(MENAFN- Arab Times) The Embassy of India, Kuwait, in association with the Chemical and Allied Products Export Promotion Council (CAPEXIL), an apex organization set up by the Ministry of Commerce, Government of India to promote export of chemical and allied products from India, inaugurated the Buyer-Seller Meet (BSM) at the Kuwait Chamber of Commerce and Industry (KCCI) in downtown Kuwait City.
His Excellency the Ambassador of Indian to Kuwait Satish C. Mehta and Fahad Yacoub Al Jouaan, Board Member of KCCI jointly cut the ribbon to declare open the BSM.
Speaking on the occasion, Ambassador Mehta thanked the KCCI for welcoming the Indian delegation and providing "this opportunity at the KCCI to interact with you and the Kuwait's business community."
He said CAPEXIL, which has a significant share of about 10 percent in India's total exports, has been sponsoring the visit of Indian delegation to Kuwait regularly for many years.
CAPEXIL, he added, deals in mineral and non-mineral sectors. The 11-member Indian delegation, comprises of Indian manufacturers and exporters of SAWN timber, commercial ply woods, marine ply woods, flush doors, film-faced BWP plywood, granite, sandstone, limestone, slates, polished granite slabs, tiles and other granite products, calendars, computer stationery, printed books, school note books and paper, paper products, paper cups, tissue paper products for corporates, hotels, restaurants, households, etc. They seek to enter into mutually beneficial trade deals with their counterparts in Kuwait.
India and Kuwait enjoy traditionally friendly and historic relations. Geographic proximity, historical trade links, cultural affinities and presence of a large number of Indian expatriates continue to sustain and nurture this long standing relationship. They are present in almost all sectors in Kuwait, he asserted.
He went on to say, historically, India-Kuwait relations have always had an important trade dimension. India's total trade with Kuwait during 2011-12 was $17.56 billion, an increase of about $5.4 billion (which is 44.3 percent) over $12.16 billion during 2010-11. Out of the total trade of $17.56 billion, non-oil trade accounted for approximately $1.9 billion (approx). India's exports to Kuwait during 2011-12 were $1181.41 million. For the second consecutive year, India's exports to Kuwait were over $1 billion mark. More is possible and desirable.
The major items exported from India cover a broad range including food items, cereals, textiles, garments, electrical and engineering equipment, cars, trucks, buses, tyres, chemicals, jewelry, handicrafts, metal products, to name a few.
With India's petroleum imports from Kuwait of approximately $15.67 billion, Kuwait is the second largest supplier of oil from the GCC countries after Saudi Arabia and meets about 10-12 percent of India's energy needs.
A number of Indian companies both private and public sector are present in Kuwait, including Life Insurance Corporation, The New India Assurance Company, Oriental Insurance Co. Ltd., Telecommunications Consultants India Ltd. (TCIL), L&T Ltd, Tata Consultancy Services, Shapoorji Pallonji, Kalpataru and Bridge & Roof, have their presence through investments or projects in Kuwait. Besides, the Indian community in Kuwait has made considerable investments across a broad range of sectors, including manufacturing, construction and services in Kuwait.
He added, as such there are no barriers for growing trade between India and Kuwait. What we need is more frequent exchange of business delegations so that business communities of the two countries get to know of the opportunities available in India and Kuwait. There is need to capitalize on these opportunities.
He disclosed, the Indian economy is one of the most attractive for business and investment. It is the third largest economy in the world in terms of purchasing power parity (PPP) with GDP estimated at $ 4.46 trillion.
It is a diversified economy with services sector backed by rapidly expanding IT sector constituting more than half of the GDP and a growing manufacturing sector which is becoming globally competitive. To give an example, India exported 3 million cars, buses, trucks, scooters and motorcycles last year. It has a sound financial system, well-developed and regulated capital markets, talented manpower, and abundant availability of raw-materials.
In the last two decades, it has grown at an average rate of about 7%, making it the second fastest growing major economy. The inherent strength of the economy has kept it considerably insulated from the economic downturns in various parts of the world.
The visiting Indian delegation accompanied by the Indian Ambassador interacted with Fahad Yacoub Al Jouaan, Board Member, Rabah A. Al-Rabah, Director-General, KCCI and other senior officials of the KCCI and businessmen.
A presentation was also made by the leader of the delegation L. Rajamannar, Member Secretary (CAPEXIL) and also by other members of the delegation, followed by a question-answer session.
The share of exports of products under CAPEXIL canopy is 9.5 percent of India's total exports. During the year 2010-11 exports of products under CAPEXIL stood at Rs 747.038 billion ($16.42 billion approx.) in comparison to Rs 621.27 billion ($13.14 billion approx.) achieved in the year 2009-10 showing the export growth achieved of more than 20 % in Rupee term and 25 percent in US Dollar term.
The companies which are participating in the BSM include M/s Cauveri Saw Mill; Sri Vijaylakshmi Saw Mill; Bhavani Timber Depot; Neeraj Granites; Victory Plywood Distributors; Shri Prempuriji Granimarbo Pvt Ltd; Transworld Wood Pvt Ltd; Vimala Note Book; DC Press Pvt Ltd; and J.P. Paper Products.
CAPEXIL, a non-profit organization, was setup in March 1958, to promote export of Chemicals and Allied Products from India. CAPEXIL has its headquarters at Kolkata with regional offices at New Delhi, Mumbai, Kolkata and Chennai. It promotes India's export of a wide spectrum of chemicals and allied products and connects foreign buyers with Indian exporters. It has more than 3,500 members across the country. It is an ISO 9001: 2000 certified organization.
The visiting delegates will also be available for any business query on March 4, 2013, the last day of their visit at Hotel Kuwait Continental. For any further information Commerce Section of the Embassy of India, Kuwait may be contacted at: Tel 22571193 or 22530600 Ext: 211, Fax: 22525811, email: commercial@indembkwt.org.
By Paul Francis X. Fernandes
Arab Times Staff
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