In a major boost to India’s economic growth, Qatar expressed its commitment to invest $10 billion in India, marking a significant step in enhancing bilateral economic relations between the two nations, the Prime Minister’s Office said in a joint statement on Tuesday.
The announcement was made following high-level discussions between PM Modi and the Amir of Qatar, Sheikh Tamim bin Hamad Al Thani during the former’s two-day visit to New Delhi starting Monday.
The Qatar delegation commended India’s efforts in creating a conducive environment for Foreign Direct Investment (FDI) and Foreign Institutional Investment (FII), highlighting the country’s positive steps toward improving ease of doing business and fostering a welcoming investment climate.
“The Qatar side commended the steps taken by India in making a conducive environment for Foreign Direct Investment and Foreign Institutional Investment. In this regard, the Qatar side announced a commitment to invest USD 10 billion in India,” said the statement.
The Qatar leadership represented by the Amir further expressed interest in exploring investment opportunities across several key sectors in India, including infrastructure, technology, manufacturing, food security, logistics, hospitality, and other areas of mutual interest.
During the visit, Sheikh Tamim bin Hamad Al Thani met with MEA Jaishankar and President Droupadi Murmu, along with the PM Modi. Moreover, the two countries have committed to double trade to $28 billion within the next five years, and are also exploring signing a Free Trade Agreement (FTA), informed the External Affairs Ministry in a press conference.
The trade today between India and Qatar is about $14 billion annually, said MEA. “Both sides have agreed to set a target to double this in the next five years. Qatar is also an important partner for investments in India.”