Marking another milestone in the long-standing cooperation between India and the Gulf Cooperation Council (GCC), India and Qatar have ratified two Memoranda of Understanding (MoU) entered into for the purposes of boosting international trade, commerce, supply of technology and entrepreneurship.
Speaking at the India-Qatar Business Forum on Tuesday (February 18, 2025), Commerce and Industry Minister Piyush Goyal announced that two separate MoUs had been entered into, the first between Qatari Businessmen Association (QBA) and Confederation of Indian Industry (CII) while the second was executed between ‘Invest Qatar’ and ‘Invest India’.
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Minister Goyal keenly invited Qatar to be an integral part of India’s road to Viksit Bharat 2047 while referencing cooperation for Qatar’s own Qatar National Vision 2030.
The Business Forum is allied with the visit of Sheikh Tamim Bin Hamad Al Thani, Amir of the State of Qatar who was received by Prime Minister Narendra Modi at the Hyderabad House in Delhi today.
Addressing Sheikh Tamim Bin Hamad Al Thani as his ‘brother’, Prime Minister Narendra Modi stepped away from the established norms to personally welcome the Emir of Qatar at the New Delhi airport on Monday.
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Both countries are slated to collaborate on boosting investment as a vehicle to build long term strategic partnership between India and Qatar. Furthermore, the discussions shall enable Indian and Qatari Business to explore joint ventures, foreign direct investments, with a key focus on improving technology transfer and innovation partnerships.
Trade between both the countries had been laid low for a while, but has seen much growth in recent times. Qatar serves as one of the biggest exporters of Liquefied Natural Gas (LNG) and Liquefied Piped Gas (LPG), chemicals, petrochemicals, plastics and aluminum to India while India supplies food grains, vegetables, fruits, construction components, precious stone and textiles among others.
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The MoUs are touted to tap into uncharted territories, exploring areas such as energy-exchange, startup ecosystems, fintech, technology and artificial intelligence, the Internet of Things (IoT), quantum conducting and semiconductors in line with the pace of the modern world.
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