Finance
Prime Minister Narendra Modi said on Saturday that his conversations with Kuwait’s top leadership during his two-day visit will help shape a future alliance that benefits both countries and the region.
This is an Indian premier’s first visit to Kuwait, a key oil and commercial partner in West Asia, in almost four decades.
In a message before his departure for the two-day visit, Modi said that he looked forward to meetings with the Amir, Crown Prince and prime minister of Kuwait. “It would be an opportunity to chart a roadmap for a futuristic partnership for the benefit of our people and the region,” he said.
Modi, who is visiting at the invitation of Amir, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, emphasised India’s deep historical connection with Kuwait. “We are not just strong trade and energy partners but also share interests in peace, security, stability, and prosperity in the West Asia region,” he said.
He was also looking forward to meeting the Indian diaspora in Kuwait, which is the largest expatriate group. One million Indians live in Kuwait, and Modi plans to visit a labor camp for Indian blue-collar workers as well as speak at a community gathering.
Additionally, he will attend the inauguration of the Arabian Gulf Cup, a major sporting event in the region. “I look forward to being part of this celebration of athletic excellence and regional unity,” he said.
Modi expressed confidence that the visit would “strengthen and reinforce the special ties and bonds of friendship between the people of India and Kuwait.”
Indian officials said that bolstering defence and security cooperation will be a key focus of the visit.
The ministry of external affairs stated that negotiations with Kuwait were underway for a bilateral investment treaty and a defense cooperation pact. Arun Kumar Chatterjee, secretary (Overseas Indian Affairs) at the ministry, stated that certain bilateral agreements are expected to be finalized during the visit.
India is one of Kuwait’s most important trading partners, with two-way commerce of $10.47 billion in 2023-24. Indian exports rose from $1.56 billion in 2022-23 to $2.1 billion in 2023-24, representing a 34.7% increase year on year.
Kuwait is also India’s sixth-largest oil supplier, accounting for 3% of the country’s energy demands, and the Kuwait Investment Authority’s assets in India surpass $10 billion.
Chatterjee stated that the visit is likely to boost ties between India and the Gulf Cooperation Council (GCC), which is presently chaired by Kuwait.
Trade between India and the GCC, which comprises the UAE, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait, was worth $184.46 billion in 2022-23.
Source: HT
