Unlocking Opportunities: Qatari Firms Eager to Collaborate with Indian Businesses for Investment and Global Projects—Insights from Goyal

Commerce and Industry Minister Piyush Goyal recently shared his enthusiasm about the growing partnerships between Indian businesses and Qatar. He highlighted the eagerness in Qatar to work with Indian companies, not just for investments but also for collaborative projects in other countries. A notable example is the partnership between Qatar’s Al Balagh and India’s Larsen & Toubro, which has already completed successful projects in Qatar and aims to undertake similar ventures abroad.

During his visit, Goyal also met with Abdulrahman Hesham Al Sowaidi, CEO of the Qatar Development Bank. He mentioned that the bank is ready to provide financial guarantees for joint projects, which can be a significant opportunity for Indian firms looking to expand internationally.

The prospect of a free trade agreement between India and Qatar is also on the horizon, expected to be finalized by mid-2024. Such an agreement would likely reduce import duties and streamline trade, benefiting both countries.

Currently, India and Qatar’s trade stands at over USD 14.15 billion, making Qatar an essential trading partner in the Gulf region. However, most of this trade is centered around energy, with Indian imports from Qatar largely consisting of crude oil and gas products, accounting for about 90% of total imports. In the last fiscal year, India imported USD 12.46 billion worth of goods from Qatar, but its exports totaled only USD 1.68 billion, resulting in a trade deficit of USD 10.78 billion.

Apart from energy, India also imports fertilizers, chemicals, and aluminum from Qatar. Exports include various goods like rice, machinery, and precious metals, but the trade balance needs improvement.

As both countries move towards greater collaboration, the potential for joint ventures and trade expansion looks promising. According to the World Bank, strong trade ties can lead to increased economic growth, benefiting both nations in the long run.

For continued updates on international trade, you can refer to resources such as the World Trade Organization.

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PIYUSH GOYAL, FREE TRADE AGREEMENT, INDI AND QATAR TRADE, INDIA QATAR, QATARI FIRMS KEEN TO PARTNER WITH INDIAN FIRMS FOR INVESTMENTS THIRD COUNTRY PROJECTS SAYS GOYAL