India and Qatar upgraded their ties to a strategic partnership, during the two-day State visit of the Amir of Qatar, Sheikh Tamim Bin Hamad Al-Thani.
The decision was announced after a meeting between Prime Minister Narendra Modi and the super tall
Sheikh Tamim Bin Hamad Al-Thani in Hyderabad House in New Delhi, on Tuesday.
The Agreement on the Establishment of a Strategic Partnership between the two nations was signed in the presence of the two leaders.
The visit yielded ambitious targets of doubling the bilateral trade over the next five years and promising commitments such as Qatar’s pledge to invest USD 10 billion in India.
Prime Minister Modi was prompt in posting on X, “Trade featured prominently in our talks. We want to increase and diversify India-Qatar trade linkages. Our nations can also work closely in sectors like energy, technology, healthcare, food processing, pharma and green hydrogen.”
The middle-aged Amir of Qatar who is here at the invitation of Prime Minister Narendra Modi, last visited India in March 2015.
He is accompanied by a delegation comprising ministers, senior officials and business leaders.
The Chief Executive Officers of several top Qatari entities such as Qatar Investment Authority and Qatar Tourism, are also part of the delegation.
India has welcomed the decision of the Qatar Investment Authority (QIA), to open an office here.
Prime Minister Modi visited Qatar for the second time in February 2024.
Two Agreements and Five Memorandums of Understanding have been signed during the State visit of His Highness the Amir.
A revised agreement aimed at avoiding double taxation and preventing fiscal evasion concerning income taxes was also signed, further deepening economic cooperation between the two countries.
According to the India Qatar joint statement issued on Tuesday, the two sides reaffirmed their commitment to further strengthen the bilateral relations through regular and structured cooperation in all areas, including political, trade, investment, security, energy, culture, education, technology, innovation, sustainability and people-to-people ties.
“The two sides expressed happiness at the signing of the revised Double Taxation Avoidance Agreement and also agreed to expedite negotiations on the India-Qatar Bilateral Investment Treaty,” the joint statement reads.
The Qatar side commended the steps taken by India in making a conducive environment for Foreign Direct Investment and Foreign Institutional Investment and expressed interest to explore investment opportunities in different sectors, including infrastructure, technology, manufacturing, food security, logistics, hospitality, and other areas of mutual interest. In this regard, Qatar announced a commitment to invest USD 10 billion in India.
India and Qatar welcomed the operationalization of India’s Unified Payment Interface (UPI) in QNB’s Points of Sales in Qatar and looked forward to implement nation-wide roll-out of UPI acceptance in Qatar.
They agreed to explore settlement of bilateral trade in respective currencies.
The two countries will also work to further enhance bilateral energy cooperation, including through promotion of trade and mutual investments in energy infrastructure and regular meetings of stakeholders from both sides, including the Joint Task Force on Energy.
Two MoUs were signed in the field of youth and sports and documents and archives respectively.
The two leaders unequivocally condemned terrorism in all its forms and manifestations and agreed to cooperate in combating this menace through bilateral and multilateral mechanisms.
They agreed to enhance cooperation in information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking, Cyber crime and other transnational crimes.
Arun Kumar Chatterjee, Secretary (Central Passport Organization and Other Visa Matters), told media persons at a special briefing here that Trade, investment and energy were among the major topics of discussion between the two leaders.
“The trade today between India and Qatar is about US $14 billion annually. 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. The Qatar’s Sovereign Wealth Fund, the Qatar Investment Authority, currently has about US $1.5 billion FDI in India in sectors like retail, power, IT, education, health, affordable housing etc,” the senior diplomat said at the briefing.
Chatterjee further said that the Amir’s visit provided an excellent opportunity for the top leadership of the two countries to discuss and cement a strategic partnership for enhanced future cooperation and exchange views on regional and international issues of mutual interest.
He said that both leaders today identified a number of areas in which the Qatar Investment Authority can increase investments in India.
This includes infrastructure, ports, shipbuilding, energy including renewable energy, smart cities, food parks, start-ups, and new technologies such as artificial intelligence, robotics, and machine learning.
The Joint Business Forum was held today under the co-chairmanship of the Ministers of Commerce and Industry of India and Qatar in which top industrialists, companies and institutions of both countries held very productive interactions
Replying to a question, Secretary (Central Passport Organization and Other Visa Matters), said that
38 Qatari entities were represented in the business forum covering sectors such as retail, IT, tourism, technology, food processing, realty and hospitality.
On the sidelines of the Joint Business Forum, Invest India and Invest Qatar signed an MOU for promoting mutual investments.
Chatterjee said that India and the Gulf Cooperation Council, are negotiating about having a free trade agreement. “As far as Qatar is concerned, both sides are exploring the possibility of signing a free trade agreement in future and that was one of the discussions that took place in this round of talks.”
The Confederation of Indian Industry (CII) and the Qatar Businessmen Association also signed an MOU for promoting networks between the top businessmen on either side.
The Qatari leadership expressed deep appreciation for the role and contribution made by the Indian community in Qatar for the progress and development of their host country.
Before his meeting with Prime Minister Modi, the Amir of Qatar was accorded a ceremonial guard of honour at the Rashtrapati Bhavan as President Droupadi Murmu welcomed the visiting leader.
External Affairs Minister S. Jaishankar also called on Shaikh Tamim bin Hamad Al-Thani, on Monday.
Chatterjee said that Prime Minister Modi’s special gesture of receiving the Amir of Qatar, at the airport, shows not only the strength of the relations between the two countries, but also the high personal regard that both the leaders have for each other.
Notably, Prime Minister Modi put out pictures on X of receiving the Amir at the airport, with a warm embrace and a firm handshake. The post read, “Went to the airport to welcome my brother, Amir of Qatar H.H. Sheikh Tamim Bin Hamad Al Thani.”
