FDI flows into India from the Gulf Cooperation Council countries between September 2013 to September 2024 surged to over $24.54 billion, which is an 8-fold increase compared to the corresponding figure of $3.046 billion FDI that came from these countries during the period between April 2000 and September 2013, according to data compiled by the Commerce and Industry Ministry.
According to the figures, it reflects strengthening economic ties between India and the Gulf region wherein nearly as much as 89 per cent of FDI into India from the GCC countries comes in the last 10 years.
With Kuwait currently chairing the Gulf Cooperation Council (GCC), Prime Minister Narendra Modi’s visit to the emirate is expected to bolster India's engagement with the influential bloc, comprising Bahrain, Oman, Qatar, Saudi Arabia, the UAE, and Kuwait.
PM Modi on Saturday afternoon arrived in Kuwait, becoming the first Indian Prime Minister to visit the Gulf nation in 43 years.
He added that the Kuwait Investment Authority has invested more than $10 billion in India, strengthening the financial relationship between the two countries.
The Prime Minister also said that the Kuwait Investment Authority, which is the sovereign wealth fund, has invested significantly in India and the interest in investing in India is growing now.
Speaking to Kuwait News Agency (Kuna), PM Modi stated that trade and commerce have been the two significant pillars of bilateral relationship between Kuwait and India. The two-way trade is also on the increase.
"Trade and commerce have been important pillars of our bilateral relationship. Our bilateral trade has been on an upswing. Our energy partnership adds a unique value to our bilateral trade," the Prime Minister told Kuna Director General Fatma Al-Salem.
Kuwait is an important partner for India as it is the sixth largest supplier of crude oil to the country and meets 3 per cent of its energy needs.
Bilateral trade between the two countries has reached $10.47 billion in 2023-24, with Indian exports growing 34.7 per cent (year-on-year).
India's trade with GCC countries stood at a robust $184.46 billion in 2022-23.
PM Modi told Kuna news agency that "we are happy to see 'Made in India' products, particularly in automobile, electrical and mechanical machinery, and telecom segments making new inroads in Kuwait".
"India today is manufacturing world-class products at the most affordable cost. Diversification to non-oil trade is key to achieving greater bilateral trade," PM Modi was quoted as saying.
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