India-Kuwait identify new areas of co-operation

New Delhi, June 16: In one voice, India and Kuwait today underscored the need for expanding co-operation from oil and gas to new areas, including civil aviation, Information, Technology, Biotechnology, Engineering and Pharmaceuticals.

The clarion call for mutiplying manifold trade and investments in the two countries was made by the visiting Amir of Kuwait Sheikh Sabah Al- Ahmad Al-Jaber Al- Sabah and Minister for Overseas Indian Affairs Vyalar Ravi at a joint business meeting of the three apex chambers, namely CII, ASSOCHAM and FICCI.

Mr Al- Sabah said the economic relationship that is envisaged is the one which provides job opportunities to the Kuwaiti people and provides a high standard of living to the local populace.

Mr Ravi said while India was the seventh largest exporter to Kuwait it was the eighth largest importer from that country, but this was only the proverbial 'tip of the ice berg".

Tracing the historical ties between the two nations, Mr Ravi said about half a million people of Indian origin were making a valuable contribution to the growth of that economy.

He expressed satisfaction that Indians in that country were treated well and respected for their integrity and competence.

Mr Ravi said India had emerged as a leading player in certain key sectors like petrochemicals, IT, bio-technology, pharamaceuticals and engineering and could make a valuable contribution to the economy of Kuwait.

Mr Ravi said the projected growth rate of the Indian economy was about eight per cent and the manufacturing sector was poised for a double digit growth. This has great promise for prospective investors.

CII Senior Member V K Mathour said the growth of passenger traffic was mostly to Asia whereas there was near stagnation in the North American and European sectors. There was thus scope for promoting co-operation in the civil aviation sector.

Others who spoke on the occassion included Former FICCI President Onkar Singh Kanwar and First Deputy Chairman Kuwait Chamber of Commerce and Industry Hilai Mishan Al-Multari.

Mr Multrai said Kuwait was a completely free economy and there was immense scope for exporting capital goods and project exports.

The other speakers highlighted how friendship between the two countries found new impetus with the discovery of oil in that country. Kuwait is exporting oil and other petrochemical products to India while numerous commodities are improted from India.

UNI