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According to a report, the Qatar Investment Authority plans to open an office in India and invest $ 10 billion.
Prime Minister Narendra Modi and Qatar Sheikh Tamim bin Hamad Al Thani during a meeting at Hyderabad House in New Delhi. (Image: PTI)
The Qatar Investment Authority (QIA) on Tuesday decided to open an office in India and announced an investment of $ 10 billion, the Ministry of External Affairs (Mea) said in a statement.
“Qatar and India have a strong strategic relationship and given that the Indian economy is one of the fastest growing economies, the Indian side welcomed the Qatar Investment Authority (QIA) verdict to open an office in India. The two sides expressed satisfaction with the progress made by the Joint Task Force on investment during their first meeting in June 2024, where various routes were discussed for investment in India, “the MEA said.
Officials said that during his meeting, Aamir of Prime Minister Narendra Modi and Qatar Sheikh Tamim bin Hamad al-Thani discussed the possibility of signing a bilateral free trade agreement in the future.
Arun Kumar Chatterjee in the Ministry of External Affairs, Secretary (CPV & Oia), also said that India and Gulf Cooperation Council (GCC) are currently “talking about being FTA”.
The GCC is an impressive group consisting of the United Arab Emirates (UAE), Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.
“India and Gulf Cooperation Council, we are currently interacting about an FTA, a free trade agreement. As far as Qatar is concerned, both sides are searching for the possibility of signing a free trade agreement in the future. And, this was one of the discussions in this era of discussion, “Chatterjee said that when asked about the status of Indo-GCC FTA talks.
Qatar Amir’s visit to India results
- Strategic Participation: Indo-Qatar bilateral relations became elevated for a strategic partnership.
- Bilateral mechanisms: formation of two joint ministerial commissions: one at the level of foreign ministers and the other for the ministers of Commerce and Industry.
Business and Investment:
- Qatar is committed to investing USD 10 billion in India, which discovers areas such as infrastructure, technology, manufacturing, food security, logistics and hospitality.
- The Qatar Investment Authority (QIA) will open an office in India.
- The two countries set a target to double bilateral trade by 2030.
- Discussion on the discovery of Indo-Quarter Free Trade Agreement.
- India’s UPI in Qatar National Bank (QNB) operating in Qatar’s operating point.
- Qatar National Bank expanded its presence in India with an office in Gift City.
energy:
- Deepened energy partnership, including trade and mutual investment in energy resources.
Other developments:
- Extension of Indian e-VISA facility for Katri citizens.
- Agreement to celebrate the year of culture, friendship and sports in the near future.
Major agreements and mouses:
- Strategic partnership agreement.
- Amended agreement on avoiding dual taxation.
- MoU on financial and economic cooperation between the finance ministries of India and Qatar.
- MOU on Youth and Sports Cooperation Between the Ministries of Youth Affairs and both countries.
- MoU on cooperation in documents and archives.
- MoU between India and investment Qatar.
- MoU between the Indian Industry (CII) and the Union of the Qatari Businessman Association.
Prime Minister Narendra Modi and Qatar’s Aamir today held extensive talks at the Hyderabad House today, which agreed to extend the Indo-Qatar relations for “strategic partnership”. People’s relations, further strengthening the long and strong relationship between the two countries.
Briefing reporters, Foreign Secretary Chatterjee said that the leaders set an ambitious target in the next five years to double the existing USD 14 billion to 28 billion USD.
