India-Qatar Strategic Partnership
During the meeting between Prime Minister Narendra Modi and Amir Sheikh Tamim bin Hamad Al Thani in New Delhi, India and Qatar agreed to elevate their relationship to a “strategic partnership”. The bilateral trade target was set to double to USD 28 billion over the next five years, alongside a commitment for Qatari investment of USD 10 billion in India.
Key Agreements and Discussions
- India and Qatar explored the possibility of a Free Trade Agreement (FTA).
- Trade between the two countries currently stands at USD 14 billion annually.
- Qatar’s sovereign wealth fund has invested USD 1.5 billion in India, with plans to increase investments across various sectors.
- Agreements signed covered economic cooperation, youth affairs, and a double taxation avoidance agreement.
- Qatar becomes the latest country in the GCC to sign a strategic partnership with India, joining the UAE, Saudi Arabia, Oman, and Kuwait.
Investment and Economic Relations
Qatar's Sovereign Wealth Fund, the Qatar Investment Authority, has USD 1.5 billion in Foreign Direct Investment (FDI) in India across sectors such as retail, power, and IT. They aim to further invest in:
- Infrastructure
- Energy, including renewable energy
- Smart cities and food parks
- Start-ups and new technologies like AI, robotics, and machine learning
Energy Partnership
Both countries share a robust energy partnership, with Qatar being a major LNG supplier to India. An agreement was signed to supply 7.5 million metric tonnes per annum of LNG to India from 2028 for 20 years.
Regional and Security Discussions
- The two leaders discussed the Middle East situation, including Israel-Hamas issues, emphasizing mutual positions and regional stability.
- They condemned terrorism in all forms, agreeing to collaborate on intelligence sharing and combating transnational crimes.
- Security and cybersecurity cooperation were discussed, with emphasis on preventing cyberspace misuse for terrorism and social disruption.
People-to-People Ties
The Qatari leadership appreciated the significant contribution of the Indian community to Qatar's development, and the Indian side acknowledged Qatar’s efforts in safeguarding the Indian diaspora's welfare.
Other Agreements
- Establishment of a strategic partnership and a revised double taxation avoidance agreement was formalized.
- Five MoUs were signed on economic collaboration, youth and sports, and investment facilitation.
