indian businesspersons and diaspora in Kuwait, offering both cultural and professional exposure and interaction. “India is emerging as a key player in the global value chain, with its ever-growing skilled workforce, IT solutions and the expansion of its manufacturing sector in the pharmaceutical, electronics, chemical, automotive, aerospace, agricultural, sustainable energy and many industries. Foreign direct investment, in particular, has played a crucial role in this economic growth,” Lamba pointed out.

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