India and Qatar have agreed to double their annual bilateral trade from the current USD 14 billion to USD 28 billion within the next five years. The announcement came following bilateral talks between Prime Minister Narendra Modi and Qatar’s Amir Sheikh Tamim Bin Hamad Al Thani on Tuesday. The discussions, which took place at Hyderabad House in New Delhi, focused on trade, investment, energy cooperation, and deepening people-to-people ties.
Prime Minister Modi welcomed the Amir and praised him for bringing a large delegation of senior Qatari officials and top business leaders to foster economic collaboration. Both countries also signed an agreement to elevate their bilateral relationship to a strategic partnership.
During a special briefing, Arun Kumar Chatterjee, Secretary (CPV & OIA) in the Ministry of External Affairs, highlighted that the two leaders agreed to set a target of doubling bilateral trade within five years. “Trade, investment, and energy were among the major topics discussed. The current trade volume stands at approximately USD 14 billion annually, and both sides have agreed to aim for USD 28 billion over the next five years,” Chatterjee said.
Qatar emerged as a key partner in India’s investment landscape, with the Qatar Investment Authority (QIA) currently holding around USD 1.5 billion in foreign direct investments (FDI) in India. Chatterjee noted that both leaders identified new sectors for QIA to increase its investments in the Indian market.
A Joint Business Forum, co-chaired by the Ministers of Commerce and Industry from both countries, was held earlier in the day. The forum brought together top industrialists and institutions from India and Qatar, facilitating productive discussions on future business collaborations.
The Amir of Qatar, Sheikh Tamim Bin Hamad Al Thani, arrived in New Delhi on Monday for a two-day state visit, marking his first trip to India since 2015. In a special gesture, Prime Minister Modi personally received him at Palam Technical Airport.
Earlier in the day, the Amir received a ceremonial welcome at Rashtrapati Bhavan, where he was greeted by President Droupadi Murmu and Prime Minister Modi. President Murmu is scheduled to host a banquet reception in honor of the Amir and his delegation later in the evening.
(Inputs from ANI)
