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Qatar Investment Authority plans to open an office in India and invest $10 billion, according to a report.
Prime Minister Narendra Modi and Amir of Qatar Sheikh Tamim Bin Hamad Al Thani during a meeting, at the Hyderabad House in New Delhi. (IMAGE: PTI)
The Qatar Investment Authority (QIA) on Tuesday decided to open an office in India and has announced a $10 billion investment, the Ministry of External Affairs (MEA) said in a statement.
“Qatar and India have a strong strategic relationship and given that the Indian economy is one of the fastest growing economies, the Indian side welcomed the decision of Qatar Investment Authority (QIA) to open an office in India. Both sides expressed satisfaction with the progress made by the Joint Task Force on Investments during its first meeting in June 2024, where various avenues for investments in India were discussed,” the statement by the MEA said.
Officials said that during their meeting, Prime Minister Narendra Modi and Amir of Qatar Sheikh Tamim Bin Hamad Al-Thani discussed the possibility of signing a bilateral free trade agreement in future.
Arun Kumar Chatterjee, Secretary (CPV & OIA) in the Ministry of External Affairs, also said India and the Gulf Cooperation Council (GCC) at this moment are “negotiating about having an FTA”.
The GCC is an influential grouping comprising the United Arab Emirates (UAE), Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.
“India and the Gulf Cooperation Council, we are at this moment, negotiating about having an FTA, a free trade agreement. As far as Qatar is concerned, both sides are exploring the possibility of signing a free trade agreement in future. And, that was one of the discussions that took place in this round of talks,” Chatterjee said when asked about the status of the India-GCC FTA negotiations.
Outcomes of Qatar Amir’s India Visit
- Strategic Partnership: India-Qatar bilateral relationship elevated to a Strategic Partnership.
- Bilateral Mechanisms: Formation of two Joint Ministerial Commissions: one at the level of Foreign Ministers and the other for Ministers of Commerce and Industry.
Trade and Investment:
- Qatar committed to investing USD 10 billion in India, exploring sectors such as infrastructure, technology, manufacturing, food security, logistics and hospitality.
- Qatar Investment Authority (QIA) will open an office in India.
- Both countries set a target to double bilateral trade by 2030.
- Discussion on exploring an India-Qatar Free Trade Agreement.
- Operationalization of India’s UPI at Qatar National Bank (QNB) Point of Sales in Qatar.
- Qatar National Bank expands its presence in India with an office in GIFT City.
Energy:
- Deepened energy partnership, including trade and mutual investments in energy resources.
Other Developments:
- Extension of Indian e-Visa facility for Qatari nationals.
- Agreement to celebrate the Year of Culture, Friendship, and Sports in the near future.
Key Agreements and MoUs:
- Strategic Partnership Agreement.
- Revised Agreement on Avoidance of Double Taxation.
- MoU on Financial and Economic Cooperation between India’s and Qatar’s finance ministries.
- MoU on Youth and Sports Cooperation between the ministries of Youth Affairs and Sports of both countries.
- MoU on Cooperation in Documents and Archives.
- MoU between Invest India and Invest Qatar.
- MoU between Confederation of Indian Industry (CII) and Qatari Businessmen Association.
Prime Minister Narendra Modi and the Amir of Qatar held extensive talks earlier today at Hyderabad House, agreeing to elevate India-Qatar relations to a “strategic partnership.” The discussions focused on key areas including trade, investments, technology, energy, and people-to-people ties, further solidifying the longstanding and strong relationship between the two nations.
Briefing reporters, Foreign Secretary Chatterjee stated that the leaders set an ambitious target to double bilateral trade from the current USD 14 billion to USD 28 billion over the next five years.
