PHD Chamber hits the Century with its 100th MoU with an International Chamber of Commerce

A high-level business delegation of Indian EPC companies, led by Mr. Ranjeet Chaturvedi, Chairman, International Affairs Committee for Middle East and Africa, PHD Chamber of Commerce and Industry, India visited Kuwait on 22-23 October 2017. The delegation represented various sectors such as Infrastructure, Mining, Oil & Gas, Transport, Water & Sanitation, Energy, Civil Construction and Housing.

On 23rd October 2017, Kuwait Chamber of Commerce and Industry and PHD Chamber of Commerce and Industry signed an MoU, in the presence of Mr. Sunil Jain, Ambassador of India to Kuwait, to strengthen India-Kuwait bilateral relations and foster business cooperation. The MoU was signed by Mr. Ranjeet Chaturvedi, Leader of the delegation and Chairman, International Affairs for Middle East and Africa, PHD Chamber of Commerce and Industry and Mr. Tareq Bader Salem Al-Mutawa, Board Member, Kuwait Chamber of Commerce and Industry. This is the 100th MoU of PHD Chamber with an International Chamber of Commerce.

Subsequent to the signing of the MoU, B2B meetings were held between companies of both sides and opportunities in projects worth US$ 5 billion were discussed.  

Mr. Tareq Bader Salem Al-Mutawa, in his welcome remarks, emphasised on India being an important trading partner of Kuwait and highlighted the Development Plan of Kuwait which exceeds US$ 110 Billion with more than half of the amount being targeted for major projects in sectors such as Oil, Infrastructure, Transportation, Ports, Health, Education and Housing.

Mr. Sunil Jain, Ambassador of India to Kuwait, who spoke on the occasion, stressed on the historical deep-rooted economic relations between India and Kuwait and hoped that this MoU would open a new chapter in our business ties with Kuwait, further opening greater avenues for the Indian businessmen for establishing joint ventures and facilitating technological transfers and enchancing cooperation beyond Oil & Gas Sectors.

In his remarks, Mr. Ranjeet Chaturvedi thanked the KCCI and mentioned that the composition of the Indian delegation was of EPC companies and together with Kuwaiti companies a new chapter in Project Development Partnership can be written. In addition, he stressed that the member companies of PHDCCI across various sectors can play a significant role in the Kuwaiti growth story and Kuwaiti companies can also benefit from the Make in India, Smart Cities and other initiatives of the Indian Government. He also mentioned that partnership between Indian and Kuwaiti companies must not be limited to Kuwait and India but also to other emerging countries across the globe.