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Bilateral Brief on India-Kuwait Economic and Commercial Relations

  1. Overview

Kuwait is a small, rich, relatively open, petroleum-based economy. It has estimated crude oil reserves of 101.5 billion barrels (about 6% of world reserves), and proven natural gas reserves of 1.784 billion cubic meters (about 63 trillion cubic feet), as per latest OPEC data. Oil revenues constitute the main source of income and amount to approximately 94% of the state’s revenues. During CY 2020, Kuwait’s total exports were KD 19.57 billion (approx US$ 62.6 billion) of which exports of oil and its by-products amounted to KD 10.96 billion (approx US$ 36 billion) while non-oil exports were KD 1.3 billion (approx US$ 4.3 billion). Kuwait’s total imports in 2020 were KD 8.4 billion (approx US$ 28 billion).

According to IMF, Kuwait’s real GDP contracted by8.1 percent, with an inflation rate of 2.1 percent in CY 2020. As per IMF projections Kuwait’s real GDP is expected to recover to 0.7 percentin 2021. The country has a Sovereign Wealth Fund (SWF) of over US$ 700 billion, which is managed by the Kuwait Investment Authority (KIA). Kuwait offers an open, competitive and affluent market for consumer goods and project exports.

Kuwait is a relatively diverse project market, the 4th largest amongst the GCCcountries after the UAE, Saudi Arabia, and Qatar. Historically, Indo-Kuwaiti relations have always had an important trade dimension. India has consistently been among the top trading partners of Kuwait. During FY 2020-21, Kuwait was the 10thlargest oil supplier to India and it met about 4.2% of India’s energy needs. Total bilateral trade with Kuwait during FY 2019-20 was US$ 10.86 billion, while in trade recorded in FY 2020-21 was US$ 6.268 billion.  The trend of bilateral trade during the years FY 2016-17 to FY 2020-21 is as follows:

Bilateral trade between India and Kuwait FY 2016-17 to FY 2020-21
Values in US $ Millions


Year

FY 2016-17

FY 2017-18

FY 2018-19

FY 2019-20

FY 2020 -21

INDIA’S EXPORT TO KUWAIT

1,494.41

1,365.66

1,333.92

1,286.56

1054.20

INDIA’S IMPORT FROM KUWAIT

4,456.83

7,165.70

7,430.82

9,573.80

5,214.15

TOTAL TRADE

5,951.24

8,531.36

8,764.74

10,860.36

6,268.34

Source: M/o Commerce & Industry, India

  1. India’s Major Trade with Kuwait

Top five items of Exports to Kuwait


S. No

Commodity

FY 2019-20

(Value in Million US$)

FY 2020-21

(Value in Million US$)

 

Total

1,286.56

1,054.20

1.

CEREALS.  

222.12

191.7

2.

CERAMIC PRODUCTS.  

55.37

76.38

3.

NUCLEAR REACTORS, BOILERS, MACHINERY AND MECHANICAL APPLIANCES; PARTS THEREOF.  

116.99

74.57

4.

VEHICLES OTHER THAN RAILWAY OR TRAMWAY ROLLING STOCK, AND PARTS AND ACCESSORIES THEREOF.  

95.07

56.73

5.

ELECTRICAL MACHINERY AND EQUIPMENT AND PARTS THEREOF; SOUND RECORDERS AND REPRODUCERS, TELEVISION IMAGE AND SOUND RECORDERS AND REPRODUCERS,AND PARTS.  

92.96

51.85

Source: Department of Commerce, M/o Commerce & Industry, GOI
Top five items of Imports from Kuwait


Sl. No

Commodity

FY 2019-20

Value (in Million US$)

FY 2020-21

Value (in Million US$)

 

Total

9,573.80

5,214.15

1.

MINERAL FUELS, MINERAL OILS AND PRODUCTS OF THEIR DISTILLATION; BITUMINOUS SUBSTANCES; MINERAL WAXES.  

5,879.57

4,141.61

2.

AIRCRAFT, SPACECRAFT, AND PARTS THEREOF.  

2,934.36

450.64

3.

ORGANIC CHEMICALS  

466.43

338.18

4.

PLASTIC AND ARTICLES THEREOF.  

