There is a need for diversification of trade between India and Kuwait: Indian envoy

Kuwait City: The bilateral trade between India and Kuwait has been increasing over the years, but, given the closeness of the two economies, there is a need for diversification of trade, Indian ambassador to Kuwait, Adarsh ​​Swaika said.

During an interview on 'Good Morning Kuwait' released by the Embassy of India in Kuwait on Thursday, the Indian envoy said that there are several products such as automobiles, and ceramic products, which lies huge scope of diversification in terms of exports from India. “Economic relationship is always important in today's context…I am happy to share that our bilateral trade has been increasing over the years. Last year, it was at a record high of 13.8 billion USD, but that is not enough, given the closeness of our economy and the growing nature of our economies. Therefore, what we need more now is diversification of trade,” Swaika said in the interview.

The Indian ambassador to Kuwait further said, “If you see this 13.8 billion USD, most of it is exports of oil and oil-related products from your country, 90 per cent of trade is in your favour, and food and food-related products from India. But, what we are seeing now is a somewhat encouraging trend of greater diversification, particularly from exports from India. Automobiles, textiles, ceramic products, car batteries… so we are seeing some diversification, but we need much more diversification.”

Responding to a question on India being referred to as the “World's Pharmacy”, Swaika said that efforts are also under way to make more Indian medicines available in Kuwait markets at affordable prices.

Speaking on the restrictions imposed by India on the export of non-basmati rice, he said that they have been put in due to “climate fluctuations across the world” and to have a ‘buffer’ for the Indian citizens, adding that there is sufficient stock to manage and eventually the restrictions, will be taken off, once the situation improves.

The Indian envoy also spoke about the trading environment in India for companies to engage, and said that today India has taken huge leaps in the ranking of Ease of Doing Business and a lot of transformational changes have taken place under the leadership of Prime Minister Narendra Modi.

“There is a lot of ease of doing business. If you look at the ‘Ease of doing business' ranking by the World Bank, India has taken a 79 places jump in the last five years. It is today, among the top three improvers in the last three years and it is among the top five countries in terms of ‘Ease of starting a business’. So, if you see the statistics in this field, it speaks for themselves,” Swaika said.

“We have done over these years, under the leadership of Prime Minister Narendra Modi. We have done a lot of transformational work in terms of ease of doing business. Many of the archaic laws have been done away with. There is a single window clearance for investors. And, all this is reflected in the strength of the economy. Today, we are the fifth largest economy in the world…we are going to be the third largest economy by 2030,” he added.

Adarsh Swaika, a joint secretary in the Ministry of External Affairs, was appointed India's next Ambassador to Kuwait in October 2022. He was appointed at a time when India and Kuwait's relationship was deepening.

Notably, the strengthening of cooperation between India and Kuwait can be attributed to the fact that the First Training Squadron (1TS) of the Indian Navy comprising INS Tir, INS Sujata and Coast Guard Ship Sarathi arrived at the Al-Shuwaikh port in Kuwait in October 2022.

Both countries enjoy friendly relations, which are rooted in history. India and Kuwait are celebrating the 60th anniversary of the establishment of diplomatic relations between the two countries in 2022. Both nations have maintained regular high-level contacts.

Kuwait stood with India during the second COVID and provided quick support in the form of oxygen and other relief material to India. An air/sea bridge was established between both countries in this regard.

Kuwait sent a special aircraft with 282 oxygen cylinders, 60 oxygen concentrators, ventilators and other medical supplies on May 4, 2021. Indian Naval Ships, INS Kolkata, INS Kochi, INS Tarkash, INS Tabar and INS Shardul carried liquid medical oxygen in ISO tanks, oxygen cylinders, concentrators and other medical supplies to India.