India, Qatar to strengthen bilateral trade: Qatar Minister

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SME Times News Bureau | 27 Mar, 2015
Qatar would like to strengthen bilateral economic linkages with India. This was stated by H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani, Minister of Economy & Commerce, State of Qatar during the Qatar India Economic Forum being organized by the Confederation of Indian Industry in cooperation with the Qatar Chamber of Commerce and Industry, the Government of India and the Government of Qatar in New Delhi recently. The session coincided with the visit of His Highness Sheikh Tamim Bin Hamad Al Thani, Emir of the State of Qatar to India.

According to the Minister, Qatar is in the process of moving away from an economy based on oil production to a knowledge based one. This was the key mission of its Vision 2030 document. Qatar is currently growing at 10% p.a. making it one of the fastest growing economies of the world.

The Minister pointed out that the infrastructure sector in Qatar is receiving tremendous attention. Around $195 billion worth of major projects have already been commissioned. With Qatar hosting FIFA World Cup in 2022, this process of infrastructure development is expected to accelerate.

He was of the view that Indian companies could play a major role in Qatar’s development in various sectors. He pointed out that Indian companies such as Larsen & Toubro and Voltas were already executing major projects in Qatar and contributing to the Qatari economy. He stated that Qatar has several advantages which makes it an ideal destination for Indian investment. These included a strategic location, 100% FDI in most sectors, 100% repatriation of capital is allowed, a transparent environment based on English Common Law, No taxes, Duty free import of goods and services, creation of 3 Special Economic Zones among others. He invited Indian companies to invest in Qatar.

In his address, Anil Wadhwa, Secretary (West), Ministry of External Affairs, Government of India stated that both India and Qatar have complimentary economies. He pointed out that Qatari oil and gas was being used to power the growth of the Indian economy. He was of the view that the reforms being undertaken by the Government of India now throw up several areas for Qatar to invest in India.

According to Wadhwa, the three key areas which Qatar could consider in terms of investment in India include railways, defense production and infrastructure development. He observed that with the country developing industrial corridors in several parts of the country, Qatar could consider investing in some of these projects. In addition, the development of LNG terminals also provides an opportunity for investment by Qatar.

According to H.E. Sheikh Khalifa bin Jassim bin Mohammed Al Thani, Chairman, Qatar Chamber of Commerce & Industry stated that Qatar considers India as a very important investment destination. According to him, bilateral economic cooperation now extenbds well beyond oil and gas. He felt that with Qatar’s Vision 2030 calling for a transition to a knowledge based economy, India could play a major role in achieving this goal.

According to S N Subramanian, Co-Chairman, India Qatar CEOs Forum and Member of the Board of Directors & CEO, Constructions, Larsen & Toubro Limited, the privatisation and diversification of the Qatari economy provided good opportunities for Indian companies and investors to participate in its development. With Qatar hosting the 2022 FIFA World Cup, Indian companies would also be willing to invest in Qatar, especially in the engineering, procurement and construction sectors, given that Qatar will be hosting the 2022 FIFA World Cup.

The session also witnessed the signing of an MoU between Medanta Medicity, India and Humavis Group, Qatar to set up a super specialty hospital project in Qatar.