New Delhi, Dec 22 (IANS) FDI flows into India from the Gulf Cooperation Council countries between September 2013 to September 2024 surged to over $24.54 billion, which is an 8-fold increase compared to the corresponding figure of $3.046 billion FDI that came from these countries during the period between April 2000 and September 2013, according to data compiled by the Commerce and Industry Ministry.
The figures also show that as much as 89 per cent of the FDI flows into India from the GCC countries came in the last 10 years, reflecting the strengthening economic ties between India and the Gulf region.
With Kuwait currently chairing the Gulf Cooperation Council (GCC), Prime Minister Narendra Modi’s visit to the emirate is expected to bolster India’s engagement with the influential bloc, comprising Bahrain, Oman, Qatar, Saudi Arabia, the UAE, and Kuwait.
PM Modi on Saturday afternoon arrived in Kuwait, becoming the first Indian Prime Minister to visit the Gulf nation in 43 years.
He said the Kuwait Investment Authority has invested more than $10 billion in India, reinforcing the financial ties between the two nations.
The Prime Minister also mentioned that the Kuwait Investment Authority, which is the sovereign wealth fund, has made substantial investments in India and there is a growing interest in investing in India now.
In an interview with Kuwait News Agency (Kuna), PM Modi said that trade and commerce have been important pillars of the bilateral relationship between Kuwait and India, with two-way trade on the rise.
“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 Prime Minister told Kuna Director General Fatma Al-Salem.
Kuwait is a critical partner for India, ranking as the sixth-largest supplier of crude oil and meeting 3 per cent of India’s energy needs.
Bilateral trade between the two countries reached $10.47 billion in 2023-24, with Indian exports growing 34.7 per cent (year-on-year).
Meanwhile, India’s trade with GCC countries stood at a robust $184.46 billion in 2022-23.
PM Modi told Kuna news agency that “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,” PM Modi was quoted as saying.
–IANS
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