81.33

53.72

5.

SHIPS, BOATS AND FLOATING STRUCTURES.  

NA

46.59

Source: Department of Commerce, M/o Commerce & Industry, GOI

  1. Recent High-Level visits

Secretary (CPV & OIA)’s visit to Kuwait
Shri Sanjay Bhattacharyya, Secretary (CPV & OIA) visited Kuwait in November 2021. Apart from visits to outsourcing center of the Embassy and Embassy Shelter for Domestic workers, he also interacted with members of Indian Community as well as consular staff of the Embassy. He also visited Reconnaissance Research Centre, a think tank in Kuwait.

Indian External Affairs Minister’s visit to Kuwait
Hon’ble External Affairs Minister Dr. S. Jaishankar, paid an official visit to Kuwait from 09-11 June, 2021.  He called on Prime Minister of Kuwait and delievered a letter from Hon’ble PM addressed to HH the Amir of Kuwait.  He held a meeting with Foreign Minister of Kuwait on 10 June. 
Kuwait’s Foreign Minister’s visit to India:
His Excellency Sheikh Dr. Ahmed Nasser Al-Mohammad Al-Sabah, Minister of Foreign Affairs and Minister of State for Cabinet Affairs of the State of Kuwait visited India from 17-18 March 2021. He met with India’s External Affairs Minister, Dr.S. Jaishankar on 18 March 2021.
Indian Minister Petroleum & Natural Gas, and Steel’ visit to Kuwait:
Indian Minister of Petroleum & Natural Gas, and Steel, Shri Dharmendra Pradhan visited Kuwait on 11-12 October 2020, and met with H. H. Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, Amir of the State of Kuwait. He also met H. E.Dr. Khaled Ali Al-Fadhel, Minister of Oil and Minister of Electricity and Water, State of Kuwait.
Indian Minister of State for External Affairs’ visit to Kuwait:
Indian Minister of State for External Affairs and Parliamentary Affairs, Shri V. Muraleedharan visited Kuwait on 14-15 September 2019. During the visit, he met with Minister of State for Economic Affairs H. E. Mariam Al-Aqeel and the Deputy Foreign Minister of Kuwait H. E. Khaled Al-Jarallah.
India’s Minister of External Affairs’ visit to Kuwait:
India’s then Minister of External Affairs, Late Smt. SushmaSwaraj, accompanied by a delegation visited Kuwait on 30-31 October, 2018. She held talks with H. H. the Amir Sheikh Sabah Al-Ahmad Al Jaber Al-Sabah, H. H. the Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah and National Assembly Speaker H. E.Marzouq AlGhanem. She also met with the Kuwaiti Foreign Minister H. E.Sheikh Sabah Al-Khaled Al-Sabah.

Kuwaiti Minister of Social Affairs and Labor and Minister of State for Economic Affairs’ visit to India:
Kuwaiti Minister of Social Affairs and Labor, and Minister of State for Economic Affairs H. E. Hind Al-Sabeeh, accompanied by a delegation, undertook an official visit to India in October 2018, and met with Indian Minister of State for External Affairs General V.K. Singh.

Kuwaiti PM’s visit to India:
H. H. the Prime Minister of Kuwait, Sheikh Jaber Al Mubarak Al Hamad Al Sabah led a high-level delegation on an official visit to India from November 7-10, 2013. During the visit, the Kuwaiti PM called on President Shri Pranab Mukherjee, and Vice President Shri Hamid Ansari. A delegation level talk co-chaired by the Prime Ministers of India and Kuwait was also held. Besides meeting the Ministers of Finance, External Affairs, Commerce & Industry and UPA Chairperson Mrs. Sonia Gandhi, he also had a meeting with the members of Federation of Indian Chambers of Commerce & Industry (FICCI), Confederation of Indian Industry (CII), and Associated Chambers of Commerce and Industry of India (ASSOCHAM). 

