Qatar to Invest $10 Billion in India as Delhi Builds on Strong Ties with Gulf States

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NEW DELHI — Prime Minister Narendra Modi and Qatar’s Amir Sheikh Tamim Bin Hamad Al Thani on Tuesday signed an agreement to elevate India-Qatar relations to a Strategic Partnership with focus on trade, energy, investments, innovation, technology, food security, culture and people-to-people ties.

Both leaders held wide-ranging talks at New Delhi’s Hyderabad House, exchanging views on regional and global issues of mutual interest.

Besides establishing bilateral strategic partnership relations, both leaders also witnessed the exchange of an agreement on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

Earlier, the Amir, who is accompanied by a high-level delegation that includes ministers, senior officials, and a business delegation, was accorded a ceremonial welcome at the forecourt of Rashtrapati Bhavan.

In a special gesture, Prime Minister Modi travelled to the Air Force Station in Palam on Monday evening to receive the Amir on his landmark visit, his second to the country after March 2015.

“Went to the airport to welcome my brother, Amir of Qatar H.H. Sheikh Tamim Bin Hamad Al Thani. Wishing him a fruitful stay in India and looking forward to our meeting tomorrow,” the PM had posted on X after receiving Sheikh Tamim Bin Hamad Al Thani.

The Amir expressed his thanks to the Prime Minister, the Government of India and the friendly people of India for the warm welcome and generous hospitality, noting the depth of the historical relations between the two countries, and stressing that India is one of the most important economic partners of the State of Qatar.

“​India and Qatar have deep-rooted historical ties of friendship, trust and mutual respect. In recent years, the ties between the two countries including in the areas of trade, investment, energy, technology, culture and people-to-people ties have continued to strengthen,” read a statement issued by the Ministry of External Affairs (MEA), last week.

The two countries have also witnessed regular high-level interactions among the leadership. After Amir’s India visit in March 2015, PM Modi paid an official visit to Doha in June 2016 and in February 2024. The two leaders have also regularly met on the sidelines of other events, including the COP28 Summit in Dubai (December 2023) and the UN General Assembly.

“The Indian community residing in Qatar forms the largest expatriate community of Qatar, and is appreciated for its positive contribution in the progress and development of Qatar. The visit of His Highness the Amir will provide further momentum to our growing multifaceted partnership,” the MEA states.

Qatar has committed to investing $10 billion in India across various sectors, the two nations said in a joint statement on Tuesday, after Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani visit.

Prime Minister Narendra Modi said he had a “very productive meeting” with Qatar’s Emir, who was on a two-day visit to New Delhi.

“Trade featured prominently in our talks. We want to increase and diversify India-Qatar trade linkages,” Modi said in a post on X. It was the first such visit by a Qatari Emir to the South Asian nation in 10 years.

According to the statement, Qatar will invest $10 billion in India in infrastructure, technology, manufacturing, food security, logistics, hospitality and other sectors.

https://twitter.com/narendramodi/status/1891864391840055718?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

The two countries will aim to double their annual trade to $28bn in the next five years and are exploring the signing of a free trade agreement, the Indian foreign ministry said earlier in the day.

With PM Modi committed to fostering longstanding, historic and close relations with all Gulf countries, India’s relations with several countries in the Middle East region have been elevated, deepened and strengthened over the past 10 years.

In December, Prime Minister Modi visited Kuwait – the first by an Indian PM to the key West Asian country in 43 years.

Gulf countries are major trade and investment partners for India, and New Delhi also has a strong energy partnership with these countries.

Narendra Modi has also visited the UAE several times as a major transformation has been witnessed in India’s ties with the Gulf region since 2014.

The UAE-India Comprehensive Economic Partnership Agreement (CEPA), launched in May 2022, has significantly boosted economic and trade cooperation in a way that supports the national development goals of both countries.

During his visit to New Delhi in December, Kuwait’s Foreign Minister Abdullah Ali Al-Yahya called India as a “very important partner” and Prime Minister Modi as “one of the wisest persons” in the world. — IANS (with inputs from Reuters)

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