Bilateral trade between India and Kuwait touched an all-time high of USD 12.5 billion in the financial year 2021-22, registering a growth of 95.3% over the previous year. Indian exports to Kuwait stood at USD 1.24 billion, while imports from Kuwait amounted to USD 11.0 billion.
The major commodities exported by India to Kuwait include gems and jewellery, pharmaceuticals, engineering goods, and textiles. Kuwait's main exports to India are petroleum products, fertilizers, and plastics.
The Indian envoy to Kuwait, Adarsh Swaika, said that the strong growth in bilateral trade is a testament to the close economic ties between the two countries. He also noted that there is a lot of potential for further growth in areas such as pharmaceuticals, healthcare, and food processing.
The two countries have also been working to increase cooperation in the field of energy. In 2022, India signed a deal with Kuwait to import 3.5 million tonnes of liquefied natural gas (LNG) per year.
The strong economic ties between India and Kuwait are a positive development for both countries. They provide an opportunity for the two countries to work together to achieve their shared economic goals.
The ways in which India and Kuwait can boost their bilateral trade are:-
1) Increasing cooperation in the field of manufacturing. India has a strong manufacturing sector, while Kuwait has a large market for manufactured goods.
2) Promoting tourism. India is a popular tourist destination, while Kuwait has a number of historical and cultural attractions.
3) Facilitating investment. India and Kuwait can work together to create a more favorable environment for investment.
The two countries are expected to continue to strengthen their economic ties in the years to come. This is good news for both countries, as it will lead to increased economic growth and prosperity for their citizens.
