Indian Prime Minister Narendra Modi said on Saturday that trade and commerce have been important pillars of bilateral relationship between Kuwait and India, with two-way trade increasing.
"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," the Indian prime minister said in an interview to KUNA.
The Indian prime minister arrived in Kuwait on Saturday in the first visit by an Indian prime minister to Kuwait in over four decades.
"We are happy to see 'Made 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 to non-oil trade is key to achieving greater bilateral trade," he said.
He added there is considerable potential to expand bilateral cooperation in the pharmaceutical, health, technology, digital, innovation and textile sectors, urging business chambers, entrepreneurs and innovators must engage and interact with each other more.
On his visit to Kuwait, he said: "I am delighted to visit Kuwait. I thank His Highness the Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah for his gracious invitation. This visit holds special significance. It marks the first visit by an Indian Prime Minister to Kuwait in over four decades." "I thank His Highness for inviting me to attend the inauguration of the Arabian Gulf Cup. This is an honor for me. I extend my best wishes for successful hosting of the Tournament," he said.
The Indian prime minister went on saying that India and Kuwait share a deep and historic bond and the relationship between both countries has always been one of warmth and friendship and that the crosscurrents of history and exchanges through ideas and commerce have brought people close and together.
"We have traded with each other since 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," 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.
He added: "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 defense, trade, investment, and energy." "The strong roots of our historical ties must be matched by the fruits of our 21st century partnership - dynamic, robust and multifaceted. There is a lot we have achieved together, but possibilities are limitless for our partnership. I am sure this visit will give new wings to it," Modi stressed.
The Indian prime minister noted that Indians are the largest expatriate community of over a million in Kuwait 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 Kuwait Investment Authority has made substantial investments in India and there is a growing interest in investing in India now, adding that bilaterally and multilaterally, there has been a good understanding of each other's interests.
Modi boasted that his country is currently amongst the fastest-growing large economies in the world, as in less than a decade it has moved from being the 11th largest to the 5th largest economy in the world, and is poised to become the 3rd largest economy soon.
He believed that this growth creates immense opportunities for investment across a variety of sectors and that the pace of infrastructure development in India is extraordinary, be it expressways, railways, airports, ports, energy grids or digital connectivity.
"Over the last decade, we have doubled our airports from 70 in 2014 to over 150 in 2024. In the next five years, 31 Indian cities will be serviced by metro transport systems. The number of education and skill development institutions has also doubled since 2014, reflecting a strong focus on human capital development. This is supported by a favorable demography and a highly skilled workforce," he said.
"Digital economy and services are raising productivity, ushering efficiency and creating new consumer demand. Almost fifty percent of all global digital payments are happening in India. Technology is changing the face of the Indian economy, from drones to green hydrogen," he added.
"Our political stability, policy predictability and reform-oriented business approach has made India a magnet for global investment, manufacturing and supply chain. The Indian growth story is attracting global manufacturers - from semiconductors, aircraft, drones to e-vehicles - to set up shop in the country." he said.
He noted that India's dynamic economic environment is also characterized by innovation and entrepreneurship, with a remarkable surge in start-ups and the manufacturing sector has seen a significant uptick, driving both domestic growth and export expansion, citing rising consumer demand, fueled by a rapidly expanding middle class, as further underscoring the vibrancy of the Indian economy.
"Across the world, if there is a country which is growing rapidly, is increasing ease of doing business, has stability and transparency for international investors, it is India," he said.
As a result, he maintained, India is one of the most attractive destinations for international investment and it is not a new market for Kuwaiti investors, adding, "There are many Kuwaiti businesses who 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." On his government's vision to transform India into a developed country by 2047, he said: "Our vision and that of 140 crore Indians, is to see India as a developed country by 2047, when we will be celebrating 100 Years of our Independence. We are striving to accelerate growth in all sectors to improve living standards of our people. We are building an India where the physical and social infrastructure is world class and all citizens have an opportunity to excel." "We are committed to leapfrog in our development cycle to uplift every Indian into a higher development trajectory. The results are there for all to see. In the last ten years, we have pulled 250 million people out of poverty. We are also ensuring that all our regulations and laws are as per global standards so that investors feel at home," he said.
Modi continued saying: "Similarly, I am told that Kuwait Vision 2035 focuses on transformation of the country by making the country an economic and connectivity hub. I also understand that a large number of infrastructure projects from airport terminal to sea-port to rail link, electricity transmission, renewable energy projects, and special economic zones are in the pipeline." However, he said there is a lot of synergy in both sides' visions 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 Kuwait and India have a much wider partnership in a large number of areas, apart from the traditional energy sector partnership, including education, skilling, technology, and defense cooperation.
"A number of Indian companies are already engaged in execution of infrastructure projects in various sectors in Kuwait. Similarly, we are seeing investments from Kuwaiti companies in India. It is a mutually beneficial partnership in a true sense," he said.
Responding to a question about how India's soft power can influence its global outreach, he said India's civilizational ethos and heritage form the foundation of its soft power that its soft power has grown significantly alongside its expanding global presence, particularly over the last decade.
"In Kuwait and the Gulf, Indian movies stand out as a prime example of this cultural connection. We have seen that people in Kuwait have a special liking for Indian cinema. I am told that there are three weekly shows on Kuwait Television on Indian movies and actors," he said.
"Similarly, we share several attributes in our cuisine and culinary traditions. Centuries of people-to-people contact have also resulted in linguistic similarities and shared vocabulary. India's diversity and emphasis on peace, tolerance and coexistence resonate with the values of Kuwait's multicultural society. Recently, a Kuwaiti scholar translated Ramayana and Mahabharata in Arabic," Modi stressed.
