India & Qatar aim to double the bilateral trade in next five years
New Delhi: In high-level talks at Hyderabad House, Prime Minister Narendra Modi and Qatar’s Amir, Sheikh Tamim Bin Hamad Al Thani committed to bolstering trade and investment by setting an ambitious target to double the current annual bilateral trade of $14 billion in next five years.
The Qatar Investment Authority (QIA), which currently holds around $1.5 billion in Foreign Direct Investment (FDI) in India, will expand its footprint in sectors such as infrastructure, ports, smart cities, renewable energy, food parks, artificial intelligence, and robotics, Ministry of External Affairs spokesman Randhir Jaiswal said.
The Joint Business Forum, held as part of the state visit, witnessed the participation of 38 Qatari entities representing key industries, including retail, IT, tourism, food processing, real estate, and hospitality. Additionally, Invest India and Invest Qatar signed a Memorandum of Understanding (MoU) to enhance mutual investment opportunities, while the Confederation of Indian Industry (CII) and the Qatar Businessmen Association inked an agreement to foster networking between top business executives from both nations. The CEOs of several top Qatari entities are part of the delegation.
“Trade, investment and energy were among the major topics of discussion between the two leaders. The trade today between India and Qatar is about $14 billion annually. Both sides have agreed to set a target to double this in the next five years,” Arun Chatterjee, Secretary (CPV & OIA) under the Ministry of External Affairs said.
In February 2024, Qatar Energy and Petronet LNG Ltd signed a long-term pact for the supply of 7.5 million metric tonnes per annum of LNG to India for 20 years starting in 2028. Both sides discussed avenues to broaden their energy partnership, including potential joint investments in energy infrastructure and renewable energy projects.
Chatterjee also underlined that the state visit also saw the signing of two landmark agreements and five memorandums of understanding (MoU). “Two agreements and five MoUs have been signed during the state visit of the Amir. The first agreement is on the establishment of a bilateral strategic partnership. A revised double taxation avoidance agreement was also signed. Both sides have also inked MoUs including on economic partnership, cooperation in the area of archives and documentation and youth affairs and sports,” he said.
“Both leaders also discussed ways to further strengthen and broaden the energy partnership including exploring mutual investments. Both nations commemorated the 50 years of establishment of diplomatic relations in 2023,” the Secretary added.
