India seeks Kuwaiti investements in development sectors

New Delhi: India has sought Kuwaiti participation in revival of the domestic fertiliser industry and also investments in the fertiliser sector in Kuwait and in third countries, besides in sectoral developments in infrastructure, power and petroleum and petrochemicals.

At the bilateral discussion with the visiting Minister of Finance of Kuwait, Mr Mustafa Jassim Al-Shamali, the Union Minister of Commerce and Industry, Mr Kamal Nath, told the Kuwaiti Minister that India would be keen to look at expanding its presence in Kuwait in banking and insurance sectors too.

While highlighting the India’s high growth story, Mr Nath said the Kuwaiti Minister could utilise this opportunity to know first hand some of the significant steps the Indian Government initiated in recent years.

Both sides noted that non-oil trade between the two sides has grown substantially to $958.41 million in 2007-08.

They also discussed the potential items for trade covering information technology, leather goods, precision instruments, drugs and pharmaceuticals, steel and steel products, and tourism.

While exports to Kuwait during the first 11 months of the fiscal 2007-08 amounted to $589.78 million, its imports of petroleum, crude and products from Kuwait alone amounted to $6211.91 million during the period under review.

Among the five items of exports from India to Kuwait include basmati rice, machinery and instrument, meat and preparations, manufactures of metals and primary and semi-finished iron and steel.

Besides petroleum, major imports from Kuwait include organic chemicals, metaliferrous ores, and metal scrap, unroasted iron pyrites and fertilisers, an official release said.