  • Other recent bilateral exchanges / meetings

2019 - 20

  • A delegation from the State Department of Education, Gujarat, led by Minister of Education Shri BhupendrasinhChudasama and Principal Secretary Smt. Anju Sharma along with representatives of 19 universities of Gujarat with Ganpat University as the lead partner, visited Kuwait on 14-15 January 2020 and organised the maiden roadshow under the ‘Study in Gujarat’ campaign, in association with Embassy of India, Kuwait.
  • A delegation from Andhra Pradesh, India led by Mr.Hafeez Khan, Hon’ble Member of Andhra Pradesh Legislative Assembly, accompanied by officers from the Overseas Manpower Company of Andhra Pradesh (OMCAP) visited Kuwait from 21 to 24 November 2019.
  • A two member delegation from the Kuwait Institute for Scientific Research (KISR) visited India in October 2019. The delegation comprising of the Director General of Kuwait Institute for Scientific Research (KISR), Dr. Samira A S Omar, and Head, S&T Agreements, EngWaleed Roy, visited ISRO Headquarters, CISR-Labs and the Indian Institute of Science (IISc) on October 30 and 31, 2019.
  • The Global Aviation Summit 2019 was organized in Mumbai on 15th – 16th January, 2019 by the Ministry of Civil Aviation, Government of India along with the Airports Authority of India (AAI) and the Federation of the Indian Chambers of Commerce (FICCI). A Kuwaiti delegation led by the President of the DGCA, H. E. Sheikh Salman Sabah Al Salem Al Hamoud Al Sabah visited India to attend the Summit. The inaugural session of the Summit was opened by Minister of Civil Aviation Shri Suresh Prabhu, and was attended by the Kuwaiti Ambassador to India, along with several Kuwaiti officials, foreign ministers of several countries, industry officials, and the President of FICCI.

 2017-18

  • In 2018, Joint Secretary (Gulf), Ministry of External Affairs (MEA) visited Kuwait and met with the Director of the Real Estate and Infrastructure Dept., Kuwait Investment Authority (KIA), Mr. Ahmed Al Bader.
  • From India, the 3rdJoint Ministerial Commission Meeting (JMC) on Economic, Trade, Scientific and Technological Cooperation between India and Kuwait was held in Kuwait on 18-20 September 2017. The ten member Indian delegation was led by MOS (MJA) while the Kuwaiti delegation was led by Deputy Prime Minister& Minister of Finance H. E.Mr.Anas Al-Saleh.

2016-17

  • At the invitation of the President of National Security Bureau of Kuwait, a high level delegation led by Shri AjitDoval, NSA arrived in Kuwait for two day's official visit from 13-14 March, 2017 to participate in the 3rd bilateral security dialogue.
  • A 4-member delegation led by Shri NainiNarshimha Reddy, Labour & Home minister of Telangana& Chairman of Telangana Overseas Manpower Co. Ltd (TOMCOM) visited Kuwait on 21 January 2017 to explore manpower opportunities in healthcare, hospitality and construction sectors in Kuwait
  • A 12-member business delegation from Gujarat led by Dr. Rajiv Kumar Gupta, IAS, Principal Secretary to the Government of Gujarat and Managing Director, Gujarat Narmada Valley Fertilizers and Chemicals Ltd visited Kuwait from 9-10 October, 2016
  • A 3-member delegation led by Shri AshwiniAttri, Additional Deputy Comptroller & Auditor General (Southern Region), Office of the Comptroller & Auditor General of India, New Delhi visited Kuwait from November 7-10, 2016 to participate in the 8th Indo-Kuwait Joint Seminar on “Role of SAIs in Good Governance”;
  • Gen. V.K. Singh (Retd.), Minister of State for External Affairs visited Kuwait from 6-7 September 2016 to meet Deputy PM and Foreign Minister, Deputy Foreign Minister, Minister of Social Affairs & Labour and Governor of Farwaniya. During the visit, Hon’ble Minister also unveiled the life-size bronze statue of Mahatma Gandhi at the Embassy complex.
  • On 21 January 2016, Shri K.C. Joseph, Minister for Non-Residents Keralites’ Affairs accompanied by Secretary, NORKA, CEO, NORKA visited Kuwait on the issue of recruitment of Indian nurses for work in Kuwait. Two Indian Naval ships ‘INS Deepak’ and ‘INS Tabar’ made goodwill visit to Kuwait from 13-16 September, 2015 followed by another visit by three Indian Naval Ships ‘INS Deepak’, ‘INS Delhi’ and ‘INS Tarkash’ from 12-15 May 2016.

