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Tuesday , August 20 2019

KIA to ‘treble’ investments of $5 bln in India

Kuwait Investment Authority

KUWAIT CITY, Feb 7: The Kuwait Investment Authority (KIA) is keen to treble its investment of $5 billion in India, especially in areas of infrastructure, airports and highways, reports Al-Qabas daily quoting the Hindustan Times of India.

The KIA said the proposal to India was made during the visit of the Indian Minister of Foreign Affairs Sushma Swaraj to Kuwait late last October.

The KIA has invested $2 billion in India since 2017, and officials are planning to increase investment in India due to its rapid economic growth despite some bureaucratic and legal obstacles and procedures that have led to the flight of Kuwaiti investments in Malaysia and Singapore. Investments are more favored in India, according to an informed source.

The joint venture between Kuwait and Japan stands at the $7 billion and investment in refinery in Vietnam is a model for joint investments between Kuwait and India, the Indian website said.

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