Qatar has pledged to invest $ 10 billion in India in several sectors, the two nations said in a joint statement on Tuesday, after Emir Sheikh Tamim Bin Hamad Al-Thani of Qatar visited New Delhi.
The Indian Prime Minister, Narendra Modi, said he had a “very productive meeting” with the EMIR of Qatar, who was on a two -day visit to New Delhi.
“Commerce appeared prominently in our talks. We want to increase and diversify the commercial ties of India-Qatar, ”said Modi in an X.
According to the statement, Qatar will invest $ 10 billion in India in infrastructure, technology, manufacturing, food security, logistics, hospitality and other sectors.
The two countries will aim to double their annual trade to $ 28 billion in the next five years and are exploring the signing of a free trade agreement, said the Ministry of Foreign Affairs of India earlier in the day.
The bilateral trade between the two nations stood at $ 18.77 billion in the fiscal year that ended in March 2023, which mainly included imports of liquefied natural gas (LNG) of Qatar.
Qatar represented more than 48 percent of LNG imports from India that year.
The two parties said they would work to improve bilateral energy cooperation, including mutual investments in energy infrastructure, as well as to analyze bilateral trade liquidation in their respective currencies.
