Monday, July 7, 2008

India welcomes Kuwait’s investments

by Ed Roberts

Indian commerce and industry minister, Mr. Kamal Nath has welcomed investments from Kuwait in sectoral developments in the infrastructure, power and petroleum & petrochemicals sectors in India.

The Indian minister paid thanks to Mr. Mustafa Jassim Al-Shamali, Kuwait’s finance minister, for his country’s support, during a meeting in New Delhi.

He also stated that India seeks Kuwaiti participation in revival of Indian fertilizer industry besides seeking investments in the fertilizer sector in Kuwait and in third countries.

The two countries, which have enhanced considerably the non–oil trade that stood at US $ 958.41 million in 2007-08, hope to increase the trade in coming years.

Both sides discussed about the potential items of import and exports viz., IT, leather goods, precision instruments, drugs & pharmaceuticals, steel & steel products, tourism etc.

India’s exports to Kuwait during the period April 2007-February 2008 amounted to US $ 589.78 million.

During this period, India has exported rice (basmati), machinery & instrument, meat & preparations, manufactures of metals and primary & semi-finished iron & steel.

Meanwhile India imported petroleum & crude products, organic chemicals, metaliferrous ores & metal scrap, sulpher and unroasted iron pyrites and fertilizers manufactured from Kuwait.

The total cumulative FDI inflows to India during August 1991 to March 2008 are US $ 79.2 billion, inflows from Kuwait are US $ 9.02 million.

 

 

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