India provides an attractive, stable climate for investment

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India fully supports humanitarian causes, including the provision of aid to Gaza, says India’s Secretary of Ministry of External Affairs CPV & OIA 1, Gulf & WANA 1 G20, Muktesh Pardeshi. According to Pardeshi, India has so far provided 39 tons of aid to Gaza – 6.5 tons of medical equipment and 32 tons of food commodities and rescue equipment; including medicines, tents, sleeping bags, and water purifying tablets.

Meanwhile, Pardeshi revealed the anticipated high-level visits between the officials of India and Kuwait immediately after the formation of the new Kuwaiti government; as a number of bilateral agreements and memorandums of understanding will be signed between the two countries with the aim of developing economic relations to achieve common interests of the two countries and the two friendly peoples. He added the bilateral visits would enhance and strengthen relations, as well as present new ideas. He affirmed there are a lot of opportunities for cooperation; especially in the field of security and defense cooperation, depending on the needs of Kuwait. He also cited the fields of pharmaceutical industries and information technology, in which India has long and accumulated experience. He stated that relations between the peoples of the two countries are ancient and extended, starting more than two centuries ago. He confirmed that his country provides an attractive and stable investment climate to achieve good and safe returns. He revealed the volume of trade exchange between Kuwait and India amounted to about $13.8 billion last year.

At the level of Indian-Gulf relations, Pardeshi pointed out that these relations are historic. He said the trade exchange between the two sides reached $184 billion last year, which witnessed a 20 percent increase over the past two years. He confirmed the Gulf countries are India’s largest regional trading partner, adding that “the relations between India and the Gulf countries are a success story.” He pointed out that the past period witnessed mutual efforts between the two parties to diversify the trade exchange basket; after it was previously focused on the field of energy, including engineering equipment, rice, petroleum products, textiles, and organic products. He went on to say that the partnership in the field of energy is extremely important for India, considering his country imported crude oil worth $58 billion and gas worth $26 billion in 2023.

Increase
He then highlighted the remarkable increase in the volume of Gulf investments in India; explaining that there are many opportunities for Gulf investors in India, covering most sectors like infrastructure, food industries, petrochemicals, defense and information technology. In addition, Pardeshi disclosed that about nine million skilled and semi-skilled Indian citizens are currently working in the Gulf Cooperation Council countries. He said India is considered the largest and fastest center for emerging companies in the field of technology, indicating it is the fifth-largest growing global economy and the largest democracy in the world and it will witness the biggest electoral process in the world in May’s parliamentary elections.