Sheikh Talal Al Khaled Al Ahmad Al Sabah, Governor of the Capital Governorate extended his full support to a delegation of Kuwait India Business Council (KIBC) members led by its Chairman Markos Williams during an interactive meeting at the Governorate on July 28th. The Honorable Governor Sheikh Talal Al Sabah accepted the invitation of KIBC to be the Patron of the Council and expressed his happiness in his role. He said that his association with KIBC is a continuation of the role of his forefathers who established business and trade with India decades ago.
Ajay Goel presented a bouquet to Sheikh Talal Al Sabah on behalf of KIBC.
The delegation comprising of Markos Williams - Chairman, Ali Al Ibrahim - Chief Advisor, Satish Sharma – Vice Chairman, K.E. Subramaniam – General Secretary, Ajay Goel and Mukesh Kumar apprised Sheikh Talal Al Sabah of the aims, activities and achievements of the KIBC since its inception in 2002.
Sheikh Talal Al Sabah lauded the efforts of the Indian business community in Kuwait and particularly appreciated the efforts of Ajay Goel of City Centre for his significant contribution in revitalising the retail economy in the State of Kuwait. Sheikh Talal Al Sabah assured KIBC members that he would assist them in overcoming any bottlenecks or delays in their ventures in Kuwait and looks forward to participating in all forthcoming activities of KIBC.
Ajay Goel presenting a bouquet to Sheikh Talal Al Khaled Al Ahmad Al Sabah
Vice Chairman Satish Sharma, the doyen of Kuwait’s insurance sector lauded the Kuwait Government for the various business opportunities in the country in view of his rich and varied experience with virtually every sector of the economy.
Mukesh Kumar, Partner of Mughal Mahal outlined the growth of his company which has carved a niche for itself in Kuwait over the past 36 years. K.E. Subramaniam, Vice President at NBK Capital highlighted the various activities of KIBC.
Markos Williams explained that KIBC is a vibrant platform for informed understanding of the complexities of doing business with India. He said that in the past, Indian Ambassadors Swashpawan Singh, Ganapathy and Ajay Malhotra actively supported KIBC in its various activities in their efforts to improve bilateral business relations. Membership is open to anyone with Indian business interests through its website www.kibc.in.
Sheikh Talal Al Khaled Al Ahmad Al Sabah addressing KIBC delegation
KIBC has an agreement of cooperation in place with the Federation of Indian Chambers of Commerce (FICCI) which is the largest business organization in India drawing its strength from diverse regional chambers of commerce and industry across India and the world, reaching out to over 2,50,000 companies. KIBC also has signed an agreement with the EXIM Bank of India to fund India focused projects.
A stellar achievement of KIBC was the launch of the World’s First Sharia Compliant India focused Open Ended Equity Fund in 2006 in association with Al Madina Investment Company. This highly successful 10 year duration fund triggered similar funds in the region and was widely acclaimed by the Government of India. Kuwait investors who earned a return of 60% in the very first year remained substantially invested for extended periods.