Qatar’s sovereign wealth fund has $1.5 billion FDI in India, and the joint statement said that the Qatar side announced a commitment to invest USD 10 billion in India.
As Prime Minister Narendra Modi and Amir Sheikh Tamim bin Hamad Al Thani held talks in New Delhi Tuesday, India and Qatar decided to elevate their ties to a “strategic partnership”, double the target of bilateral trade to USD 28 billion in the next five years, and bring Qatari investment of USD 10 billion to India.
Modi, in a post on X, said, “Had a very productive meeting with my brother, Amir of Qatar H.H. Sheikh Tamim bin Hamad Al Thani, earlier today. Under his leadership, Qatar has scaled new heights of progress. He is also committed to a strong India-Qatar friendship. This visit is even more special because we have elevated our ties to a Strategic Partnership.”
They also discussed exploring a Free Trade Agreement between India and Qatar, elevating ties while focusing on trade, investment and energy. Trade between the two countries is $14 billion annually, and they set a target to double it to $28 billion by 2030
Qatar’s sovereign wealth fund has $1.5 billion FDI in India, and the joint statement said that the Qatar side announced a commitment to invest USD 10 billion in India.
On Sheikh Al Thani’s second visit to India, both countries signed two agreements and five MoUs, covering areas like economic cooperation, youth affairs and a double taxation avoidance agreement.
Within the Gulf Cooperation Council (GCC), India has signed strategic partnerships with the UAE, Saudi Arabia, Oman and Kuwait; Qatar is the latest to join that club.
Arun Chatterjee, Secretary in the Ministry of External Affairs, briefing reporters on the bilateral talks, said, “Trade, investment and energy were among the major topics of discussion between the two leaders today. The trade today between India and Qatar is about US $14 billion annually. Both sides have agreed to set a target to double this in the next five years.”
On the investment by Doha, he said Qatar’s Sovereign Wealth Fund, the Qatar Investment Authority, currently has about US $1.5 billion FDI in India in sectors like retail, power, IT, education, health, affordable housing.
“Both leaders today identified a number of areas in which the Qatar Investment Authority can increase investments in India. This includes infrastructure, ports, ship-building, energy including renewable energy, smart cities, food parks, start-ups, and new technologies such as artificial intelligence, robotics, and machine learning,” he said. The emphasis on new tech is significant, with the world looking at AI as the new frontier of tech.
On energy ties, Chatterjee said, “India and Qatar share a very vibrant partnership in the area of energy. Qatar is a major source of LNG for India. Both leaders today noted that in February 2024, Qatar Energy and Petronet LNG Limited had signed an agreement for supply of 7.5 million metric tonnes per annum of LNG from Qatar to India for 20 years starting 2028.”