Indian PM: Trade, Commerce Important Pillars Of Relationship With Kuwait

(MENAFN- Kuwait News Agency (KUNA)) Interview by Fatma Al-Salem
KUWAIT, Dec 21 (KUNA) -- 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. (more)
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