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India and Qatar have a robust economic relationship rooted in common objectives and a shared vision for inclusive development
In a significant step towards bolstering economic ties, India and Qatar held the first meeting of the Joint Task Force on Investment (JTFI) in New Delhi on Thursday (June 6, 2024). This marks a new chapter in the bilateral relations between the two nations, setting the stage for enhanced investment cooperation and mutual economic growth.
The meeting was co-chaired by Ajay Seth, Secretary of the Department of Economic Affairs, Ministry of Finance, Government of India, and Mohamed bin Hassen Al-Malki, Undersecretary of the Ministry of Commerce and Industry, Government of the State of Qatar.
In the spirit of fostering mutual growth and prosperity, the Joint Task Force on investment has reaffirmed the commitment of both the Nations to strengthen bilateral relations and to leverage the collective potential for accelerated growth, investment opportunities and synergistic collaboration across diverse sectors ranging from infrastructure and energy to technology and innovation, India's Finance Ministry said.
"The JTFI has underscored the significance of the robust economic relationship between India and Qatar, rooted in shared values, common objectives, and a shared vision for inclusive development," the ministry noted.
This meeting represents a significant milestone in the ongoing efforts to strengthen ties between the two countries, which have historically enjoyed amicable relations. During the meeting, both sides deliberated on several key areas of cooperation. They emphasized the importance of:
Infrastructure Development: Recognizing the critical role of infrastructure in economic growth, India seeks to attract greater Qatari investment in its infrastructure projects. This includes investments in transportation, logistics, and urban development, which are essential for India's continued development.
Energy Partnership: Qatar remains a key energy partner for India, supplying liquefied natural gas (LNG) to meet India's growing energy needs. According to official data, Qatar supplied 10.74 MMT of LNG worth USD 8.32 billion to India in FY 2022-2023. Both countries are exploring ways to further strengthen this partnership, ensuring energy security and sustainability.
Technological Innovation: The task force underscored the importance of technological collaboration. By fostering innovation and technological advancements, both nations aim to enhance their competitive edge in the global market.
Economic Diversification: Diversifying economic engagement across multiple sectors is crucial for sustained growth. India's bilateral trade with Qatar in FY 2022-2023 was USD 18.77 billion. The JTFI discussed strategies to promote investments in emerging sectors, including renewable energy, healthcare, and digital economy.
The establishment of the JTFI is a testament to the shared commitment of India and Qatar to promote mutual growth and prosperity. By facilitating bilateral investment and economic engagement, the task force aims to create new opportunities for businesses and investors from both countries. This collaboration is expected to drive economic growth, create jobs, and enhance the overall standard of living in both nations.
Thursday's discussions laid the groundwork for deeper coordination on priority areas identified by both sides. While specific investment targets or deals were not disclosed, the meeting set the stage for future engagements and potential agreements. Both countries have expressed their resolve to continue working closely together to achieve their shared economic goals.
In addition to the JTFI, a Joint Business Council has been set-up between Federation of Indian Chambers of Commerce & Industry (FICCI) and Qatar Chamber of Commerce & Industry (QCCI). A Joint Working Group (JWG) on Trade and Commerce has also been established to facilitate trade and commerce relations between both sides.
As these mechanisms continue their work, the collaborative efforts of India and Qatar will undoubtedly yield significant benefits for both nations, enhancing their economic resilience and contributing to regional stability and development. The successful convening of the first JTFI meeting marks the beginning of a new era in India-Qatar relations, characterized by increased cooperation, strategic investment, and shared growth.
The meeting was co-chaired by Ajay Seth, Secretary of the Department of Economic Affairs, Ministry of Finance, Government of India, and Mohamed bin Hassen Al-Malki, Undersecretary of the Ministry of Commerce and Industry, Government of the State of Qatar.
In the spirit of fostering mutual growth and prosperity, the Joint Task Force on investment has reaffirmed the commitment of both the Nations to strengthen bilateral relations and to leverage the collective potential for accelerated growth, investment opportunities and synergistic collaboration across diverse sectors ranging from infrastructure and energy to technology and innovation, India's Finance Ministry said.
"The JTFI has underscored the significance of the robust economic relationship between India and Qatar, rooted in shared values, common objectives, and a shared vision for inclusive development," the ministry noted.
This meeting represents a significant milestone in the ongoing efforts to strengthen ties between the two countries, which have historically enjoyed amicable relations. During the meeting, both sides deliberated on several key areas of cooperation. They emphasized the importance of:
Infrastructure Development: Recognizing the critical role of infrastructure in economic growth, India seeks to attract greater Qatari investment in its infrastructure projects. This includes investments in transportation, logistics, and urban development, which are essential for India's continued development.
Energy Partnership: Qatar remains a key energy partner for India, supplying liquefied natural gas (LNG) to meet India's growing energy needs. According to official data, Qatar supplied 10.74 MMT of LNG worth USD 8.32 billion to India in FY 2022-2023. Both countries are exploring ways to further strengthen this partnership, ensuring energy security and sustainability.
Technological Innovation: The task force underscored the importance of technological collaboration. By fostering innovation and technological advancements, both nations aim to enhance their competitive edge in the global market.
Economic Diversification: Diversifying economic engagement across multiple sectors is crucial for sustained growth. India's bilateral trade with Qatar in FY 2022-2023 was USD 18.77 billion. The JTFI discussed strategies to promote investments in emerging sectors, including renewable energy, healthcare, and digital economy.
The establishment of the JTFI is a testament to the shared commitment of India and Qatar to promote mutual growth and prosperity. By facilitating bilateral investment and economic engagement, the task force aims to create new opportunities for businesses and investors from both countries. This collaboration is expected to drive economic growth, create jobs, and enhance the overall standard of living in both nations.
Thursday's discussions laid the groundwork for deeper coordination on priority areas identified by both sides. While specific investment targets or deals were not disclosed, the meeting set the stage for future engagements and potential agreements. Both countries have expressed their resolve to continue working closely together to achieve their shared economic goals.
In addition to the JTFI, a Joint Business Council has been set-up between Federation of Indian Chambers of Commerce & Industry (FICCI) and Qatar Chamber of Commerce & Industry (QCCI). A Joint Working Group (JWG) on Trade and Commerce has also been established to facilitate trade and commerce relations between both sides.
As these mechanisms continue their work, the collaborative efforts of India and Qatar will undoubtedly yield significant benefits for both nations, enhancing their economic resilience and contributing to regional stability and development. The successful convening of the first JTFI meeting marks the beginning of a new era in India-Qatar relations, characterized by increased cooperation, strategic investment, and shared growth.
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