India and Kuwait to deepen ties, discover strategic power partnership

India and Kuwait share a deep and historic bond, Prime Minister Narendra Modi has stated on Saturday including that the 2 nations are poised to rework their conventional buyer-seller relationship right into a strategic partnership by exploring alternatives throughout the complete oil and fuel worth chain.

Modi voiced willingness to assist efforts that would result in an early restoration of peace in Gaza and Ukraine, asserting options to such conflicts can’t be discovered on the battlefield.

In an interview to the Kuwait Information Company (KUNA), he emphasised the significance of honest and sensible engagement between the stakeholders for bridging variations and attaining negotiated settlements.

Modi additionally reiterated India’s help for a negotiated two-state answer in the direction of the institution of a sovereign, impartial and viable state of Palestine inside safe and recognised borders, in keeping with the interview.

With Kuwait standing as India’s sixth largest crude provider and fourth largest LPG provider, Modi stated the scope for additional collaboration is immense as his nation emerges because the third largest world power, oil and LPG shopper. Kuwait holds round 6.5 per cent of world oil reserves, he stated.

Modi stated that the petrochemical sector gives one other promising avenue for collaboration as India’s quickly rising petrochemical business is ready to turn into USD 300 billion by 2025.

The power partnership between the 2 international locations isn’t solely a pillar of financial relationship but additionally a driver for diversified and sustainable development, setting a path in the direction of a way forward for shared prosperity, he stated.

Modi described the Gulf Cooperation Council (GCC), an organisation of six Center East international locations, together with Kuwait, having very important significance for India.

India’s relationship with the Gulf is rooted in historic, cultural and commerce linkages, with the GCC area accounting for round one-sixth of India’s whole commerce and internet hosting round one-third of the Indian diaspora, he stated.

Round 9 million Indians residing within the area are contributing positively to its financial development, he added.

The prime minister stated the Indian neighborhood acts as a residing bridge between the 2 international locations.

Commerce and commerce, which have been on an upswing, have served as vital pillars of their bilateral relationship, he stated.

Within the interview, he expressed happiness with ’Made in India’ merchandise, notably in vehicle, electrical and mechanical equipment and telecom sector, making inroads in Kuwait.

He stated India at the moment is manufacturing world-class merchandise at a most inexpensive value, stressing that diversification to non-oil commerce is essential to attaining better bilateral commerce.

Modi added that there’s a appreciable potential to develop bilateral cooperation within the pharmaceutical, well being, expertise, digital, innovation and textile sectors.

India and Kuwait share a deep and historic bond and the connection between each international locations has all the time been considered one of heat and friendship, he stated, including that the crosscurrents of historical past and exchanges by way of concepts and commerce have introduced individuals shut and collectively.

The 2 international locations have traded with one another since time immemorial, Modi stated.

Modi is ready to fulfill the Emir, the Crown Prince, and the Prime Minister of Kuwait on Sunday.

With inputs from businesses.