Qatar pledges $10 Billion in India Across Key Sectors
Qatar pledges $10 billion in investment in India, strengthening economic ties between the two nations. The announcement came on Tuesday after Qatari Emir Sheikh Tamim bin Hamad Al-Thani concluded a two-day visit to New Delhi, marking the first such visit by a Qatari leader in a decade.
Strengthening Trade and Investment Ties
Indian Prime Minister Narendra Modi described his discussions with the Emir as “very productive,” highlighting trade as a key focus. “We want to increase and diversify India-Qatar trade linkages,” Modi stated in a post on X.
According to a joint statement, Qatar’s investment will span multiple sectors, including infrastructure, technology, manufacturing, food security, logistics, and hospitality.
Plans to Double Trade and Explore Free Trade Agreement
India and Qatar have set an ambitious target to double their annual trade volume to $28 billion within the next five years. The two countries are also exploring the possibility of a free trade agreement, according to India’s foreign ministry.
Bilateral trade between India and Qatar reached $18.77 billion in the fiscal year ending March 2023. A significant portion of this trade came from India’s liquefied natural gas (LNG) imports, with Qatar supplying more than 48% of India’s LNG needs.
Qatar pledges $10 Billion, Expanding Energy Cooperation and Currency Settlement
Energy remains a crucial component of the partnership, with both nations planning to enhance collaboration in energy infrastructure and investments. Discussions also included the possibility of settling bilateral trade in their respective currencies, which could further strengthen economic ties.
Qatar’s investment signals deeper engagement between the two countries, fostering economic growth and collaboration across multiple sectors.
With inputs from Reuters