India-Kuwait relations are traditionally warm,
close and friendly and our community of over 8.2 lakh is the largest expatriate
community in Kuwait. During 2013-14,
Kuwait was the third largest crude oil supplier to India, meeting 9-10% of our
energy needs. India has consistently been among the top ten trading partners of
Kuwait. However, India’s exports to Kuwait have remained stagnant, i.e., a
little over US$ 1 billion. Furthermore,
investments from Kuwait into India are miniscule. The Table given below shows
the bilateral trade. The trade balance is
heavily in favour of Kuwait.
India-Kuwait
Bilateral Trade FY 20011-12 to 2014-15(April-Feb)
in US$ million
2011-12
|
2012-13
|
2013-14
|
2014-15
(April-Feb)
|
|
Indian exports to Kuwait
|
1,181.41
|
1,061.08
|
1,065.14
|
1,082.88
|
Indian imports from Kuwait
|
16,439.64
|
16,588.13
|
17,153.52
|
12,620.15
|
Total
|
17,621.05
|
17,649.21
|
18,218.66
|
13,703.03
|
Trade Balance
|
(-)1515,258.23
|
(-)15,527.05
|
(-)16,088.38
|
(-)11,537.27
|
Source: Department of Commerce, M/o
Commerce & Industry, New Delhi
Various
Export Promotion Councils and Chambers of Commerce and Industry in India
(FICCI, CII, FIEO etc.) are working to increase India’s exports, the Kuwait Embassy
provides 5-year and 1-year multiple entry Business visas to all Kuwaiti
nationals and other expatriates residing in Kuwait the same day.
Ambassador
Sunil Jain has met Kuwaiti authorities and discussed ways to improve trade and
investment between the two countries and has written a letter to the members of
Indian Business Council, Kuwait urging them to work towards increasing greater
exports from India to Kuwait as well as greater investments from Kuwait to
India.
Posted on 7th June 2015.
No comments:
Post a Comment