Indian Prime Minister Narendra Modi and Qatar’s Sheikh Tamim bin Hamad Al Thani held talks in New Delhi on February 18. Qatar has agreed to invest $10 billion in India as trade ties between the two countries deepen.
The countries have committed to doubling the level of imports and exports to $28 billion in the next five years and to forge a free trade agreement.
Investment opportunities will be explored in sectors including infrastructure, technology, manufacturing, food security, logistics and hospitality, a joint statement said.
Its sovereign wealth fund, the Qatar Investment Authority, will open an office in India.
The announcements came after a two-day visit to India during which Sheikh Tamim bin Hamad Al Thani held talks with Indian Prime Minister Narendra Modi.
“We want to increase and diversify India-Qatar trade relations. Our nations can work closely in areas such as energy, technology, healthcare, food processing, pharmaceuticals and green hydrogen,” Modi posted on social media.
Officials from both sides will begin talks on a Comprehensive Economic Partnership Agreement (CEPA), which seeks to diversify trade and enhance commercial ties.
India’s Ministry of External Affairs Secretary Arun Kumar Chatterjee said India is in talks with the GCC group as a whole for a CEPA agreement.
The Qatar-India statement said the two countries have also revised their double taxation avoidance agreement.
