Foreign Direct Investment (FDI) from Gulf Cooperation Council (GCC) countries into India surged to $24.54 billion between September 2013 and September 2024. This marks an eightfold increase compared to $3.046 billion recorded from April 2000 to September 2013, according to data from the Commerce and Industry Ministry. An impressive 89% of the total FDI inflow from GCC countries occurred in the last decade, highlighting the growing economic partnership between India and the Gulf region.
Prime Minister Narendra Modi, during his visit to Kuwait, underscored the deepening ties. This historic trip marks the first visit by an Indian Prime Minister to Kuwait in 43 years.
Kuwait Investment Authority’s Role in Boosting Ties
PM Modi noted that the Kuwait Investment Authority has invested over $10 billion in India. He emphasized the growing interest from the Gulf nations in India’s investment landscape. Addressing the Kuwait News Agency (Kuna), he highlighted the significant contributions of trade and commerce to the India-GCC relationship.
Bilateral trade between Kuwait and India reached $10.47 billion in 2023-24, with Indian exports rising by 34.7% year-on-year. Kuwait is a vital energy partner, ranking as India’s sixth-largest crude oil supplier and meeting 3% of its energy needs.
Diversifying Trade Beyond Oil
India’s trade with GCC countries totaled $184.46 billion in 2022-23, showcasing strong economic ties. PM Modi noted the growing presence of “Made in India” products, particularly in automobiles, telecom, and machinery, in Kuwait. He stressed that diversification into non-oil trade is crucial to enhancing bilateral trade further.
“India is manufacturing world-class products at affordable costs,” PM Modi said, reinforcing India’s commitment to expanding trade and investment with GCC nations.
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