New Delhi: FDI inflows into India from GCC countries surged to over $24.54 billion between September 2013 and September 2024, compared with the corresponding figure of $3.046 billion from these countries between April 2000 and September 2024. , grew 8 times.
Data also shows that as much as 89% of foreign direct investment flowing into India from GCC countries came from the past 10 years, reflecting the strengthening economic ties between India and the Gulf region.
Prime Minister Modi’s visit to Kuwait is expected to strengthen India’s ties with the influential bloc consisting of Bahrain, Oman, Qatar, Saudi Arabia, the United Arab Emirates and Kuwait as Kuwait currently holds the chairmanship of the Gulf Cooperation Council (GCC). touch.
Prime Minister Narendra Modi arrived in Kuwait on Saturday afternoon, becoming the first Indian prime minister to visit the Gulf country in 43 years. He said the Kuwait Investment Authority has invested more than $10 billion in India, strengthening financial ties between the two countries.
The Prime Minister also mentioned that the Kuwait Investment Authority (sovereign wealth fund) has made significant investments in India and is currently showing growing interest in investing in India.
In an interview with Kuwait News Agency (Kuna), Prime Minister Modi said that trade and commerce have always been an important pillar of bilateral relations between Kuwait and India, and two-way trade continues to grow.
“Trade and commerce have always been an important pillar of our bilateral relations. Our bilateral trade has been on the rise. Our energy partnership adds unique value to our bilateral trade,” the Prime Minister told KUNA Director-General Fatma Sali Mu.
Kuwait is an important partner of India and the sixth largest supplier of crude oil, meeting 3% of India’s energy needs. Bilateral trade volume between the two countries will reach US$10.47 billion in 2023-24, of which India’s exports increased by 34.7% compared with the same period last year.
Meanwhile, India’s trade with GCC countries stood at $184.46 billion in 2022-23. Prime Minister Modi told the KUNA news agency, “We are happy to see new developments in Kuwait for ‘Made in India’ products, especially in the fields of automobiles, electrical and mechanical machinery, and telecommunications.”
“India today is manufacturing world-class products at the most affordable cost. Diversification of non-oil trade is key to achieving greater bilateral trade,” Prime Minister Modi said.