Qatar pledges $10bn investment & strategic trade expansion with India

The $10bn investment pledge by Qatar is expected to focus on sectors such as infrastructure, technology, manufacturing, food security, logistics, and hospitality.

Qatar has committed to invest $10bn in India across key sectors like infrastructure, technology, and food security, as both nations seek to double annual bilateral trade to $28 billion by 2030.

The announcement was made during Qatar’s Amir Sheikh Tamim bin Hamad Al Thani’s two-day visit to India on 17–18 February, underscoring the deepening economic and strategic ties between the energy-rich Gulf state and the world’s fastest-growing major economy.

Bilateral trade between India and Qatar stood at $18.77bn in the fiscal year ending March 2023, with liquefied natural gas (LNG) imports from Qatar forming a significant portion of this trade.

The latest agreements and commitments aim to diversify and expand this economic relationship further.

During the visit, the Amir was accorded a ceremonial welcome by Indian President Droupadi Murmu and Prime Minister Narendra Modi at Rashtrapati Bhawan, the presidential palace in the capital New Delhi.

The leaders held extensive bilateral talks at Hyderabad House, where they reaffirmed their commitment to strengthening ties across multiple domains, including trade, investment, energy, technology and security.

A key outcome of the discussions was the signing of the “Agreement on the Establishment of Bilateral Strategic Partnership,” which lays the groundwork for structured and regular cooperation in areas of mutual interest.

The $10bn investment pledge by Qatar is expected to focus on sectors such as infrastructure, technology, manufacturing, food security, logistics, and hospitality.

This commitment aligns with India’s efforts to attract foreign direct investment (FDI) and bolster its position as one of the world’s fastest-growing economies.

The Qatar Investment Authority (QIA), the country’s sovereign wealth fund, also announced plans to open an office in India, further solidifying its commitment to exploring investment opportunities in the region.

In addition to economic collaboration, the two nations agreed to enhance energy cooperation, particularly in LNG trade and investments in energy infrastructure.

Qatar, one of the world’s largest exporters of LNG, has been a critical energy partner for India, and both sides expressed interest in expanding this relationship.

The operationalisation of India’s Unified Payment Interface (UPI) in Qatar’s QNB Points of Sale was also welcomed, with plans for a nationwide rollout in Qatar and the exploration of bilateral trade settlements in local currencies.

The visit also highlighted the importance of addressing global challenges through multilateral cooperation.

According to a statement, both leaders condemned terrorism in all its forms and agreed to enhance collaboration in cybersecurity, intelligence sharing, and law enforcement.

They also emphasized the need for United Nations reforms, particularly in the Security Council, to reflect contemporary global realities.

Cultural and educational ties were another focal point of the discussions.

The two sides agreed to celebrate an India-Qatar Year of Culture, Friendship, and Sports in the near future, fostering greater people-to-people connections.

Enhanced cooperation in education, including academic exchanges and joint research initiatives, was also emphasised.

The visit concluded with the signing of several key agreements, including a revised Double Taxation Avoidance Agreement, a Memorandum of Understanding (MoU) on financial and economic collaboration, and agreements on youth and sports cooperation, among others.

These documents are expected to open new avenues for collaboration and deepen the multifaceted relationship between the two nations.

As the Amir departed, he expressed gratitude for the warm hospitality extended by India and reiterated Qatar’s commitment to strengthening bilateral ties.