NEW DELHI: Following Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani’s visit to New Delhi, the two countries announced in a joint statement on Tuesday that Qatar has committed to investing $10 billion in India across a number of sectors. During his two-day visit to New Delhi, Indian Prime Minister Narendra Modi claimed to have had a “very productive meeting” with the Emir of Qatar.
“Trade was a major topic of discussion. In a post on X, Modi stated, “We want to expand and diversify India-Qatar trade links.” It was the first time in a decade that a Qatari emir had visited the South Asian country. The announcement claims that Qatar will make $10 billion in investments in India across a number of industries, including manufacturing, logistics, hospitality, food security, and infrastructure.
The Indian foreign ministry stated earlier in the day that the two nations are considering negotiating a free trade deal and plan to double their yearly trade to $28 billion over the next five years. In the fiscal year that concluded in March 2023, bilateral commerce between the two countries totalled $18.77 billion, primarily consisting of imports of liquefied natural gas from Qatar. In that year, almost 48% of India’s LNG imports came from Qatar.
The two parties stated that they would examine settling bilateral commerce in their respective currencies and seek to strengthen bilateral energy cooperation, including investments in energy infrastructure.
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