2015 and earlier

  • In 2014 & 2015, bilateral meetings under the existing framework of institutional mechanism such as the 2nd Foreign Office Consultations (11 September 2014), the 4th meeting of the Joint Working Group on Labour, Employment and Manpower Development (16 June 2014), the 3rd meeting of the JWG on Hydrocarbon (24-25 June 2014), the meeting to discuss the Protocol amending the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income (24-25 August 2015) were held in Kuwait while the 4th meeting of the JWG on Hydrocarbon (15-16 September 2015) was held in New Delhi.
  • Dr.Montek Singh Ahluwalia, Deputy Chairman Planning Commission visited Kuwait in July 2013.
  • Trade delegations:
  • A delegation of tour and travel operators from India and the UAE visited Kuwait and attended the Know India Seminar 2019, which was organized by the Embassy of India, Kuwait in association with the India Tourism Office, Dubai on December 1, 2019 at the Hotel Radisson Blu, Kuwait.
  • A two-member delegation from the Vibrant Tamil Nadu foundation visited Kuwait and conducted a roadshow in August 2019 at the Embassy of India, Kuwait premises to promote the 2nd edition of the Vibrant Tamil Nadu Expo 2019;
  • A two member delegation from GJEPC visited Kuwait in June 2019 for conducting a door-to-door promotion activity for the IIJS 2019 expo;
  • Mr.AbhinavMohapatra, Manager-Marketing for Engineers India Limited (EIL) visited Kuwait from 24th to 27th June, 2019.
  • A delegation from Alghanim International travelled to India in 2019 for meetings with M/s. Petronet LNG Limited for discussing a tie up for an O&M project in Kuwait;
  • Representatives from leading supermarkets in Kuwait attended events such as the Reverse Buyer Seller Meet (RBSM) for the promotion of export of Indian Mangoes and Fruits held in Mumbai and Lucknow in mid-2019.
  • A delegation comprising of representatives from the Vibrant Goa Foundation and Goan Business Community visited Kuwait from April 20 - 22, 2019, and conducted a Roadshow for the Vibrant Goa Global Expo and Summit (VG-GES) 2019 at the premises of the Embassy of India, Kuwait;
  • A 2-member delegation from India, led by Mr. Deepak Vohra from TPCI, participated in the Kuwait International Agro Food Expo 2019 in April 2019;
  • A delegation comprising representatives from several leading hospitals and healthcare providers from India such as Apollo Hospitals, Max Healthcare, KIMS Trivandrum, Manipal Hospitals, Saifee Hospital - Mumbai, Unity Hospital, A. J. Hospital, Ayurgreen and Somatheeram, etc. Medical tour operators visited Kuwait in March 2019 to participate in the “Best of Indian Healthcare Expo” which was organized by the Embassy of India, Kuwait in partnership with the Indian Business and Professional Council (IBPC), Indian Doctors’ Forum (IDF) and the Confederation of Indian Industry (CII).
  • The 2nd Edition of INDUSFOOD was organized by the Trade Promotion Council of India (TPCI) on 14 – 15 January, 2019 in Noida, India. A delegation of 13 eminent businesspersons from the Food and Beverage (F&B) sectors in Kuwait, led by Mr.Anant Kapadia, Vice President of the Indian Business and Professional Council (IBPC), attended the event.
  • A delegation from Kuwait's Ministry of Commerce and Industry, Gemstones and Jewelry Department, visited India to attend the 35th edition of the India International Jewellery Show (IIJS) 2018 in Mumbai;
  • Mr. Ashok Sethi, Director, Trade Promotion Council of India (TPCI) visited Kuwait from 03-05 November 2018, for promotion of 2nd Edition of INDUSFOOD.

