KUWAIT: The Union of Investment Companies (UIC), in collaboration with the Indian Embassy, held a virtual seminar on Tuesday to discuss investment opportunities in GIFT City, part of the International Financial Services Centres Authority (IFSCA) in India. Targeting Kuwaiti investment companies, the seminar highlighted the potential of GIFT City as a promising global financial and technological hub. The event featured detailed presentations, followed by an interactive Q&A session with participating investors.
The seminar opened with remarks by UIC Chairman Abdullah Hamad Al-Terkait, who emphasized the importance of this initiative in enhancing economic ties between Kuwait and India. In his speech, he noted that such events align with the Union’s mission to support its Kuwaiti member companies and empower them to access sustainable global investment opportunities.
Al-Terkait pointed out that India, the world’s fifth-largest economy, is projected to grow at a rate of 8.2 percent for the 2023-2024 fiscal year. He added that this growth reflects significant potential for Kuwaiti companies seeking to expand their investment portfolios. He also mentioned that trade volume between Kuwait and India exceeded $10 billion in the last fiscal year, underscoring the strong economic relationship between the two countries.
Indian Ambassador Dr Adarsh Swaika discussed the historical ties between the two nations and highlighted the evolving bilateral economic partnerships, with a focus on the competitive advantages offered by GIFT City. Additionally, the Director-General of the International Financial Services Centres Authority provided a comprehensive presentation on the unique investment incentives in GIFT City, including tax exemptions and advanced infrastructure. This infrastructure includes commercial and residential zones and state-of-the-art technological facilities designed to support investment operations and enhance operational efficiency for businesses.
The seminar reflects UIC’s commitment to supporting its members and expanding their international investment horizons. This activity aligns with the Union’s vision of enhancing Kuwaiti companies’ ability to make well-informed investment decisions, ensuring added value for their business ventures. The initiative also forms part of the Union’s mission to create a sustainable investment environment by providing accurate information and guidance to capitalize on promising opportunities in global markets.
During the seminar, it was highlighted that GIFT City, located in Gujarat, India, is a pioneering model in financial and technological development. The City was established to serve as a distinguished global financial hub, offering a flexible regulatory environment that supports foreign investments. It features a modern regulatory framework, including a single-window system to facilitate business procedures, making it an attractive destination for international investors. Moreover, GIFT City offers a wide range of investment opportunities across various sectors such as financial services, technology, and infrastructure development.
Kuwaiti companies participating in the seminar raised several questions focusing on the strategic aspects of investing in GIFT City, including the regulatory framework, tax incentives, and operational advantages. Experts addressed these inquiries during the Q&A session, helping clarify potential opportunities and challenges for Kuwaiti investors in this promising market.
In conclusion, UIC Chairman Al-Terkait stated: "GIFT City represents an important platform for Kuwaiti investors to benefit from an innovative investment environment and attractive incentives. The Union of Investment Companies is committed to providing full support to our member companies in exploring these opportunities, whether through accurate information or by fostering international economic partnerships.”
He urged member companies to consider exploring these distinctive opportunities, noting that such investments also strengthen the economic ties between Kuwait and India, achieving mutual growth and enhancing the global presence of Kuwaiti companies. The seminar witnessed active participation from Kuwaiti companies and is part of a series of activities organized by the Union to support its members in achieving sustainable investment success.