Qatar commits USD 10 billion investment in India, target set for doubling bilateral trade by 2030
New Delhi [India], February 19 (ANI): Following the visit of Qatar's Amir, Sheikh Tamim Bin Hamad Al Thani, India and Qatar have taken a significant step forward in their bilateral relations. These relations are marked by a series of key agreements and initiatives aimed at strengthening trade, investment, energy, and cultural ties between the two nations.
Qatar has committed to investing USD 10 billion in India, with a focus on sectors such as infrastructure, technology, and manufacturing. Both countries have also set an ambitious target to double bilateral trade by 2030, with the exploration of a potential Free Trade Agreement.
Alongside economic collaboration, the two nations have agreed to expand their energy partnership and operationalize India's UPI system in Qatar. Additionally, various Memorandums of Understanding (MoUs) have been signed to enhance cooperation in finance, sports, youth, and cultural exchanges, including a celebration of the Year of Culture, Friendship, and Sports.
As per the Ministry of External Affairs, India and Qatar signed a Strategic Partnership Agreement for the elevation of the India-Qatar bilateral relationship to a Strategic Partnership.
Qatar side is exploring opportunities to increase investments in India in infrastructure, technology, manufacturing, food security, logistics, hospitality, and areas of mutual interest. In this regard, Qatar committed to invest USD 10 billion in India.
Qatar Investment Authority (QIA) will open an office in India. Both sides have set the target to double bilateral trade by 2030 and have agreed to explore an India-Qatar Free Trade Agreement.
There will also be operationalization of India's UPI at the Qatar National Bank (QNB) Point of Sales in Qatar and expansion of Qatar National Bank presence in India by setting up an office in the GIFT City.
Both the nations will deepen India-Qatar energy partnership, including through trade and mutual investments.
There will be extension of Indian e-Visa facility for Qatari nationals. Both nations have also agreed to celebrate Year of Culture, Friendship and Sports in the near future.
India and Qatar have signed an agreement on the Establishment of Bilateral Strategic Partnership as well as a Revised Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income.
The other MoUs include the MoU on Financial and Economic Cooperation between Ministry of Finance, Government of India and Ministry of Finance, Government of the State of Qatar; MoU for Cooperation in the field of Youth and Sports between Ministry of Youth Affairs and Sports, Government of India and Ministry of Sports & Youth, Government of the State of Qatar; MoU for Cooperation in the field of Documents and Archives between National Archives of India, Government of India and National Archives of Qatar, Government of the State of Qatar; MoU for Cooperation between Invest India and Invest Qatar; and MoU between Confederation of Indian Industry and Qatari Businessmen Association.
The Amir of Qatar, who arrived in India on a two-day visit on Monday, received the Guard of Honour and a ceremonial welcome in the forecourt of Rashtrapati Bhavan. (ANI)
(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)