 

 

  • Agreements between India and Kuwait in the Economic Field
  • Trade Agreement signed in February 1974. 
  • Cooperation Agreement for the Promotion of Economic, Commercial and Technical Cooperation signed in February 1992. 
  • Agreement for Encouragement and Reciprocal Protection of Investment signed in November 2001 and ratified in June 2003.
  • Agreement on Juridical and Judicial Cooperation in Civil and Commercial Matters signed in August 2005 and ratification process completed in June 2009. 
  • Agreement on Drug Demand Reduction and Prevention of Illicit Trafficking in Narcotic Drugs, Psychotropic Substances and Precursor Chemicals and Related Matters was signed in June 2006 and ratification process was completed in July 2012. 
  • MOU on Labour, Employment and Manpower Development signed in April 2007. 
  • MOU on Civil Aviation between India and Kuwait authorities, latest one signed in June 2007. 
  • Agreement on the Avoidance of Double Taxation and Prevention of Fiscal Evasion of Taxes on Income signed in June 2006. 
  • Agreement on Scientific and Technological Cooperation signed in April 2009. 
  • MOU on Medical Cooperation signed in April 2012. 
  • MOU on Youth Affairs and Sports signed in November 2013. 
  • MOU between CSIR and KISR on S&T cooperation signed in November 2013.  
  • MOU between KISR and Earth Systems Science Organization, Ministry of Earth Sciences on cooperation in S&T signed on 16 October 2014.  
  • MOU between KISR and Indian Space Research Organization for Cooperation in the Exploration and Use of Outer Space for Peaceful Purposes on 30 September 2015. 
  • The Protocol amending the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between India and Kuwait, on 15 January 2017
  • Kuwaiti investments in India

Kuwait’s Sovereign Wealth Fund (SWF) is valued over US$ 700 billion and is managed and invested by the Kuwait Investment Authority (KIA). These assets are held in 2 state-owned sovereign funds: the Reserve Fund for Future Generations (RFFG) and General Reserve Fund (GRF) to which Kuwait transfers 10% of its total revenues each year. It is understood that KIA’s investments in India exceed US$ 5 billion, with KIA having recently acquired a 1.02% in India’s Maruti Suzuki. A summary of KIA’s earlier investments in India are as follows:

  • In October 2020, KIA acquired a 0.52% stake in the retail broking company Angel Broking.
  • In September 2017, KIA was an anchor investor in ICICI Lombard General Insurance Co. ahead of its IPO.
  • In June 2017 KIA invested US$ 87 million as a consortium along with Nomura in Wells Fargo, HSBC in AU Small Finance Bank. Also, in June 2017, KIA was one of the 15 Anchor investors who participated in the IPO of Dixon Technologies, a Noida based Electronic manufacturer. They bought shares worth INR 12.5 crores (USD 2 million).
  • In December 2015, KIA announced an investment of US$ 300 million in GMR Infrastructure Ltd. KIA also made some investment in the Interglobe Aviation’s (Indigo Airlines) IPO in October 2015.
  • Earlier, in 2013, KIA had made an investment of US$ 5.37 million in the Power Grid Corporation of India Ltd. On 28 November 2015, Kuwait’s National Petroleum Services Company (Napesco) opened their first company in India, ‘Napesco India’, a limited liability company with a capital of about Rs. 50 million (USD 7.8 lakh) at Chennai Special Economic Zone.

As a follow up to the visit of Minister of AmiriDiwan, Sheikh Nasser to India in March 2013, Deputy Chairman, Planning Commission visited Kuwait from July 1-3, 2013 with a delegation during which detailed discussions were held with KIA. IDFC, IL&FS and L&T Infra also made presentations. As a follow up to the visit of His Highness the Prime Minister of Kuwait to India on November 7-10, 2013, an investment delegation led by Secretary (Disinvestment), Mr. Ravi Mathur, visited Kuwait on November 13, 2013 and discussed investment opportunities in India with KIA team led by its Managing Director H.E. Mr. Bader Al-Saad.
Significant Kuwaiti presence in India includes those by Alghanim Group of Kuwait; KAPICO group; National Aviation Services; Agility Logistics, Hasibat Holding Co, KGA Group, KCIC, KIPCO, Global Investment House, Kuwait Finance House, Noor Investment, etc. among others. Several India-related funds have been launched in Kuwait in the past few years and among them are India Fund (first Sharia compliant India-focused fund); Tijari India Fund (launched by the Commercial Bank of Kuwait); India Equity Fund (Sharia compliant fund launched by the Kuwait and Middle East Financial Investment Company); Kuwait India Holding Company (Sharia compliant; launched by Noor Financial Investment Company); Indian Private Equity Fund (Sharia compliant fund launched by the Khaleej Finance and Investment of Bahrain, Kuwait Investment Company and Kuwait Finance House); India Private Equity Fund (launched by National Bank of Kuwait); and 3rd Real Estate Islamic Fund (Sharia compliant fund launched by National Bank of Kuwait for China and India). UTI Asset Management Company in July 2009 set up a US$ 500 million infrastructure - focused private equity fund - the India Infrastructure Development Fund (IIDF) - in association with Noor Financial Investment Company of Kuwait (NOOR) and HSH Nordbank of Germany. 

