New Delhi (Web Desk): During a recent visit to New Delhi by Qatar's Emir Sheikh Tamim bin Hamad Al-Thani, both Qatar and India announced a significant agreement where Qatar pledged to invest $10 billion into various sectors in India.
This marks a milestone in the relationship between the two nations, with Prime Minister Narendra Modi describing the discussions as “very productive.”
The Emir's two-day visit was the first of its kind in a decade, underscoring the growing diplomatic and economic ties between the countries.
The areas identified for Qatari investment include infrastructure, technology, manufacturing, food security, logistics, hospitality, and more.
Both countries aim to double their annual trade to $28 billion within the next five years, a goal that seems ambitious given their current trade volume of $18.77 billion in the fiscal year ending March 2023.
The majority of this trade has been in the form of liquefied natural gas (LNG), with Qatar providing over 48% of India’s LNG imports last year.
In addition to the investment commitments, the two nations have expressed their intention to explore the possibility of a free trade agreement and deepen their energy cooperation.
Both sides are considering mutual investments in energy infrastructure and looking into the idea of settling trade in their respective currencies.
These initiatives signal a broader strategic partnership that goes beyond energy, as both countries work towards diversifying their economic ties.
