Kuwait Investment Authority to ‘treble’ investments of $5bln in India

Investment especially in areas of infrastructure, airports and highways

Image used for illustrative purpose. Kuwait City at sunset

Image used for illustrative purpose. Kuwait City at sunset

Gettyimages/Muhammad Al-Qatam

KUWAIT CITY - The Kuwait Investment Authority (KIA)is keen to treble its investment of $5 billion in India, especially in areas ofinfrastructure, airports and highways, reports Al-Qabas daily quoting theHindustan Times of India.

The KIA said the proposal to India was made during the visit ofthe Indian Minister of Foreign Affairs Sushma Swaraj to Kuwait late lastOctober.

The KIA has invested $2 billionin India since 2017, and officials are planning to increase investment in Indiadue to its rapid economic growth despite some bureaucratic and legal obstaclesand procedures that have led to the flight of Kuwaiti investments in Malaysiaand Singapore. Investments are more favored in India, according to an informedsource.

The joint venture between Kuwait and Japan stands at the $7billion and investment in refinery in Vietnam is a model for joint investmentsbetween Kuwait and India, the Indian website said.

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