India seeks Kuwaiti investment in infrastructure sector

NEW DELHI: India today impressed upon Kuwait which has Sovereign Wealth Fund of $ 300 billion to look at huge investment opportunity in the infrastructure sector.

The issue was raised by Commerce and Industry Minister Anand Sharma during his meeting with Kuwaiti Minister for Amiri Dewan Affairs Sheikh Nasser Sabah Al-Ahmad Al-Jaber Al Sabah, an official said.

Kuwait has a Sovereign Fund of over $ 300 billion which is growing by $ 15-25 billion every year. The fund is managed by Kuwait Investment Authority (KIA).

Sharma informed him that during the 12th Five-Year plan (2012-2017), India plans to spend around $ 1 trillion on infrastructure.

"We would therefore be very happy to welcome Kuwaiti investments," the official added.

Kuwaiti investments in India stood at around $ 1 billion in sectors like power, automobile, construction development and telecommunication.

India has sought investments in sectors like petrochemicals, fertilisers, DMIC, education and Civil Aviation.

Sharma also sought Kuwait's help in reenergizing the negotiations for the India-GCC (Gulf Cooperation Council) FTA talks that have been stalled for a while.

The bilateral trade between the countries stood at $ 18.8 billion in 2012.