Indian envoy to Kuwait Adarsh Swaika has said there is a need to diversify trade between the two countries.
He said bilateral trade between Kuwait and India has increased over the years.
During an interview on ‘Good Morning Kuwait’ released by the Embassy of India in Kuwait on Thursday, the Indian envoy was quoted as saying by ANI that there are several products like automobiles, and ceramic products, where lies huge scope of diversification in terms of exports from India.
“Economic relationship is always important in today’s context…I am happy to share that our bilateral trade has been increasing over the years. Last year, it was at a record high of 13.8 billion USD, but that is not enough, given the closeness of our economy and the growing nature of our economies. Therefore, what we need more now, is diversification of trade,” Swaika said in the interview.
The Indian ambassador to Kuwait said, “If you see this 13.8 billion USD, most of it is exports of oil and oil-related products from your country, 90 per cent of trade is in your favour, and food and food-related products from India. But, what we are seeing now is a somewhat encouraging trend of greater diversification, particularly from exports from India. Automobiles, textiles, ceramic products, car batteries…so we are seeing some diversification, but we need much more diversification.”
Responding to a question on India being referred to as the 'World’s Pharmacy', Swaika said that efforts are also underway to make more Indian medicines available in Kuwait markets at affordable prices.