Qatar’s Commerce and Industry Minister Sheikh Faisal bin Thani bin Faisal Al Thani has said his country is ready to expedite a new bilateral investment promotion and protection agreement with India and invited Indian businesses to invest in the country.
“We invite Indian investors and entrepreneurs to explore the true potential of Qatar’s economy and infrastructure and technology and beyond. We are ready to take decisive steps to fast track negotiations for a new bilateral investment promotion and protection agreement,” Faisal Al Thani said at the India-Qatar Business Forum meet organised by industry body CII on Tuesday.
Trade partnership between the two countries had flourished with India becoming Qatar’s third largest trading partner in 2024 and trade volumes surging 51 per cent in just four years, the Qatari Minister, who is heading a business delegation, said.
The business delegation is accompanying Amir of Qatar Sheikh Tamim Bin Hamad Al-Thani, who is on an official visit to India.
While Qatar exported goods, mostly fuel, worth $12.34 billion in FY24, its imports from India were much lower at $1.7 billion.
energy trade
Commerce and Industry Minister Piyush Goyal, in his speech at the event, said over the years, one could see a bias towards energy trade between the two countries and there was a need to work towards pushing trade in other products also.
“Now we are looking at a new future where we will transition from energy being a bulwark of our trade to new age technologies whether it is artificial intelligence, internet of things, quantum computing and semiconductors,” he said.
The Minister suggested creating a joint working group on sectors of mutual interest and invited Qatari businesses to explore opportunities in GIFT City (Gujarat International Finance Tech-City).