The Indian prime minister boasted that the Indian community acts as a living bridge between the two countries, fostering a deep appreciation for Indian philosophy, music and performing arts, expressing pleasure to learn that a weekly Hindi language program has been started by Kuwait national radio titled 'Namaste Kuwait' this year.
India's tourism sector offers another dimension of soft power. With 43 UNESCO World Heritage sites, coupled with ongoing efforts to enhance visitor facilities, India provides a unique blend of history, culture, and natural beauty, he noted.
For a society like Kuwait, with which India shares a rich historical connection, India's tourism opportunities are an invitation to explore and deepen the shared cultural ties, he said.
He thanked His Highness the Amir and the Government of the State of Kuwait for their patronage of the Indian community and looking after their welfare and wellbeing.
He added that Indians in Kuwait, who are the largest expatriate group, have contributed immensely to the development of Kuwait as doctors, businessmen, construction workers, engineers, nurses and other professionals.
"As we elevate the level of our relationship with Kuwait to a strategic partnership, I believe the role of the Indian community will only grow in importance. I am confident that Kuwaiti authorities recognize the immense contributions of this vibrant community and will continue to provide encouragement and support," he added.
Asked about Kuwaiti-Indian energy relations, the prime minister said energy is an important pillar of the bilateral partnership, estimating that last year, trade exchange crossed USD 10 billion, which reflects the deep trust and mutual benefit underpinning this partnership.
"Both nations have consistently ranked among the top ten trading partners in the energy sector. Indian companies actively engage in importing crude oil, LPG, and petroleum products from Kuwait while also exporting petroleum products to Kuwait. Currently, Kuwait stands as India's 6th largest crude supplier and 4th largest LPG supplier," he said.
As India emerges as the world's 3rd largest energy consumer, oil consumer, and LPG consumer, and Kuwait holds around 6.5 percent of global oil reserves, the scope for further collaboration is immense, he said, noting that both nations are poised to transform their traditional buyer-seller relationship into a strategic partnership by exploring opportunities across the entire oil and gas value chain.
In addition to conventional hydrocarbons trade, there exist a plethora of new areas for cooperation, including an entire value chain of Oil & Gas, as well as joint efforts in low-carbon solutions such as green hydrogen, biofuels, and carbon capture technologies, he added.
Modi noted that the petrochemical sector offers another promising avenue for collaboration as India's rapidly growing petrochemical industry is set to become USD 300 billion by 2025, as Kuwait's ambitious Petrochemical Vision under its Strategy 2040, can open doors to co-investment, technology exchange, and mutual growth.
He spoke highly of the energy partnership between India and Kuwait as not only being a pillar of economic relationship but also a driver for diversified and sustainable growth, setting a path toward a future of shared prosperity, energy security, and environmental stewardship.
Concerning GCC-India ties, he lauded the GCC as a collective entity has vital significance for India, saying that the relationship between India and the Gulf is rooted in historical, cultural and trade linkages and shared values and that these bonds have strengthened and evolved into a partnership across various areas.
He noted that the GCC region accounts for around one-sixth of India's total trade and hosts around one-third of the Indian diaspora, saying that around nine million Indians are residing in the Gulf region, forming a significant community in all the six GCC countries, and contributing positively to their economic growth and development.
In September this year, the first-ever India-GCC Joint Ministerial Meeting for Strategic Dialogue at the level of Foreign Ministers was held in Riyadh, he said, adding that an India-GCC Joint Action Plan was adopted at the meeting to strengthen cooperation in a variety of areas including political dialogue, security, trade and investment, energy, health, education, agriculture and food security, transportation, and culture.
Asked bout India's global role, especially as a voice of the Global South, he said: "India is privileged to speak for the global south. We share much in common with our fellow developing countries - from history to the aspirations of our people. We therefore not only understand, but feel their concerns. The ongoing conflicts and the resultant challenges of food, fuel and fertilizer have hit the global south hard. They are also disproportionately bearing the brunt of climate change.
He hailed his country as a reliable development partner for the global south, a first responder in times of crises for them and for others, a leader on climate action and a champion of inclusive growth and development.
He went on saying: "We gave voice to the concerns of developing countries when we assumed the Presidency of the G20. We hosted three Voice of the Global South Summits to amplify and act on the pressing needs of people. We were honored that the African Union became a permanent member of the G20 at the New Delhi Summit. This was a historic achievement for the Global South, and a proud moment for us." Regarding regional and global conflicts, mainly Gaza and Ukraine, Modi said that solutions cannot be found on the battlefield, emphasizing the importance of sincere and practical engagement between stakeholders for bridging differences and achieving negotiated settlements.
In this context, he voiced willingness to help support earnest efforts that could lead to the early restoration of peace, particularly in Gaza and Ukraine.
On the humanitarian side, he said his country sent 70 tons of humanitarian assistance, close to 65 tons of medicines to Gaza last month, in addition to USD 10 million over the last two years to UNRWA.
Modi reiterated India's support for a negotiated two-state solution towards the establishment of a sovereign, independent and viable state of Palestine, within secure and recognized borders.
On environmental sustainability initiatives, Modi said: "We are facing several challenges, but none more pressing than climate change. Our planet is under stress. We need urgent collective action and one that involves the entire global community. No one can do it alone. We must come together."
"India wants to lead and bring all countries together to foster pro-planet action. This is the idea behind our championing various green global initiatives," he said.
He regarded the India-led green initiatives as platforms for all nations to collectively address climate change, promote environmental sustainability, build disaster resilient infrastructure, and drive the global transition towards clean energy.
Source: KUNA
