India, Qatar aim to double annual trade in five years from existing USD 14 billion

New Delhi [India], February 18 (ANI): Prime Minister Narendra Modi held bilateral talks with Qatar Amir Sheikh Tamim Bin Hamad Al Thani on Tuesday, with the two leaders discussing trade, investment and energy and recalling historic trade linkages and deep-rooted people-to-people ties between the two countries.
PM Modi appreciated the Amir of Qatar for bringing a large delegation of top Qatari business for business on this visit.
India and Qatar have also signed an agreement to elevate the bilateral relationship to a strategic partnership.
Addressing a special briefing, Secretary (CPV & OIA) in the Ministry of External Affairs, Arun Kumar Chatterjee, said the two sides have to set a target to double the bilateral trade in the next five years.
He said Qatar Amir is accompanied by a high-level delegation comprising ministers, senior officials and business leaders.
"Amir of the State of Qatar Sheikh Tamim Bin Hamad Al Thani last visited India in March 2015. When PM Modi paid his second visit in February 2024, he had invited His Highness Amir to pay a state visit to India.....this morning, His Highness Amir was received by President of India Droupadi Murmu and PM Modi at Rashtrapati Bhavan, where he was accorded a ceremonial welcome. President will meet His Highness Amir in the evening today and also host a banquet reception in honour of Amir and accompanies delegation...PM Modi held bilateral talks with His Highness Amir at Hyderabad House. Both leaders recalled the historic trade linkages, deep-rooted people-to-people ties and robust bilateral relations between both countries," Chatterjee said.
"To elevate the relationship to a strategic partnership, India and Qatar have signed an agreement in this regard today. Trade, investment and energy were among the major topics of discussion between the two leaders today. The trade today between India and Qatar is about USD 14 billion annually. Both sides have agreed to set a target to double this in the next 5 years," he added.
The senior MEA official said that Qatar is also an important partner for investments in India.
Qatar's sovereign wealth fund, Qatar Investment Authority currently has about USD 1.5 billion FDI in India...both leaders today identified a number of areas in which Qatar Investment Authority can increase investments in India...Prime Minister appreciated His Highness Qatar for bringing a large dedication of top Qatari business for business on this visit. 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," he said.
Qatar's Amir Sheikh Tamim Bin Hamad AL Thani arrived in Delhi on Monday on a two-day state visit during which he held talks with Prime Minister Narendra Modi.
In a special gesture, Prime Minister Narendra Modi received the Amir of Qatar at the Palam Technical Airport in the national capital. (ANI)