FDI flow into India from Gulf countries surges to $24.54 bn in 12 years

New Delhi, (IANS) FDI flows into India from the Gulf Cooperation Council countries between September 2013 to September 2024 surged to over $24.54 billion, which is an 8-fold increase compared to the corresponding figure of $3.046 billion FDI that came from these countries during the period between April 2000 and September 2013, according to data compiled by the Commerce and Industry Ministry.

The figures also show that as much as 89 per cent of the FDI flows into India from the GCC countries came in the last 10 years, reflecting the strengthening economic ties between India and the Gulf region.

With Kuwait currently chairing the Gulf Cooperation Council (GCC), Prime Minister Narendra Modi’s visit to the emirate is expected to bolster India's engagement with the influential bloc, comprising Bahrain, Oman, Qatar, Saudi Arabia, the UAE, and Kuwait.

PM Modi on Saturday afternoon arrived in Kuwait, becoming the first Indian Prime Minister to visit the Gulf nation in 43 years.

He said the Kuwait Investment Authority has invested more than $10 billion in India, reinforcing the financial ties between the two nations.

The Prime Minister also mentioned that the Kuwait Investment Authority, which is the sovereign wealth fund, has made substantial investments in India and there is a growing interest in investing in India now.

In an interview with Kuwait News Agency (Kuna), PM Modi said that trade and commerce have been important pillars of the bilateral relationship between Kuwait and India, with two-way trade on the rise.
Mobile payment solutions

"Trade and commerce have been important pillars of our bilateral relationship. Our bilateral trade has been on an upswing. Our energy partnership adds a unique value to our bilateral trade," the Prime Minister told Kuna Director General Fatma Al-Salem.

Kuwait is a critical partner for India, ranking as the sixth-largest supplier of crude oil and meeting 3 per cent of India’s energy needs.

Bilateral trade between the two countries reached $10.47 billion in 2023-24, with Indian exports growing 34.7 per cent (year-on-year).

Meanwhile, India's trade with GCC countries stood at a robust $184.46 billion in 2022-23.

PM Modi told Kuna news agency that "we are happy to see 'Made in India' products, particularly in automobile, electrical and mechanical machinery, and telecom segments making new inroads in Kuwait"."India today is manufacturing world-class products at the most affordable cost. Diversification to non-oil trade is key to achieving greater bilateral trade," PM Modi was quoted as saying.FDI flow into India from Gulf countries surges to $24.54 bn in 12 years | MorungExpress | morungexpress.com
Read More........ → Categories: , ,
→

India Showcases Footwear and Leather Sector Strength at DIFLEX, 2024, Eyes $350 mn UAE Trade Target


Dubai, India’s leather and footwear industry aims to expand its presence in the UAE market as it makes a strong showing at DIFLEX 2024, with 43 manufacturing exporters participating in the region’s largest leather products and footwear exhibition, currently underway at Festival Arena, Dubai Festival City.

Leading the Indian delegation, R. Selvam IAS, Executive Director of the Council of Leather Exports (CLE), announced that trade volume with the UAE has nearly doubled from its previous level of $162 million, with projections to reach $350 million in the coming years. “The growth reflects the sector’s expanding footprint in the Middle East and African markets,” he said.

Addressing domestic consumption, Selvam noted that India’s per capita footwear consumption is expected to double from the current 1.9 pairs to 4 pairs per annum by 2030, creating additional demand for 2.2 billion pairs. The country currently consumes 2.5 billion pairs annually, with an anticipated need for an additional 2 billion pairs by 2030.

BG Krishnan, Consul (Trade and Commerce) at the Consulate General of India in Dubai, inaugurated the Indian Pavilion and emphasized the Middle East market’s potential, noting the presence of over 4 million Indians in the UAE. “This diverse demographic represents a significant market opportunity that continues to expand,” he said, adding that the leather industry’s growth aligns with India’s vision of achieving Amrit Kaal by 2047.

DIFLEX 2024, now in its fourth edition, has attracted over 250 brands from major leather-producing countries, including Turkey, Italy, Portugal, Egypt, and Spain. The three-day event features more than 10,000 product lines and expects to welcome 4,000 trade visitors, including 300 hosted buyers from around the world.Of the 78 exhibition stalls, 43 are occupied by Indian manufacturers. The exhibition showcases sustainably produced leather goods, footwear, components, garments, and accessories, providing a platform for building long-term business partnerships in the GCC region’s growing retail market, which is projected to reach $350 billion in the next four years. India Showcases Footwear and Leather Sector Strength at DIFLEX, 2024, Eyes $350 mn UAE Trade Target
Read More........ → Categories: , , ,
→

Dubai Gears Up for Grand Diwali Celebrations


Dubai is gearing up for Diwali, the Festival of Lights, on October 31, with grand celebrations planned across major venues. Global Village, one of Dubai’s premier cultural destinations, has already begun transforming its grounds for the festival. Skilled artisans are crafting a spectacular 5-8 meter Rangoli installation in front of the main stage, set to be a major highlight during the festivities.

In anticipation of festive shoppers, the venue has established a dedicated Festival of Lights Market. Vendors are stocking up on traditional items, including clay diyas, festive decorations, Diwali sweets, and Indian jewelry. Entrance areas like the Happiness Gate and Gate of the World are being adorned with illuminated lamp posts to create a traditional Diwali ambiance.Meanwhile, the historic Al Seef district has come alive with the Noor Festival of Lights. A rich cultural program featuring folk music, poetry recitals, and dance performances drew hundreds from the Indian community. A standout moment of the opening celebrations included a performance by renowned nagada maestro Nathoo Lal Solanki, accompanied by Giant Puppet displays.

Students at various Indian-curriculum schools will enjoy a four-day weekend, with some receiving five days off for Diwali celebrations.This year’s festivities begin on October 29 with Dhanteras, while the main Diwali celebration takes place on Thursday, October 31. Several restaurants, online portals, and malls have introduced Diwali-themed decor and exclusive offers.

Event organizers expect these week-long celebrations to attract thousands of visitors, as Dubai continues its tradition of hosting grand multicultural festivities. These preparations reflect the emirate’s commitment to embracing diverse cultural celebrations, especially for the 3.5 million strong Indian expatriate community and international tourists during this festive season. Source: https://www.newsonair.gov.in/dubai-gears-up-for-grand-diwali-celebrations/
Read More........ → Categories: ,
→