Shri Kamal Nath welcomes investments from Kuwait

04 Jul '08

2 min read

Shri Kamal Nath, Union Minister of Commerce & Industry, during the bilateral interaction with Mr. Mustafa Jassim Al-Shamali, Minister of Finance of Kuwait who called on him here has welcomed investments from Kuwait in sectoral developments in infrastructure, power and petroleum & petrochemicals and stated that India seeks Kuwaiti participation in revival of Indian fertilizer industry besides seeking investments in the fertilizer sector in Kuwait and in third countries.

While highlighting the impressive economic growth in India, Shri Kamal Nath informed the Kuwaiti Minister to utilize this opportunity to witness some of the significant steps taken by Government of India towards its economic progress.

Both sides noted that non-oil trade between two sides has enhanced considerably i.e., US $ 958.41 million in 2007-08 and hoped to multiply this in the coming years.

Both sides discussed about the potential items of import and exports viz, IT, leather goods, precision instruments, drugs & pharmaceuticals, steel & steel products, tourism etc.

India's exports to Kuwait during the period April 2007-February 2008 amounted to US $ 589.78 million. The top 5 items of exports from India were: rice (basmati), machinery & instrument, meat & preparations, manufactures of metals and primary & semi-finished iron & steel.

The top 5 items of imports by India were: petroleum & crude products, organic chemicals, metaliferrous ores & metal scrap, sulpher and unroasted iron pyrites and fertilizers manufactured.

The total cumulative FDI inflows to India during August 1991 to March 2008 are US $ 79.2 billion, inflows from Kuwait are US $ 9.02 million.

Press Information Bureau Government of India

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