India, Kuwait poised to transform relationship into strategic partnership: PM Modi           

Prime Minister Narendra Modi has said that India and Kuwait share a deep and historic bond, asserting that the two nations are poised to transform their traditional buyer-seller relationship into a strategic partnership by exploring opportunities across the entire oil and gas value chain.

Modi arrived in Kuwait on Saturday on a two-day visit, the first by an Indian prime minister in over four decades.

In an interview to the Kuwait News Agency (KUNA), Modi voiced willingness to help efforts that could lead to an early restoration of peace in Gaza and Ukraine, asserting solutions to such conflicts cannot be found in the battlefield.

He emphasised the importance of sincere and practical engagement between the stakeholders for bridging differences and achieving negotiated settlements.

Modi also reiterated India’s support for a negotiated two-state solution towards the establishment of a sovereign, independent and viable state of Palestine within secure and recognised borders, according to the interview.

With Kuwait standing as India’s sixth largest crude supplier and fourth largest LPG supplier, Modi said the scope for further collaboration is immense as his country emerges as the third biggest global energy, oil and LPG consumer.

Kuwait holds around 6.5 per cent of global oil reserves, he said.

Modi said that the petrochemical sector offers another promising avenue for collaboration as India’s rapidly growing petrochemical industry is set to become USD 300 billion by 2025.

The energy partnership between the two countries is not only a pillar of economic relationship but also a driver for diversified and sustainable growth, setting a path towards a future of shared prosperity, he said.

Modi described the Gulf Cooperation Council (GCC), an organisation of six Middle East countries, including Kuwait, having vital significance for India.

India’s relationship with the Gulf is rooted in historical, cultural and trade linkages, with the GCC region accounting for around one-sixth of India’s total trade and hosting around one-third of the Indian diaspora, he said.

Around nine million Indians residing in the region are contributing positively to its economic growth, he added.

The prime minister said the Indian community acts as a living bridge between the two countries.

Trade and commerce, which have been on an upswing, have served as important pillars of their bilateral relationship, he said.

In the interview, he expressed happiness with ‘Made in India’ products, particularly in automobile, electrical and mechanical machinery and telecom sector, making inroads in Kuwait.

He said India today is manufacturing world-class products at a most affordable cost, stressing that diversification to non-oil trade is key to achieving greater bilateral trade.

Modi added that there is a considerable potential to expand bilateral cooperation in the pharmaceutical, health, technology, digital, innovation and textile sectors.

India and Kuwait share a deep and historic bond and the relationship between both countries has always been one of warmth and friendship, he said, adding that the crosscurrents of history and exchanges through ideas and commerce have brought people close and together.

The two countries have traded with each other since time immemorial, Modi said.

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