Qatar investment authority bets big on India with $10 billion investment plan
New Delhi (The Uttam Hindu): The Qatar Investment Authority (QIA) has announced a $10 billion investment in India and plans to open an office in the country, marking a significant step in strengthening India-Qatar economic ties. The Ministry of External Affairs (MEA) confirmed this development on Tuesday, highlighting Qatar's commitment to deepening its partnership with India, one of the world's fastest-growing economies. During high-level discussions, Prime Minister Narendra Modi and Qatar’s Amir, Sheikh Tamim Bin Hamad Al-Thani, explored the possibility of a bilateral Free Trade Agreement (FTA). India is also in negotiations with the Gulf Cooperation Council (GCC), which includes Qatar, the UAE, Bahrain, Saudi Arabia, Oman, and Kuwait, to finalize an FTA. The talks led to several key outcomes, including the elevation of India-Qatar relations to a "Strategic Partnership" and the establishment of two Joint Ministerial Commissions—one for Foreign Ministers and another for Ministers of Commerce and Industry.
On the trade and investment front, Qatar has committed to investing in sectors such as infrastructure, technology, manufacturing, food security, logistics and hospitality, while both countries aim to double bilateral trade from the current $14 billion to $28 billion by 2030. The two sides also discussed operationalizing India's Unified Payments Interface (UPI) at Qatar National Bank (QNB) points of sale, with QNB expanding its presence in India by opening an office in GIFT City. The partnership in the energy sector will also be deepened, focusing on trade and mutual investments in energy resources. Additionally, India has extended its e-Visa facility to Qatari nationals, and both nations have agreed to celebrate a "Year of Culture, Friendship and Sports" in the near future. Several agreements and MoUs were signed, including a Strategic Partnership Agreement, a revised Double Taxation Avoidance Agreement, and MoUs on financial cooperation, youth and sports, document archives and business collaboration.
The high-level discussions, held at Hyderabad House in New Delhi, signal a strong commitment from both nations to enhance economic and strategic cooperation. With an ambitious goal of doubling bilateral trade within five years, the India-Qatar partnership is set to witness unprecedented growth, reinforcing their long-standing relationship.
