Qatar pledged to spend USD 10 billion in India, ushering in a new chapter in the two countries’ economic partnership. This statement followed Qatar’s Amir, Sheikh Tamim Bin Hamad Al Thani’s visit to India, during which both countries took important steps to strengthen bilateral ties.
The investment will largely target infrastructure, technology, manufacturing, food security, logistics, and hospitality. Furthermore, India and Qatar have set an ambitious goal of doubling bilateral trade by 2030, with talks on a potential Free Trade Agreement (FTA) ongoing.
To boost financial cooperation, the Qatar Investment Authority (QIA) will open an office in India. In a significant fintech development, India’s UPI payment system will be made available at Qatar National Bank (QNB) points of sale. QNB will also increase its presence in India by opening an office in GIFT City.
Both nations have signed important Memorandums of Understanding (MoUs) on finance, sports, youth, cultural exchanges, and economic cooperation. A bilateral strategic partnership agreement has also been signed.
Qatari nationals can now use India’s e-Visa service, thereby enhancing people-to-people links. Furthermore, the two countries will commemorate a “Year of Culture, Friendship, and Sports” to foster greater collaboration.
