New Delhi: Qatar has announced $10 billion investment in India, strengthening economic ties between the two nations. The announcement came after Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani met with Indian Prime Minister Narendra Modi during his two-day visit to New Delhi.
Strengthening India-Qatar Trade Relations
Following the meeting, Modi described the discussions as “very productive,” emphasizing the goal of expanding and diversifying trade between India and Qatar. In a statement on X, Modi highlighted that trade was a key focus of their talks.
This visit marks a historic moment, as it is the first by a Qatari Emir to India in a decade. The two countries aim to double their annual trade volume to $28 billion within five years. Additionally, discussions are underway regarding a potential free trade agreement (FTA).
Major Investment Sectors
Qatar’s $10 billion investment in India will be spread across multiple sectors, including:
– Infrastructure
– Technology
– Manufacturing
– Food security
– Logistics
– Hospitality
These strategic investments are expected to boost India’s economy and create new business opportunities.
Energy Cooperation & Trade in Local Currencies
Qatar plays a vital role in India’s energy security, supplying over 48% of its liquefied natural gas (LNG) imports. In the fiscal year ending March 2023, bilateral trade between India and Qatar stood at $18.77 billion, primarily driven by LNG imports.
Both nations have agreed to enhance cooperation in energy infrastructure and explore the possibility of settling bilateral trade in Indian Rupees and Qatari Riyals.
A New Era in India-Qatar Relations
Qatar’s commitment to invest in India marks a new chapter in their economic partnership. As both countries work toward expanding trade and energy collaboration, this move is set to further strengthen diplomatic and financial ties between the two nations.
