India and Qatar push for stronger trade, economic ties

India and Qatar are expanding their economic ties beyond energy to emerging technologies like artificial intelligence (AI) and quantum computing as global shifts in geopolitics, climate, and cybersecurity drive a collaborative approach, commerce minister Piyush Goyal said on Tuesday.

Speaking at the inaugural session of the India-Qatar Business Forum, Goyal emphasized the need for balanced trade and cross-border investments to deepen economic ties and position these countries for closer cooperation and growth.

"I think both Qatar and India are not in competition and complement each other," he added.

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Goyal said the transition to economic cooperation between both nations will hinge on three key pillars: sustainability, entrepreneurship, and energy. India’s vibrant startup ecosystem will present opportunities for investment from Qatar.

"These three pillars will define how we are going to work together in this changing world, where every 10 or 20 years we see a great reshuffle, both in the world order and in the business order," he said.

Trust in partnership

"I do believe, given the strength of our relationship, the huge trust in this partnership, our effort to build newer horizons in this engagement, to have a future which takes us to the next level, both in trade and investment," he added.

Goyal said India offered stability, predictability, and continuity for businesses. Deepening trade relationships with developed nations hopes to drive investments, joint manufacturing, renewable energy projects, and the development of smart cities.

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"I am sure working together with Qatar, we are reaching the potential, the huge potential that the partnership holds for a prosperous tomorrow where the Qatar Vision 2030 and India's 2047 will together define in the next five years," he added.

Meanwhile, Qatar's commerce and industry minister, Sheikh Faisal bin Thani bin Faisal Al Thani, expressed readiness to accelerate talks on a new bilateral investment promotion and protection agreement with India, though insisting that businesses in both countries need to push the boundaries for further strengthening investment and industrial collaboration.

"We invite Indian investors and entrepreneurs to explore the true potential of Qatar's economy," he added. 

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