Applauding India�s efforts for unleashing economic reforms, he said, �The stage is now set for building strong bilateral and business relations. India is a grand country with an open market for investment,� and urged Kuwaiti business to forge partnerships with their Indian counterparts.

 He acknowledged the contribution to the development of Kuwait by the 6 lakh-plus Indian expatriate community. 

 Mr. Anand Sharma, India�s Commerce and Industry Minister, in his address, urged the Kuwaiti Prime Minister to lend his weight for the early conclusion of a Free Trade Agreement currently under negotiation with the Gulf Cooperation Council (GCC).

 Mr. Sharma said that Kuwait was the second largest source for India�s crude oil requirements and sought greater participation from Kuwaiti companies in the development of upstream and downstream oil projects in India.

 India, he said, was well positioned to attain a high growth path. The manufacturing sector was poised to grow at a healthy rate and under the New Manufacturing Policy, new industrial cities and township will come up. The scope for global investment was huge as 13 industrial townships had already been approved, 8 of which are to be developed along the Delhi-Mumbai Industrial Corridor which covers six Indian states.

 Ms. Naina Lal Kidwai, President of FICCI, in her remarks, noted that �India looks at Kuwait as a long term dependable partner and not just as a supplier meeting India�s energy demand. Indian Industry, she said, was keen to participate and partner in the massive on-going economic development in the State of Kuwait in all sectors, including telecom, infrastructure, security, defence, and education.�

 She said that India had emerged as an important investment destination globally and Kuwaiti Investors as well as Kuwaiti sovereign funds must seriously consider investing in India�s high-return investment projects and become our partners in progress.

 Mr. Khaled Abdullah Al-Sager, First Vice Chairman of Kuwait Chamber of Commerce and Industry (KCCI), said, �Kuwait is executing a comprehensive economic reform programme relying on more liberation and encouragement of foreign investments and is based on financial abundance, a strong banking and investment system, regulated capital market, advanced infrastructure, fair and just judiciary system, deep-rooted political stability, Gulf customs Union, and free Arab trade that makes Kuwait a main gate to GCC, Arab and regional markets. Simultaneously, Kuwait is implementing an ambitious development program targeting building of new cities and ports, developing oilfields, communications sectors, energy and petrochemical industries.�

 He further said that India has been living through an astounding economic and social awakening that will before long transform it from a developing country to a global economic powerhouse, thanks to its ingenious embracement and assimilation of the scientific and technical advances. As such, it has become a main global axis for electronics and software, engineering and heavy industries. It also has one of the fastest growing markets and one of the most attractive areas for tourism and foreign investments.

 Mr. Khaled Abdullah Al-Sager added, �India is well aware that oil supplies from the bottleneck to their marvelous rise. Likewise, we are fully cognizant that to Kuwait oil represents an opportunity to build a balanced and advanced economy. Consequently, we all know that oil does not only demand from us economic cooperation but also equally makes it a moral international obligation to cooperate politically, so that just and permanent peace would prevail through the world in general and the Middle East in particular.�            

 Mr. T N R Rao, Senior Member � CII Gulf Council & Chairman SAGE (South Asia Gas enterprises Ltd), said, �Bilateral trade between our two nations is strong but the trade balance is skewed in favor of Kuwait. This need to be rectified and the trade basket should be diversified away from hydrocarbons. India can be a good partner for Kuwait in intermediary activities such as assisting in food processing industries, providing quality seeds, technology and expertise.�

 He said that there are several key factors that have drawn Indian companies to Kuwait. For one, Kuwait�s strategic location gives Indian companies the opportunity to do business not only in Kuwait but also in other key markets in the Middle East and North Africa (MENA) region.  

 Mr. S C Aggarwal, Senior Managing Committee Member, ASSOCHAM and Chairman and Managing Director, SMC Group, said, �The composition of exports to Kuwait has undergone a qualitative change in the post liberalization period. In addition to traditional goods, the area with considerable export potential from India includes pharmaceuticals, medicinal equipment, equipment for use in refineries and oil installation equipment/products for the power sector.�

 He added that the other sectors which can be explored are computer software, leather products, sports goods, sophisticated furniture and consumer electronics in the service sector. Also, the shift towards recruiting professionals-chartered accountants, computer engineers and personnel in IT/software sectors is on the upside.