India, Kuwait Bilateral Trade Touches $12.5 Billion

India, Kuwait Bilateral Trade Touches $12.5 Billion

Bilateral trade between India and Kuwait has touched an all-time-high of $12.5 billion, Indian Ambassador to Kuwait Adarsh Swaika said in an interview.

Trade between the two countries has seen a 90% yearly jump. While currently the trade is skewed towards hydrocarbon exports from Kuwait and exports of mainly food products from India, bilateral trade has the potential for diversification, the envoy added.

Swaika underlined the excellent possibilities available between the two countries across sectors, such as pharmaceuticals and medical devices, automobiles and related spares, electronics goods and components, high-efficiency solar PV modules, textiles and apparel, white goods, and ceramics. The main potential area of cooperation is in the field of investments from Kuwait to India because of the attractive political and financial investment climate that the country provides, the ambassador added.

Swaika added that Kuwait Investment Authority’s (KIA) investments in India are extraordinarily significant, and expressed hope for further acquisitions. In the interview published on August 23, he said that both countries are working to enhance relations in the areas of food security, tourism, and health cooperation. He noted that medical and health tourism offers tremendous potential for further growth, and India is exploring whether Indian private hospitals can set up their chains in Kuwait.