India for doubling trade with Qatar in 5 years

Commerce Minister Piyush Goyal on Monday expressed strong optimism that the bilateral trade between India and Qatar can doubled by 2030.

Goyal, who is on a two-day visit to Doha to co-chair a meeting of the India–Qatar Joint Commission on Economic and Commercial Cooperation along with his counterpart Sheikh Faisal bin Thani bin Faisal Al Thani, appreciated Qatar’s energy exports, including the long-term LNG supply agreement of 7.5 million tonne per year from 2028 and stressed the need to boost India’s exports to Qatar.

“Despite bilateral trade at around $14 billion, both leaders recognised untapped potential of doubling it by 2030,” the Ministry of Commerce and Industry said. Goyal idenitfied promising sectors such as electronics, automobiles, pharmaceuticals, textiles, gems and jewellery, IT, and solar energy, the ministry said.

“We discussed ways to increase India-Qatar bilateral trade and also reaffirmed our commitment to further strengthen the multifaceted partnership across trade, investment, and strategic cooperation, opening immense avenues for greater collaboration,” Goyal posted on X following the bilateral meeting Al Thani.

The Commerce and Industry Minister held a series of high-level engagements on Monday reinforcing the commitment to deepen the multifaceted partnership between the two nations.

Goyal also met Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governer of the Qatar Central Bank and Chairman of the Qatar Investment Authority and Qatar Financial Centre Regulatory Authority, to discuss deepening trade, investment, and financial cooperation, highlighting potential for enhanced collaboration in financial services.

Addressing the inaugural meeting of the India-Qatar Joint Business Council alongside Sheikh Faisal, Goyal encouraged businesses to capitalise on the strategic partnership and cultural ties, emphasising the robust economies of both countries and the potential for collaboration across diverse sectors for shared growth and prosperity. The engagements reflect the deepening India-Qatar partnership, driven by shared economic aspirations, setting the stage for enhanced cooperation and unlocking new opportunities for businesses and investors in both countries.