Commerce and Industry Minister Piyush Goyal announced on Tuesday that two MoUs have been signed between the Qatari Businessmen Association (QBA) and Confederation of Indian Industry (CII) and another between Invest Qatar and Invest India. The Minister also announced the elevation of the Joint Working Group on Trade and Commerce to the Ministerial level.

Speaking at the inaugural session of the India-Qatar Business Forum here, Goyal highlighted that the future partnership between the two countries will rest on the pillars of sustainability, technology, entrepreneurship and energy. His Qatari counterpart Sheikh Faisal bin Thani bin Faisal Al Thani was the Guest of Honour at the session.

Goyal invited companies from Qatar to be a part of India’s journey of growth in investments, manufacturing, renewable energy, expansion of smart cities and infrastructure development. Qatar Vision 2030 and India’s Viksit Bharat 2047 will together define a much bigger and brighter future for the people of the two countries, the Minister said.

Goyal said that the terms of trade are undergoing a change, evolving from energy trade to emerging technologies like artificial intelligence, the Internet of Things (IoT), quantum conducting and semiconductors. The entire world is going through a major shift in the context of geopolitical tensions, climate change, cybersecurity threats and the focus on localisation around the world, he added.

The Minister stated that India and Qatar complement each other and can work together for prosperity and a better future.

Quoting Prime Minister Narendra Modi, the Minister said, “Today be it major nations or global platforms, the confidence in India is stronger than ever before,” and urged the business leaders to work together with the same spirit and confidence.

The Minister noted that India offers a vibrant economy, a rich demography with a young population, reforms in every sphere of business, a focus on ease of doing business and quality at the centrepiece of our industrial evolution. India today provides an oasis of stability, predictability and continuity, he added.