India-Kuwait relations strengthen with expanding trade, investment and cultural ties

In a recent statement, Dr. Adarsh Swaika, the Indian Ambassador to Kuwait, highlighted a series of high-level meetings aimed at reinforcing the relationship between India and Kuwait, particularly in the areas of trade, infrastructure and investment.

"During the meetings, Kuwait’s leadership expressed strong interest in deepening ties with India, particularly in trade, infrastructure development, and investments, and emphasized the desire for greater participation of Indian companies in Kuwait’s growth sectors", Dr. Swaika shared with journalists. The ambassador emphasized the growing alignment between the two nations in various fields.

On the trade front, Dr. Swaika noted that bilateral exports from India to Kuwait reached $2 billion last year. He explained that while rice continues to be a key export, India is diversifying into other sectors.

"Our exports reached $2 billion last year, with diversification into new sectors. Rice remains a key export, but we are now seeing increased interest in areas such as telecommunications equipment and Indian-made cars".

In a significant development in the agriculture and food sectors, a delegation of 40 to 50 Indian companies recently visited Kuwait.

"Our cooperation in agriculture and food safety is also growing, as seen by the visit of Kuwait’s Public Authority for Food and Nutrition to India’s largest food event, World Food India", he added, pointing to the productive discussions between Indian companies and Kuwaiti importers.

Kuwaiti investments in India have also seen a rise, reflecting deeper economic ties between the two countries.

"We have seen more engagement from Kuwait’s investment agencies, signaling a positive trend", Dr. Swaika said.

He highlighted India’s appeal as a destination for foreign investment, saying that, "I believe India is a growing hotspot for global investment. Last year, India saw $70 billion in foreign investment, part of over $600 billion in the last decade. With a consistent growth rate of 7-8 percent, India is on track to become the third-largest economy in the world, offering ample opportunities for Kuwaiti investors. We’re actively sharing the India growth story with our partners in Kuwait, and I am optimistic about the future".

The ambassador also touched on the Indian expatriate community in Kuwait, which has surpassed one million people. Recent regulatory changes in Kuwait, particularly the easing of family visa restrictions, have been well received by the Indian community.

"Regulatory changes in Kuwait, such as easing restrictions on family visas, have been warmly welcomed by our expatriate community. As a result, we are seeing renewed interest in the labor market, with more professionals such as doctors, engineers, and nurses arriving in Kuwait," he added.

Dr. Swaika also highlighted Indian companies' contributions to Kuwait’s mega projects, including infrastructure and energy initiatives.

"I’m pleased to report that several have contributed significantly. For example, the Al Sabah Hospital and the new Kuwait University campus are both being built by Indian firms. Under the GCC project, two Indian companies are working on the Kuwait-Iraq electricity interconnection, while another Indian firm is responsible for the South Sura Road project".

Indian companies are increasingly exploring opportunities in Kuwait’s emerging sectors. "Indian companies are particularly interested in sectors like pharmaceuticals, real estate, and food processing. We encourage companies to explore opportunities in Kuwait’s upcoming special economic zones. Indian firms are showing more interest in registering through the Kuwait Direct Investment Promotion Authority, with a few already taking that route," the ambassador concluded.

With deepening economic and trade ties, growing investment opportunities and increased participation in infrastructure projects, the future of India-Kuwait relations looks promising as both countries continue to strengthen their bilateral partnership.

Input from: Kuwait Times