India-Qatar Trade Relations: Qatar said on Tuesday (February 18) that it is ready to take steps to accelerate the talks for the new bilateral investment promotion and protection agreement with India. Qatar’s Commerce and Industry Minister Sheikh Faisal bin Thani bin Faisal al Thani said that India has become its third largest business partner. He said that the businesses of both countries need to carry forward the boundaries to further strengthen investment and industrial cooperation.
,We invite Indians,– Faisal al Thani
At the Indo-Kartar Business Forum Conference of the Industries of Industry Indian Industry (CII), Faisal al Thani said, “We have modernized our investment system. We invite Indian investors and entrepreneurs to find out the real potential of Qatar’s economy. We are ready to take steps towards intensifying dialogue for a new bilateral investment promotion and protection agreement. ”
Decline in bilateral trade
Qatar’s Commerce Minister has come here with a business delegation. He is with the rich Sheikh Tamim bin Hamad al-Thani of Qatar, who reached India on a two-day visit tomorrow (17 February). During April 2000 to September 2024, India received a $ 1.5 billion FDI (FDI) from Qatar. Bilateral trade in India and Qatar has come down from $ 18.77 billion in 2022-23 to $ 14 billion in 2023-24.
These products are imported from Qatar
Major imports from Qatar to India include LNG, LPG, chemicals and petrochemicals, plastic and aluminum products, while India’s major exports include grains, copper products, iron and steel products, vegetables-fruit, spices, processed food products , Electrical and other machinery, plastic products, manufacturing materials, textiles and costumes, chemicals, precious stones and rubber are included.
Qatar is the largest supplier of LNG and LPG. Apart from this, India also imports ethylene, propose, ammonia, urea and polyethylene from Qatar. The business balance remains in the side of Qatar.
,We are looking at a new future,, Piyush Goyal
On this occasion, Commerce and Industry Minister Piyush Goyal said that in the last few years we have seen inclination towards energy trade between the two countries and there is a need to promote the trade of other products. He said, “Now we are looking towards a new future, where we will move away from making energy the basis of our business to new era technologies, whether it is Artificial (AI), ‘Internet of Things’ (IOT) Be it quantum computing or semiconductor. “
Goyal said that the change of trade relations between the two countries will be based on three pillars- stability, entrepreneurship and energy. He also invited Qatar’s businesses to find opportunities for investment in India.
Signature made on two MoUs
Two MoUs were signed in this program. One of these industry organizations was between the Confederation of Indian Industry (CII) and Qatar Businesses Association (QBA) and the other between ‘Invest Qatar’ and ‘Invest India’.
“FTA For GCC Discussing with,– Goyal
The minister said that Qatar National Bank is expanding its presence in India by setting an office in the ‘Gift’ city of Gujarat. When asked about the possibility of a trade agreement with Qatar, Goyal said, “There is always every kind of discussion. We are discussing with the Gulf Cooperation Council (GCC) for the Free Trade Agreement (FTA). Often many countries of GCC have also discussed to make bilateral agreements with India. We are open for both. “
The six member countries of GCC are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). India already has FTA with UAE. The talks for a similar agreement with Oman are in the final stages. On the devaluation of the rupee, Goyal said that India’s currency is doing well in the emerging markets. He said, “India’s foreign exchange reserves are sufficient. So there is nothing to worry about. “
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