Kuwaiti Deputy Prime Minister and Minister of Commerce and Industry Abdulmohsen Al-Madaj on Wednesday highlighted the bilateral historical ties with India terming them as "distinguished and set on solid basis of friendship and mutual understanding." Al-Madaj made the statement at the opening session of the 4th India-Arab Partnership Conference that kicked off in New Delhi today, adding that Kuwait and India have worked hard to deepen relations.
He referred to the visit by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to New Delhi in June 2006, during which he confirmed that the Kuwaiti-Indian ties are age-old historical and based on a solid historical ground.
On bilateral trade, Al-Madaj said that it dates back to three centuries, when the Kuwaitis realized that their bid to transform their country into a trade hub in the Gulf area can be attained through interacting with trade activities in the Indian Ocean, according to a statement by the Kuwaiti embassy in India.
The Commerce and Industry Minister also referred to a visit by His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah to India in November 2013 which "opened a new and fruitful chapter in the growing relations with India." Kuwait is looking forward to the 3rd Joint Ministerial Committee with India to be convened by the end of the year, in a bid to promote economic, trade, technical and scientific cooperation.
According to Al-Madaj, India is among Kuwait's top 10 trade partners. He invited Indian companies and investors to take part in the ambitious development plans in Kuwait.
Addressing the session, India's Minister of State for Commerce and Industry Nirmala Sitharaman underscored the importance of cementing the Indian-Arab economic and trade ties.
She urged the Arab and also foreign businessmen to invest in India, saying their rights are guaranteed and safeguarded by the government.
Sitharaman called for promoting efforts to enhance exporting India's technological expertise to the member states of the Arab League, in a bid to enhance joint trade and investments as.
According to Sitharaman, bilateral trade between India and the Arab World hit USD 185.6 billion in the FY 2013-2014.
The two-day 4th India-Arab Partnership Conference, held under "New Horizons in Investment, Trade and Services," aims at enhancing the flow of investment between India and the Arab World.