Indian Business Delegation visit to Kuwait to strengthen economic cooperation
Monday, July 4, 2022
The Embassy of India, Kuwait hosted a major Indian Business Delegation, having representatives from Food and Beverage Sector and organized a B2B meeting between Indian and Kuwaiti Stakeholders. The Business Delegation from India has been arranged by the Federation of Indian Chambers of Commerce and Industry (FICCI) and are visiting Kuwait from June 3 to 5, 2022.
This is the first major delegation from India visiting Kuwait in the last two years. The business meeting was held in partnership with Indian Business and Professional Council (IBPC) and Indian Business Network.
Ambassador of India to Kuwait H.E. Shri Sibi George highlighted the long-standing dynamic relationship between India and Kuwait which is a multifaceted relationship with excellent political relationship, growing business partnership and deepening people to people connect. He conveyed that Kuwait is part of India's energy security efforts and India is part of Kuwait’s food security efforts. Kuwait is a partner in India’s economic progress, economic transformation ans establishment of an Aatmanirbhar Bharat.
Ambassador highlighted the new record of over 400$ billion of goods export worldwide from India, which was indeed an ambitious mission considering the best India achieved in merchandise exports in the past was $330 billion in the pre-covid days of 2018-19, before the pandemic battered all global trade. This remarkable feat was achieved by policy measures, reforms, export promotion schemes such as the Production Linked Incentive Scheme, and bold decisions in the face of adversity which has propelled India to become the fastest growing major economy in the world. Exports have boomed, setting a series of monthly records that have added up to historic achievement in 2021-22.
Ambassador conveyed that in the FY 2021-22, Indian Exports to Kuwait stood at US $ 1,236.8 million (over $ 1.23 billion), which is an extraordinary achievement. The growth of exports to Kuwait was broad based and part of the overall achievement of US $ 419 billion of merchandise exports from India in 2021-22 which was a record in itself. The total growth stood at 44% over 2020-21. The contribution of Indian exports to Kuwait will help India in its economic growth and to achieve the target of US$ 5 Trillion economy.
Ambassador further highlighted the events being organized by the Embassy to showcase Indian culture, tourism, heritage, deepening India’s economic engagement with Kuwait and highlighting India’s scientific achievements. In this regard, Ambassador mentioned about multiple events that Embassy organized under the banner of Aatmanirbhar Bharat including various business networking events, one district one product promotion events, many Made in India exhibitions at the Embassy and in prominent venues like Yarmouk Center and Sadu House, and many State Facilitation events focusing on different states of India promoting 3 Ts Trade, Technology and Tourism which has been yielding results.
This year 2022-23 India has set even more ambitious target in further increasing exports to Kuwait. The items identified include many in the food and beverages sector such as Rice, marine products, spices, meat, dairy and poultry products, tea, coffee, cereals, cashew etc. Ambassador invited the stakeholders in India and Kuwait to be a part of Indian growth story and help increase Indian exports to Kuwait.
The event was attended by stakeholders from including Government of Kuwait, export promotion councils, chambers of commerce and industry, Indian Business Network (IBN) in Kuwait, Indian Business and Professionals Council (IBPC), many business houses in Kuwait and from India and media fraternity.
On July 3 morning the Indian Business Delegation visited Kuwait Chamber of Commerce and Industry and held discussions with the Chamber leadership and other stakeholders. The delegation also visited Mughal Mahal chain of restaurants, City Centre Hypermarket and Oncost Supermarket. Tomorrow, they will visit Lulu Hyper market stores, Hakimi Supermarket and Grand Hyper stores, along with a visit to Premiers' Tea at The Avenues Mall.
s