India, Kuwait bilateral trade touches all-time high of USD 12.5 billion: Indian envoy

Bilateral trade between India and Kuwait has touched an all time-high of USD 12.5 billion, Indian ambassador to Kuwait Adarsh Swaika said, according to the Arab News Online.
Trade between the two countries have has seen a 90 per cent yearly jump and while currently it is skewed towards hydrocarbon exports from Kuwait and exports of mainly food products from India, bilateral trade has the potential for diversification the envoy said. “There are excellent possibilities in pharmaceuticals and medical devices, automobiles and related spares, electronics goods and components, high-efficiency solar PV modules, textiles and apparel, white goods, ceramics, etc. But 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 Indian ambassador told Arab News online.

“But 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. On May 8, we held a high-visibility investment seminar that presented the New India growth story. We saw much interest from our Kuwaiti partners in investing in India. There are some very positive experiences sharing Kuwaiti investments in India,” he added.

Swaika also stated that Kuwait Investment Authority's (KIA) investments in India are extraordinarily significant, and expressed hope for further acquisitions. Swaika in the interview to Chaitali B Roy of the Arab News online published on Wednesday said that regarding food security, tourism, and health cooperation, Swaika said that both countries are working to enhance relations on the basis of all three sectors.

The Indian envoy noted that medical and health tourism offers tremendous potential for further growth and that India is exploring whether Indian private hospitals can set up their chains in Kuwait.  
Recalling the collaboration on the medical front between the two countries during the COVID pandemic when India came forward to help Kuwait, Swaika said, “What we did together to fight the Covid-19 pandemic in terms of assistance and collaboration was genuinely remarkable. This has set the bar of bilateral cooperation very high. This demonstration of shared solidarity has brought us closer.

“We had a significant investment seminar recently in which the representative of the Apollo group participated. He told me of the interest on the Kuwaiti side in such collaboration. The second thing is how Indian medicines can be made available in Kuwait much more cost-effectively. Ironically, Indian medication, many of which are US FDA approved, is not available in Kuwait. The Embassy is working on this. The third issue is of immense opportunities available in India for medical and wellness treatment. This would not only be much more cost-effective but of a world-class standard,” he added.

Regarding medical cooperation, the ambassador said that medicine is a promising sector with tremendous potential for further growth. He further added that most of the Kuwaitis go to India for medical treatment. “Today, most Kuwaitis who go for medical treatment abroad generally go at Government cost to Western countries predominantly. At the same time, India is one place that attracts people from all over the world, including the Western world and, more importantly, from its neighbourhood and extended neighbourhood, for medical treatment. This is because it provides quality health care at an affordable cost,” he said. “There are chains of private hospitals specialising in different areas, e.g., Apollo, Narayana Hyudalaya, Medanta, Shankar Netralaya, Fortis, etc. Given our solid historical linkages, geographical proximity, cultural affinity, and people-to-people contacts, India should be the preferred destination for medical treatment for Kuwaitis.

The Embassy is working on this with both the Kuwaiti side and the Indian hospital chains,” he added. Talking about India's growing economy, Swaika said that the country is one of the few major economies that has grown over 6 per cent consistently in the last few years and is expected to continue doing so, reported Arab News online. India is the fifth largest economy currently, the third most significant in terms of purchasing power parity and is projected to be a USD 5 trillion economy by 2030. It will remain one of the major growth engines of the world, he added.