A delegation of the Kuwait Investment Authority is expected to make an early visit to India to look at the investment opportunities in the infrastructure sector, Prime Minister, Manmohan Singh said on Friday.
Addressing the media after delegation level meeting with the visiting Prime Minister of Kuwait, Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, Singh said that the two sides will undertake discussions on specific proposals and appropriate investment vehicles for channelling Kuwaiti investments.
With Kuwait being the fourth largest supplier of crude oil to India, the two leaders also discussed the development of a more strategic partnership in the energy sector.
Prime Minister Singh said this could be done through long-term supply contracts on mutually beneficial terms and the establishment of upstream and downstream joint ventures in the petroleum and petrochemical sectors.
“India has proposed several specific projects for investments by the Kuwait Petroleum Corporation. I am encouraged by Prime Minister Sheikh Jaber’s response and I am hopeful that we can translate some of these proposals into concrete symbols of cooperation very soon,” the Prime Minister said.