Qatar has committed to investing $10 billion in India across multiple sectors. This decision was announced in a joint statement following the visit of Qatar’s Emir, Sheikh Tamim bin Hamad Al-Thani, to New Delhi.
Strengthening India-Qatar Trade
Indian Prime Minister Narendra Modi described his meeting with the Emir as “very productive,” emphasizing trade as a key focus. The leaders discussed expanding and diversifying trade ties between the two nations. This was the first visit by a Qatari Emir to India in a decade.
Investment Across Key Sectors
According to the joint statement, Qatar’s investment will be directed toward infrastructure, technology, manufacturing, food security, logistics, and hospitality, among other areas. This move is expected to boost India’s economic growth and strengthen bilateral relations.
Goal to Double Trade Volume
India and Qatar aim to double their annual trade volume to $28 billion within the next five years. Additionally, both countries are exploring the possibility of signing a free trade agreement to facilitate smoother economic exchanges.
Energy Cooperation and Currency Trade
In the last fiscal year, India-Qatar trade stood at $18.77 billion, primarily driven by liquefied natural gas (LNG) imports. Qatar supplied over 48% of India’s LNG needs. Both nations have agreed to enhance cooperation in the energy sector and are considering settling bilateral trade in their respective currencies.
