Kuwait, India to boost ties
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Kuwait Chamber of Commerce and Industry (KCCI) have recently signed an MoU to promote the development of trade, investment, scientific and technical cooperation between India and Kuwait.
The MoU was signed by Dr. L K Malhotra, Chairman, ASSOCHAM Tourism Committee and Mr. Hilal Mishari Al-Mutairi, First Vice Chairman, KCCI in the presence of leading luminaries and business representatives of both the countries.
The MoU provides for to cooperate with each other in the endeavour to establish and develop direct and effective business relations between their respective members.
It also seeks that the two parties will exchange information on general economic status, taxation, investment opportunities and trade policies in order to strengthen mutual trade, technological and industrial relations. The MoU also aims at to regularly exchange the two Chamber’s publications and materials concerning the economic development, foreign trade and investment policies.
According to ASSOCHAM projections, the prospects of Indo-Kuwait two way trade will brighten to the extent that it will exceed US$ 3200 million in next four years as it has been observed in the past four-five years that Indo-Kuwait exports & imports have been rising in good proportion. The two way trade which stood at US$ 281.17 million in 2001-02, went up to US$ 430.06 million in 2002-03 before rising to US$ 713.99 million in 2004-05.