Jaber Al-Mubarak Al-Hamad Al-Sabah, Prime Minister of Kuwait has said that Kuwait is poised to become a financial and commercial hub for domestic and international business, and is diversifying its industrial base for attracting global investment. He was a addressing captain of Indian industry at a meeting organized jointly by FICCI, CII and ASSOCHAM.
He acknowledged the contribution to the development of Kuwait by the 6 lakh-plus Indian expatriate community.
Anand Sharma, India’s Commerce and Industry Minister, in his address, urged the Kuwaiti Prime Minister to lend his weight for the early conclusion of a Free Trade Agreement currently under negotiation with the Gulf Cooperation Council (GCC).
Ms. Naina Lal Kidwai, President of FICCI, in her remarks, noted that “India looks at Kuwait as a long term dependable partner and not just as a supplier meeting India’s energy demand. Indian Industry, she said, was keen to participate and partner in the massive on-going economic development in the State of Kuwait in all sectors, including telecom, infrastructure, security, defence, and education.”
Mr. Khaled Abdullah Al-Sager, First Vice Chairman of Kuwait Chamber of Commerce and Industry (KCCI), said, “Kuwait is executing a comprehensive economic reform programme relying on more liberation and encouragement of foreign investments and is based on financial abundance, a strong banking and investment system, regulated capital market, advanced infrastructure, fair and just judiciary system, deep-rooted political stability, Gulf customs Union, and free Arab trade that makes Kuwait a main gate to GCC, Arab and regional markets. Simultaneously, Kuwait is implementing an ambitious development program targeting building of new cities and ports, developing oilfields, communications sectors, energy and petrochemical industries.”
Mr. T N R Rao, Senior Member – CII Gulf Council & Chairman SAGE (South Asia Gas enterprises Ltd), said, “Bilateral trade between our two nations is strong but the trade balance is skewed in favor of Kuwait.
Mr. S C Aggarwal, Senior Managing Committee Member, ASSOCHAM and Chairman and Managing Director, SMC Group, said, “The composition of exports to Kuwait has undergone a qualitative change in the post liberalization period. In addition to traditional goods, the area with considerable export potential from India includes pharmaceuticals, medicinal equipment, equipment for use in refineries and oil installation equipment/products for the power sector.”
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