In a recent meeting with the Ambassador of Kuwait to India, H.E. Jassem Al-Najem, the newly appointed Indian Finance Minister, Nirmala Sitharaman said that there were plenty of lucrative investment opportunities in the country.
She invited Kuwaiti investors, both individuals and institutions, to avail of the promising investment climate in India, in various fields ranging from refineries and power plants to other infrastructure, including in road, rail and air networks.
The finance minister pointed out that India was a US$3 trillion economy with a consumer base of over 1.3 billion people and the government is focused on making the market a $5 trillion economy by 2022.
Speaking about bilateral relations between India and Kuwait, Minister Sitaraman lauded the strong and friendly ties between the two countries and added that high level visits from both sides would further strengthen relations.
She also congratulated Kuwait on its successful projects undertaken overseas in the field of oil and gas. She especially pointed to the success of Kuwait in establishing and operating the Vietnam refiners with the Japanese government at an estimated cost of around $9 billion and Duqm refinery in Oman at a similar cost. She added that similar cooperation between India and Kuwait in refineries were required given the huge need for petrochemical products in India.
For his part, Ambassador Al-Najem underlined that the Kuwait Investment Authority, which has already invested over $5 billion in the Indian market, was looking to increase its investments in India. This is especially relevant in view of the Indian government’s support and encouragement for foreign investments by modernizing its investment laws opening up its market and enhancing the business environment through speeding up procedures and increasing electronic trading.