New Delhi, Feb 19: The enhanced strategic partnership between India and Qatar sets the stage for deeper economic cooperation, paving the way for increased trade and investment flows between the two nations, the Federation of Indian Export Organisations (FIEO) said on Wednesday.
Highlighting the key outcomes of the visit, Ashwani Kumar, President of FIEO, emphasised that the strengthening of bilateral ties will create new opportunities for Indian exporters and businesses.
While Qatar announced a commitment to invest $10 billion in India, the country also recognised Qatar’s growing role as a regional hub for goods and services, leveraging its strategic location, world-class infrastructure, and business-friendly policies. The outcomes of this high-level visit are extremely promising for India’s exporting community.
“The commitment to doubling bilateral trade, coupled with Qatar’s significant investment pledge and initiatives to improve trade facilitation, creates a conducive environment for Indian businesses to expand their footprint in Qatar,” said Kumar.
The ambitious commitment to significantly enhance trade volumes signals a robust and positive trajectory for Indian businesses engaged with Qatar. The integration of unified payments interface (UPI) in Qatar will also streamline financial transactions, making cross-border trade more seamless and efficient.
Greater engagement between industry bodies, including the Joint Business Council and Joint Business Forum, will enhance business-to-business partnerships and promote trade. India and Qatar also expressed happiness at the signing of the revised Double Taxation Avoidance Agreement and expediting negotiations on the India-Qatar Bilateral Investment Treaty.
FIEO said it remains committed to working closely with its members and stakeholders to leverage these opportunities and contribute towards achieving the ambitious trade targets set by both governments. Kumar also expressed confidence that the enhanced economic cooperation between India and Qatar will not only boost bilateral trade and investment but also contribute to the long-term growth and prosperity of both nations.
During their comprehensive talks, Prime Minister Narendra Modi and the Amir of the State of Qatar, Sheikh Tamim bin Hamad Al-Thani, reaffirmed their commitment to further strengthen the bilateral relations through regular and structured cooperation in all areas, including political, trade, investment, security, energy, culture, education, technology, innovation, sustainability and people-to-people ties.
IANS