Trade & commerce are important pillars of India-Kuwait ties: PM Modi

New Delhi, Dec 21: Prime Minister Narendra Modi said on Saturday that trade and commerce have been important pillars of the bilateral relationship between Kuwait and India, with two-way trade increasing.

“Trade and commerce have been important pillars of our bilateral relationship. Our bilateral relationship has been on an upswing. Our energy partnership adds a unique value to our bilateral trade,” PM Modi said in an interview to KUNA.

PM Modi arrived in Kuwait on Saturday on a two-day visit, in the first by an Indian PM in 43 years.

“We are happy to see ‘Make in India’ products, particularly in automobile, electrical and mechanical machinery, and telecom segments making new inroads in Kuwait. India today is manufacturing world-class products at the most affordable cost. Diversification into non-oil trade is key to achieving greater bilateral trade,” he said.

PM Modi said there is considerable potential to expand bilateral cooperation in the pharmaceutical, health, technology, digital, innovation and textile sectors. He urged that business chambers, entrepreneurs and innovators from both sides must engage and interact with each other more.

PM Modi said that India and Kuwait share a deep and historical bond and the relationship between the two has always been one of warmth and friendship and that the cross-currents of history and exchanges through ideas and commerce have brought people closer together.

“We have traded with each other from times immemorial… The discoveries in Failaka Island speak of our shared past. The Indian rupee was a legal tender in Kuwait for over a century till 1961. This shows how closely our economies were integrated,” PM Modi said.

He noted that India has been a natural trading partner of Kuwait and continues to be so in contemporary times and that people-to-people linkages over centuries have fostered a special bond of friendship between the two countries.

“Overall, the bilateral ties are progressing well, and if I could say, scaling new heights. I eagerly look forward to my talks with His Highness, the Amir, to elevate our ties in various areas, including defence, trade, investment and energy,” he added.

“The strong roots of our historical ties must be matched by the fruits of our 21st century partnership – dynamic, robust and multi-faceted. There is a lot we have achieved together, but the possibilities are limitless for our partnership. I am sure this visit will give new wings to it,” PM Modi said.

He noted that Indians are the largest expatriate community in Kuwait, of over a million, and India is among the top trading partners of Kuwait, and many Indian companies are executing infrastructure projects and offer services in multiple domains in Kuwait.

He said that the Kuwait Investment Authority has made substantial investments in India and there is a growing interest in investing in India now. He said that bilaterally and multilaterally there has been a good understanding of each other’s interests.

He noted that India is one of the most attractive destinations for international investment and it is not a new market for Kuwait.

“There are many Kuwaiti businesses that are deeply entrenched in the Indian business ecosystem and enjoy leadership positions in their respective industries. Our investor-friendly regime and high-growth economy awaits to welcome many more,” PM Modi said.

He said there is a lot of synergy in the visions of both countries which align on many fronts, as the tremendous pace of economic activity in both countries open up large opportunities for the two governments and companies to cooperate and collaborate.

He pointed out that India and Kuwait have a much wider partnership in a large number of areas, apart from the traditional energy sector partnership, including in education, skilling, technology and defence partnership.