Qatar, India elevate ties to 'strategic relationship', exchange MoUs to boost trade
The agreement to establish a strategic partnership between the two countries was held in the presence of PM Modi and the visiting Emir of Qatar in Delhi
Qatar and India formally signed an agreement on Tuesday (February 18) to elevate their ties to 'Strategic Partnership' and exchanged several MoUs to boost trade, energy, investments, innovation, technology, food security and culture.
The agreement to establish a strategic partnership between the two countries was held in the presence of Prime Minister Narendra Modi and the visiting Emir of Qatar Sheikh Tamim Bin Hamad Al-Thani at the Hyderabad House in Delhi.
They also signed a revised agreement on the avoidance of double taxation and prevention of fiscal evasion concerning taxes on income.
MoUs
In an effort to strengthen bilateral relations, India and Qatar inked two key Memorandums of Understanding (MoUs) on Tuesday marking a new phase in their long-standing partnership.
The agreements, signed in the presence of Union minister of commerce and industry, Piyush Goyal, and the Emir of Qatar, Sheikh Tamim Bin Hamad Al-Thani, are set to strengthen cooperation between the two nations across various sectors.
Energy trade to new age technologies
Goyal welcomed the growing energy trade with the West Asian country while noting that the goal is to transition to new age technologies forming the bulwark of trade.
The minister said that India and Qatar have elevated their Joint Working Group on trade to the ministerial level. He pointed out, “Qatar will bring to the table what it can do best, and India will contribute similarly.”
The MoUs were signed between the Confederation of Indian Industry (CII) and Qatari Businessmen Association (QBA) and between Invest India and Invest Qatar.
The MoUs aim to help expand business cooperation between India and Qatar, which the minister noted has been primarily focussed on energy trade.
Invitation
The minister also invited companies from Qatar to be a part of India’s journey of growth in investments, manufacturing, renewable energy and infrastructure, he added that the synergy of Qatar Vision 2030 and India’s Viksit Bharat 2047 can create prosperity for people in both the countries.
Emir's second visit to India
The Emir of Qatar is on a two-day visit to India from Monday (February 17). His visit is likely to boost strategic relations between the two countries.
This is the second visit by the Emir of Qatar to India since 2015. Besides prominent ministers and officials, the Qatar Emir's delegation includes business leaders, underscoring the growing economic and trade cooperation between the two nations.
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Robust economic partnership
India and Qatar currently enjoy a robust economic partnership with bilateral trade expanding across multiple sectors.
Prime Minister Narendra Modi, who went to the airport to greet the Emir of Qatar, held a bilateral meeting Sheikh Tamim Bin Hamad Al Thani, at the Hyderabad House in New Delhi on Tuesday.
The two leaders engaged in delegation-level talks aimed at strengthening the ties between India and Qatar.
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Meanwhile, in February, to further boost assured supplies, Petronet LNG Ltd signed a long-term deal in February 2024 with Qatar Energy for supply of 7.5 million tonnes of LNG per annum starting from 2028 until 2048. With India’s growing energy demands driven by rapid urbanization and industrialization, Qatar’s role as a reliable energy partner is crucial for India’s energy security.
Notably Qatar, which is the largest supplier of LNG to India, accounts for over 40 per cent of India's global LNG imports.
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For India and Qatar the fact that Indians in Qatar make up a formidable 27 per cent of its population is significant for both countries. According to World Bank data, expatriates in Qatar send around $4.143 billion in remittances to India annually, making it a significant source of foreign remittances.
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