  • Indian Investments in Kuwait

Indian public and private sector companies in the finance and insurance sector which have investments in Kuwait are - LIC (International), LIC Housing Finance, New India Assurance, Oriental Insurance Company, HDFC Ltd. These companies are present in Kuwait for many years. They have their offices in Kuwait, in association with local sponsors, as per prevailing regulations. 

  • Presence of Indian Corporate Sector in Kuwait

Major Indian companies having presence in Kuwait include EPCs such as L&T, ShapoorjiPallonji, Kalpataru Power Transmission Ltd, TERI, Essar Projects, Simplex Projects, as well as IT/ITES firms including Tata Consultancy Service (TCS), WIPRO and Tech Mahindra. Indian EPCs have been executing projects in various sectors in Kuwait. Many Indian banks have agreements with major Exchange Houses in Kuwait to facilitate remittances into India. The following Indian companies have a presence in Kuwait:


Larsen & Toubro Limited

Essar Projects Limited

Punj Lloyd

ShapoorjiPallonji

Kalpataru Power Transmission Ltd

Indian Office of Japan’s Toyo Engineering Co.

The Energy Resource Institute (TERI)

Dodsal

Afcons

Simplex Projects

TATA Consultancy Services

WIPRO

UTI Asset Management Company

Tech Mahindra

Fortis Group of India

HDFC Limited

Himalaya Drug Company

Apollo Hospital group

Bridge & Roof Company Limited

Godrej Security Solutions

Royal Enfield (KAICO)

Shalimar Valves

Mahindra & Mahindra Ltd

Maruti Suzuki

TATA Motors (Zayani)

Ashok Leyland (Al-Sayer)

Force Motors

EICHER Motors Ltd. (KAICO)

  • Indian Public Sector Undertakings (PSUs) in Kuwait
  • TCIL has significant presence in Kuwait since 1978
  • LIC (International),
  • LIC Housing Finance Company, 
  • New India Assurance Company, 
  • Oriental Insurance Company and 
  • ONGC TERI Biotech Ltd (OTBL)

 

  • Presence of Indian Brands in Kuwait


Prominent Indian brands like Ceat Tyres, TVS Tyres, Index Batteries, Apollo Tyres, Royal Enfield Bikes, Eicher Buses and Trucks, TATA Buses and Trucks, Ashok Leyland Buses and Trucks, Mahindra pick-ups, Force Mini Buses, Maruti Suzuki vehicles (under Suzuki’s name), Godrej Security Solutions, Godrej Interio, Amaron Batteries, Laopala Tableware, Havellselectrical appliances and products, Finolex cables, Onida TVs, Kenstar Kitchen appliances and Air Coolers, Videocon TVs and refrigerators, VIP Luggages, ELGI Air Compressors, MRF Tyres, JK Tyres, Servo Oil, Kent Water Purifiers, Balkrishna Tyres, Butterfly mixies, Pigeon mixies, Samrat and Nolta cooking utensils, etc., have presence in Kuwait.

  • Recent Exhibitions/Events organized by the Embassy of India, Kuwait

SI. No.

