Source: The Economic Times, Feb 06, 2019
Oil-rich Kuwait is planning to double its investments in India from the current five billion dollars taking advantage of the country’s growth story and also exploring third country joint projects with Delhi.
The Kuwait Investment Authority (KIA) has currently invested five billion USD and plans to double this, senior sources told ET. Kuwait is also planning to enter into third country joint projects on the lines of joint Kuwait-Japan investments in third countries, sources indicated.
India and UAE have entered into third country project in Ethiopia. Delhi has similar plans with Saudi Arabia.
Historically, Indo-Kuwaiti relations have always had an important trade dimension. India has consistently been among the top ten trading partners of Kuwait. During 2017-18, Kuwait was the ninth largest oil supplier to India and it meets about 4.63% of India’s energy needs. “India is looking for a substantial Kuwaiti investments in oil & gas sector. Large business houses of Kuwaiti also have investible surpluses,” according to Ministry of External Affairs (MEA) brief on India-Kuwait ties.
Total non-oil bilateral trade between India and Kuwait increased by about 11%, from $ 2,150.63 million in 2015-16 to $ 2,405.40 million in 2017-18. India’s non-oil exports to Kuwait are showing a positive trend for the past few years. Non-oil export from India to Kuwait increased by about 19.60%, from $ 1,240.54 million in 2015-16 to $ 1,361.06 million in 2017-18, according to MEA.
Total bilateral trade with Kuwait during 2015-16 was $ 6.2 billion. India’s exports to Kuwait grew by 4% ($ 1.24 billion) in 2015-16 vis-à-vis 2014-15. India’s exports to Kuwait included food items, cereals, textiles, garments, electrical and engineering equipment, machinery and mechanical appliances, cars, trucks, buses, tyres, chemicals, jewellery, handicrafts, metal products, iron and steel, etc, the MEA brief added.