India’s relations with Gulf countries strengthened under Modi rule, foreign investment increased 8 times in no time – Read

Ever since Modi government came to power. Since then, the relations of Gulf countries with India have become much stronger. The latest example of this is the investment coming to India from these countries. According to the recently released data of the Ministry of Commerce and Industry, investment has increased 8 times in the last 10 years. Foreign direct investment (FDI) into India from Gulf Cooperation Council countries increased to more than $24.54 billion between September 2013 and September 2024, compared to $3.046 billion from these countries between April 2000 and September 2013. There is an increase of 8 times.

Investment increased in last 10 years

Statistics show that 89 percent of FDI coming to India from GCC countries has come in the last 10 years, which reflects the strengthening economic ties between India and the Gulf region. Kuwait currently chairs the Gulf Cooperation Council (GCC), so Prime Minister Narendra Modi’s visit to the Emirates will boost India’s engagement with the influential grouping comprising Bahrain, Oman, Qatar, Saudi Arabia, UAE and Kuwait. Hope to meet. Prime Minister Modi arrived in Kuwait on Saturday afternoon, becoming the first Indian Prime Minister to visit the Gulf country in 43 years. He said that Kuwait Investment Authority has invested more than 10 billion dollars in India, which has strengthened the financial ties between the two countries.

PM Modi said this regarding this

The Prime Minister also mentioned that Kuwait Investment Authority, which is the sovereign wealth fund, has made substantial investments in India and now there is increasing interest in investing in India. In an interview with Kuwait News Agency (KUNA), PM Modi said trade and commerce have been important pillars of bilateral relations between Kuwait and India, with two-way trade growing.

The Prime Minister told CUNA Director General Fatma Al-Salem that trade and commerce have been important pillars of our bilateral relations. Our bilateral trade is increasing. Our energy partnership adds a unique value to our bilateral trade.

Why is Kuwait important for India?

Kuwait is an important partner for India, being the sixth largest supplier of crude oil and meeting 3 percent of India’s energy needs. Bilateral trade between the two countries is expected to reach $10.47 billion in 2023-24, with Indian exports growing by 34.7 percent (year-on-year). Meanwhile, India’s trade with GCC countries is expected to reach a robust $184.46 billion in 2022-23.

PM Modi told KUNA news agency that we are happy to see Made in India products making new inroads in Kuwait, especially in the automobile, electrical and mechanical machinery and telecommunication sectors. PM Modi was quoted as saying that today India is manufacturing world class products at the cheapest cost. Diversifying non-oil trade is key to achieving greater bilateral trade.