Commercial publicity / activities / events organized by Mission

Date

  •  

Virtual Buyer Seller Meet for Marine Products – in association with MPEDA

6-Jan-21

  •  

Investing in Tamil Nadu

9-Feb-21

  •  

Legal Seminar - Corporate Law in Kuwait

18-Feb-21

  •  

Discussion on Union Budget

3-Feb-21

  •  

National Science Day

28-Feb-21 rescheduled and conducted in April-21

  •  

Celebration of Indian Harvest Festivals, with focus on business element(13 April)

13-Apr-21

  •  

VBSM on Indian Mangoes

28-Apr-21

  •  

Launch of Indian Business Directory

18-May-21

  •  

Event on Economic Opportunities in India’s push for ‘Green Economy’ on the Occasion of World Environment – 5 June

05-Jun-21

  •  

Webinar on enhancing India’s exports to Kuwait – in association with TPCI – 29 July

29-Jul-21

  •  

Industry outreach event “India-Kuwait Joint Fight Against COVID-19” – 29 July

29-Jul-21

  •  

Indian Handloom Day – 8 August

08-Aug-21

  •  

Bharat keGeet - a Musical Celebration of India@75’ with business element (10 August)

10-Aug-21

  •  

India Tourism Promotion – Week long bus advertisment campaign

12-Aug-21

  •  

Indian Handloom Week events and Closing Ceremony of Indian Handloom Week in Kuwait – 8 – 16 August

9 – 16 Aug 2021

  •  

Promotion of tourism and cultural heritage of the State of Kerala (22 August)

22-Aug-21

  •  

India-Kuwait Solar Energy Forum

24-Aug-21

  •  

Press Briefing on India’s participation at Dubai Expo and its march towards US$ 5 trillion economy

05-Sep-21

  •  

India@75: Cultural Evening – A showcase of various traditional artforms of Indian States, with special focus on India’s cultural diversity and heritage’ (14 September)

14-Sep-21

  •  

Made in India” Exhibition

14-15 Sep-21

  •  

Parinay: A celebration of Indian Bridal Fashions & Traditions’ with focus on India as a perfect choice for Destination Weddings’

15-Sep-21

  •  

Event for promotion of Tourism to India – Consultations with Stakeholders in the Tourism Sector

10-Oct-21

  •  

Celebrating Gujarat – Traditions and Culture on the occasion of Navratri, with focus on business (11 October)

11-Oct-21

  •  

VBSM on Building Materials in association with CAPEXIL India

25-Oct-21

  •  

VBSM on export of Indian Agri products to Kuwait in association with MCCIA

18-Nov-21

  •  

Press Conference on Promotion of 3Ts – Trade, Tourism and Technology

22-Dec-21

  •  

VBSM on Marine Products in association with MPEDA

6-Jan-22

 

  • Indian Rupee drawing agreement with Kuwait

The Indian community with a presence of approx. 1 million in Kuwait sends remittances of around US$ 4.5 billionannually through several leading Exchange Houses in Kuwait. The leading exchange houses having rupee drawing agreement with Indian Banks include, Al Muzaini Exchange Company; Al Mulla International Exchange Company; Bahrain Exchange Company; Aman Exchange Company WLL; Lulu Exchange Company WLL; Dollarco Exchange Company; Kuwait India International Exchange Company; Kuwait Bahrain International Exchange Company; City International Exchange Company; Joy Alukkas Exchange Company WLL; Al-Ansari Exchange Company; UAE Exchange Center; National Exchange Company etc.

  • Business activities of Indian Community in Kuwait

The Indian community with a strength of approx. 1 million is the largest expatriate community in Kuwait and is regarded as the community of first preference among the expatriate communities. Professionals like engineers, doctors, chartered accountants, scientists, software experts, management consultants, architects; technicians and nurses; retail traders and businessmen are present in Kuwait, though a large proportion consists of unskilled and semi-skilled workers.
The Indian Business Community in Kuwait has carved a niche in the Kuwaiti market in retail as well as distributorship. Many of the business houses are present in Kuwait for three-four generations. Four Indian businessmen from Kuwait figured in a report by Forbes, "100 top Indian leaders in the Arab World 2015.” 
The Indian Business and Professional Council (IBPC) an association of about 200 business persons in Kuwait who are actively involved in promoting India-Kuwait business relations.
Presence of NRI owned retail outlets such as Lulu Hypermarket and Centrepoint, as well as large NRI owned distributor companies have contributed to a growing range of Indian products in Kuwait and has helped meet the requirements of the large Indian community in Kuwait.