NEW DELHI: India and Qatar elevated their relationship to a strategic partnership on Tuesday, agreeing to double their annual trade from USD 14 billion in five years and focusing on enhancing cooperation in energy, investments and the technology sector following discussions between Prime Minister Narendra Modi and Qatari Amir Sheikh Tamim bin Hamad Al-Thani.
Five memorandums of understanding (MOUs) were signed including a revised double taxation avoidance agreement. The other pacts are in the area of economic collaboration, archives and documentation cooperation, as well as youth affairs and sports. India has already signed strategic partnerships with the UAE, Saudi Arabia, Oman and Kuwait within the Gulf Cooperation Council (GCC).
“Had a very productive meeting with my brother, Amir of Qatar H.H. Sheikh Tamim Bin Hamad Al Thani, earlier today. Under his leadership, Qatar has scaled new heights of progress. He is also committed to a strong India-Qatar friendship. This visit is even more special because we have elevated our ties to a Strategic Partnership,” Prime Minister Modi said on X.
“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 US $14 billion annually. Both sides have agreed to set a target to double this in the next five years,” said Arun Chatterjee, Secretary in the Ministry of External Affairs.
Qatar is also a major investor in India, with the Qatar Investment Authority (QIA) holding around US $1.5 billion in foreign direct investment (FDI) across sectors like retail, power, IT, education, healthcare, and affordable housing.
“Both leaders today identified a number of areas in which the Qatar Investment Authority can increase investments in India. This includes infrastructure, ports, shipbuilding, energy including renewable energy, smart cities, food parks, start-ups, and new technologies such as artificial intelligence, robotics, and machine learning,” Chatterjee said.
Prime Minister Modi expressed his appreciation for the Amir of Qatar bringing a large delegation of prominent Qatari business leaders for this visit. This is the second visit of the Amir to India after Modi came to power.
Regarding the former Navy officer who is still unable to leave Qatar, Chatterjee said, “I would like to just mention that his matter still remains subjudice in the local courts in Qatar. And as I mentioned, the Prime Minister appreciated the work that the Amir and his government are doing in the protection and welfare of Indian citizens.”
India and Qatar share a strong energy partnership, with Qatar being a key supplier of LNG to India. In February 2024, Qatar Energy and Petronet LNG Limited signed a 20-year agreement to supply 7.5 million metric tonnes of LNG annually starting in 2028. Both leaders discussed ways to expand and strengthen the energy partnership, including exploring joint investments.
The two countries have a rich history of friendship, strengthened by their trade relations and people-to-people ties. In 2023, they marked the 50th anniversary of diplomatic relations. Prime Minister Modi thanked the Amir of Qatar for his support of the large Indian community in Qatar, particularly during the COVID-19 pandemic, while the Amir expressed appreciation for the contributions of the Indian community to Qatar's development.
