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Launch of the India Fund


 










“Investors no longer need to be concerned about the safety of their investments in the India Fund or the credibility of the investment process unlike in the past when several investors have lost their entire investments to unregulated funds and promoters. Investors in Kuwait have the distinct advantage of dealing with a Kuwait based company which functions under the supervision of the Central Bank of Kuwait and the Kuwait Ministry of Commerce & Industry,” Markos Williams emphasised. He commended Dr. Shamali for the speed at which the entire Fund process was finalised and said “Between October 2nd, 2005 when Indians celebrate Gandhi Jayanthi, the birth anniversary of Mahatma Gandhi and November 2nd when they celebrate Diwali, the festival of lights and through the Holy Month of Ramadan, all required permissions from the Governments of Kuwait and India were obtained”.
Speaking on the occasion which commenced with the rendering of the Holy Quran by Master Danish Abdul Khader, the Chief Guest Mr. P.M. Thomas, Acting Ambassador of India said the launch of the India Fund is an example of Indo-Kuwaiti partnership in economic development of the two countries with the participation of the private sector.
Further he emphasised, “ In addition to strong economic parameters such as comfortable foreign exchange reserve, low rate of inflation, an average annual GDP growth rate of 7% or above during the last few years, India is being noticed by investors the world over as an attractive investment destination mainly due to its vibrant democracy – Governments formed by political parties come and go, but there is political stability and continuity in policies especially in economic matters; fully independent judiciary and a free media; well-developed banking structure and customer friendly banking practices and procedures with cutting edge information technology back up; a growing market with a fast growing middle-class with ever increasing purchasing power; increasing avenues for investment due to Government’s stress in improvement of infrastructure like power, roads, ports, airports, communication; a booming stock market with steady inflow of foreign investment, direct as well as institutional and a strong economy supported by vast agricultural and manufacturing base, supplemented by the service industry”
In conclusion Mr. Thomas declared, “I am confident that the India Fund will lead to more and more investment in India from Kuwait and other GCC countries, which have got surplus investible funds in abundance. I take this opportunity to commend the efforts of Dr. Shamali and Mr. Markos Williams, Secretary General of Kuwait India Business Council for taking the initiative in launching this Fund. A special word of praise for the organisational skills of Mr. Markos Williams in getting the entire scheme through in the quickest possible manner”.

Narendra Joshi, CEO of UTI International, London and Ajay Argal of UTI Asset Management, Mumbai made a presentation on the Indian market and fielded questions from the large gathering of Kuwaiti and Non resident Indians.The Chief Advisor of the Fund. The entire proceedings was conducted by KIBC Coordinator Abdul Khader Pattilath who proposed the vote of thanks at the conclusion of the presentation.

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