NEW DELHI: Qatar on Tuesday announced an investment of $10 billion (approximately Rs 85,000 crore) in India, a joint statement by India and Qatar said.
The two sides have agreed to explore an India-Qatar Free Trade Agreement.
The statement was the outcome of a bilateral meeting between Prime Minister Narendra Modi and Qatar Amir Sheikh Tamim bin Hamad Al-Thani.
“The Qatar side has announced to invest $10 billion in India,’ the joint statement said.
Qatar is exploring opportunities to increase investment in India in infrastructure, technology, manufacturing, food security, logistics and hospitality. Qatar Investment Authority will open its office in India to facilitate the investment.
The two-way trade between the two countries currently estimated around $15 billion is expected to double in five years, the Ministry of External Affairs (MEA) announced at a media briefing. Arun Kumar Chatterjee, Secretary, Overseas Indian Affairs, in the MEA, said, “Both sides are setting a target to double the trade. That means by 2030, we are looking at a target of taking it to somewhere around $28 billion.”
Earlier in the day, Modi and the Qatar Amir signed two agreements — on the establishment of bilateral strategic partnership and a revised agreement for the avoidance of double taxation.
Besides, the two sides also exchanged MoUs in the fields of youth and sports, documents and archives, Invest India and Invest Qatar, Confederation of Indian Industry and Qatari Businessmen Association.
India’s digital payment platform UPI will be made operational at Qatar National Bank Point of Sales in Qatar.
The Joint Working Group on Trade and Commerce has been elevated into a Joint Commission on Trade and Commerce.
The two leaders condemned terrorism in all its forms and manifestations, including cross-border terrorism. They agreed to increase cooperation in information- and intelligence-sharing and to strengthen cooperation in law-enforcement, anti-money-laundering, drug-trafficking, cybercrime and other transnational crimes.
Qatar is the largest supplier of Liquefied Natural Gas (LNG) to India, accounting for 48 per cent of India’s LNG imports. Qatar is also India’s largest supplier of Liquefied Petroleum Gas (LPG), accounting for 29 per cent of India’s total LPG imports.
Major Indian companies in Qatar are Larsen & Toubro, Voltas, Shapoorji Pallonji, Wipro, TCS, Tech Mahindra and LuLu group. India’s key exports include cereals, copper articles, iron and steel articles, vegetables, fruits, spices, processed food products, electrical and other machinery, plastic products, construction material, textiles and garments, chemicals, precious stones, and rubber.
Earlier on Tuesday morning, PM Modi and President Droupadi Murmu extended a ceremonial welcome to the Amir at the Rashtrapati Bhavan.
The bonhomie between the two countries was evident as PM Modi personally received the Amir at the Palam Technical Airport on Monday night.
“Welcome, my brother,” the PM said as both leaders embraced each other smilingly, with cameras capturing every moment of their camaraderie.
Qatar holds immense significance for India’s geopolitical strategy, considering the fact that the Taliban’s political office is located in the country’s capital, Doha, which also serves as a home for several Taliban leaders. Any outreach to the Taliban must go through Qatar.