Qatar to invest £7.94 billion in India across key sectors

QATAR has committed to investing £7.94 billion in India across multiple sectors, according to a joint statement issued by both nations on Tuesday.

The announcement followed the visit of Qatar's emir, Sheikh Tamim bin Hamad Al-Thani, to New Delhi.

Indian prime minister Narendra Modi said he had a "very productive meeting" with the Qatari emir, who was in India for a two-day visit.

"Trade featured prominently in our talks. We want to increase and diversify India-Qatar trade linkages," Modi said in a post on X. This was the first visit by a Qatari emir to India in a decade.

As per the joint statement, Qatar’s investment will be directed towards infrastructure, technology, manufacturing, food security, logistics, hospitality, and other sectors.

India and Qatar also aim to double their annual trade to £22.22 bn within the next five years and are considering signing a free trade agreement, according to India's foreign ministry.

Bilateral trade between the two countries stood at £14.89 bn in the fiscal year ending March 2023, with liquefied natural gas imports from Qatar making up a major share.

Qatar accounted for more than 48 per cent of India's LNG imports during that period.

Both nations have agreed to enhance energy cooperation, including mutual investments in energy infrastructure, and are exploring options for settling bilateral trade in their respective currencies.

(With inputs from Reuters)