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Qatar invests $10 billion in India

Qatar invests $10 billion in India

Qatar has pledged to invest $10 billion in India in various sectors. The two nations announced this in a statement released on Tuesday after Qatar's Sheikh Tamim Bin Hamad Al Thani visited New Delhi.

The Indian Prime Minister Narendra Modi stated that he had "a very productive meeting" during his two-day New Delhi visit with Qatar's Emir.

Trade was a major topic in our discussions. Modi wrote in a blog post that he wanted to diversify and increase India-Qatar's trade ties. This was the first visit of a Qatari emir to South Asia in the last 10 years.

Qatar has announced that it will invest $10 billion dollars in India, in areas such as infrastructure, technology and manufacturing, food safety, logistics, hospitality, and others.

Indian Foreign Ministry said that the two countries are looking to sign a free-trade agreement and double their trade in five years to $28 billion.

In the fiscal year ending March 2023, bilateral trade between the two countries was $18.77 Billion. This included mainly liquefied gas imports from Qatar.

In 2010, Qatar was responsible for nearly 48% of India’s LNG imports.

Both sides agreed to work together on enhancing bilateral energy cooperation. This would include mutual investments in energy infrastructure as well as settlement of bilateral trade using their respective currencies. Reporting by Shivam Patel; writing by Shilpa jamkhandikar, Tanvi Mehta and YPrajesh; editing by Hugh Lawson and YP Rajesh

(source: Reuters)