Prime Minister Narendra Modi, in an exclusive interview with the Kuwait News Agency (KUNA) on Saturday, reaffirmed India’s longstanding and growing trade partnership with Kuwait, emphasizing the special bond of friendship between the two nations built over centuries.
PM Modi noted that trade and commerce have always been central to India-Kuwait relations, with the two-way trade seeing significant growth.
“Trade and commerce have been important pillars of our bilateral relationship. Our bilateral trade has been on an upswing. Our energy partnership adds a unique value to our bilateral trade,” PM Modi told Kuna Director General Fatma Al-Salem.
The Prime Minister’s remarks came on the heels of his arrival in Kuwait, marking his first visit to the Gulf nation in 43 years.
During his visit, he acknowledged Kuwait’s role as a crucial partner for India, particularly in energy.
Kuwait is the sixth-largest supplier of crude oil to India, meeting about 3% of the country’s energy needs.
Bilateral trade between India and Kuwait reached $10.47 billion in the fiscal year 2023-24, with Indian exports growing by an impressive 34.7%.
PM Modi also highlighted Kuwait’s significant financial investments in India, particularly through the Kuwait Investment Authority, which has invested more than $10 billion, reinforcing the economic ties between the two nations.
The Prime Minister further discussed the rising interest in Indian products in Kuwait, particularly in the automobile, electrical, and telecom sectors.
PM Modi stated, “India today is manufacturing world-class products at the most affordable cost. Diversification to non-oil trade is key to achieving greater bilateral trade.”
India’s trade with GCC countries, including Kuwait, reached a robust $184.46 billion in 2022-23, underscoring the importance of these regional partnerships.
With Kuwait currently chairing the Gulf Cooperation Council (GCC), PM Modi’s visit is seen as a strategic opportunity to deepen India’s engagement with the influential bloc, which also includes Bahrain, Oman, Qatar, Saudi Arabia, and the UAE.
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