The India-Qatar Business Forum, held on Tuesday marked a crucial step toward fostering the economic collaboration between the two nations. Union Minister of Commerce and Industry, Piyush Goyal, highlighted that the future of this collaboration will be built on pillars of sustainability, technology, entrepreneurship, and energy.
This was remarked by him during the inaugural session which was attended by H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, the Hon’ble Minister of Commerce and Industry of the State of Qatar, as the Guest of Honour.
Mr. Goyal underscored that the longstanding ties between India and Qatar, based on trust, trade, and tradition, are progressing as the terms of trade shift from traditional energy exchange to cutting-edge technologies such as artificial intelligence (AI), quantum computing, the Internet of Things (IoT), and semiconductors. He highlighted that geopolitical tensions, climate change, cybersecurity threats, and a global focus on localisation are reshaping these changes.
Stressing the complementary nature of both economies, the minister emphasised that India and Qatar can cooperate together for mutual prosperity. Mr. Goyal mentioned the signing of two Memorandums of Understanding (MoUs) during the forum, one between the Qatari Businessmen Association (QBA) and the Confederation of Indian Industry (CII), and the other between Invest Qatar and Invest India. He also declared the growth of the Joint Working Group on trade and commerce to the ministerial level.
Reflecting on Prime Minister Shri Narendra Modi’s statement, Today, be it major nations or global platforms, the confidence in India is stronger than ever before,” Goyal urged business leaders to work together with confidence and commitment.
Goyal invited Qatari businesses to be a part of India’s economic journey, offering opportunities in investments, manufacturing, renewable energy, smart cities, and infrastructure development. He ended his address by stating that Qatar Vision 2030 and India’s Viksit Bharat 2047 would define a brighter future for both countries.
On the sidelines of the visit of H.H. Sheikh Tamim bin Hamad bin Khalifa Al Thani, Amir of Qatar, Confederation of Indian Industry, in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT), arranged the India-Qatar Joint Business Forum on Tuesday.
In his address at the Joint Business Forum, Piyush Goyal reiterated India’s desire to become a USD 30-35 trillion economy by 2047, aligning with the Viksit Bharat vision. The future partnership between both countries would extend into emerging sectors such as AI, quantum computing, IoT, and semiconductors.
The minister underlined the importance of self-reliance, or Atmanirbharta, as a key priority amidst shifting geopolitical dynamics and intensifying cybersecurity threats. He pointed out that both countries possess distinct competitive advantages and can collaborate to drive innovation and shape the industries of tomorrow.
Goyal further described India’s economic reforms, focusing on reducing the cost of doing business and enhancing the Ease of Doing Business (EoDB). He invited Qatar to review the opportunities in India’s dynamic economy, emphasising that India’s Vision 2047 and Qatar’s National Vision 2030 would guide future strategic economic cooperation. He also proposed the creation of a Joint Working Group to explore sectors of mutual interest and invited Qatari businesses to explore opportunities in the Gujarat International Finance Tech-City (GIFT City).
H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry of Qatar, echoed these commitments noting that the relationship between the two nations is not just transactional but built on a tradition of mutual respect and shared interests. Qatar’s economy remains diverse and investor-friendly, and he invited Indian investors to explore the vast opportunities available in Qatar.
Jitin Prasada, Union Minister of State for Commerce and Industry, noted India’s robust economic growth and innovation ecosystem. He highlighted that India has attracted USD 709 billion in FDI inflows over the past decade, supported by 40,000 compliance reforms. He also highlighted India’s leadership in innovation, with over 1.55 lakh startups across various industries, including space technology and agriculture.
The forum also saw explored on India’s digital transformation, including the India Stack initiative, which is revolutionizing digital access, financial inclusion, and internet democratization. The Qatar National Bank (QNB) – National Payments Corporation of India (NPCI) partnership was mentioned as an example of enhancing digital payments through QR Code-based UPI transactions.
H.E. Dr. Ahmad Al-Sayed, Qatar’s Minister of State for Foreign Trade Affairs, emphasised the need to expand bilateral collaboration beyond the traditional energy sector. He suggested exploring emerging industries such as electric vehicles (EVs), manufacturing, and non-oil & gas sectors. Qatar has also established the Qatar Financial Centre (QFC) to attract global businesses and private equity investments.
The forum included discussions on high-potential sectors such as solar grid polysilicon manufacturing, AI, and innovation. India’s leadership in digitalisation and Qatar’s ambitious digital transformation plan position the two nations to collaborate in these areas.
In the event, two key Memorandums of Understanding (MoUs) were signed, including ‘Confederation of Indian Industry (CII) and Qatar Business Association’ and ‘Invest India and Invest Qatar.’
These deals aim to foster business cooperation, investment flows, and foster long-term collaboration in strategic sectors of mutual interest.
Sanjiv, Joint Secretary, DPIIT, stressed that the India-Qatar business delegation would serve as a catalyst for stronger partnerships, while Sanjiv Puri, President of CII, pointed out the key areas for collaboration, including energy security, agriculture, the startup ecosystem, and skill development. He also underscored Qatar’s role in India’s energy landscape.
The event was also addressed by H.E. Sheikh Khalifa bin Jassim Al Thani, Chairman of the Board of Directors, Qatar Chamber of Commerce and Industry, and H.E. Sheikh Hamad Bin Faisal Al Thani, Board Member of the Qatari Businessmen Association.
The India-Qatar Business Forum concluded with a reassurance of the unwavering commitment of both nations to advancing trade, investment, and technology collaboration, setting the stage for a new era of prosperity, innovation, and sustainable growth in their historic partnership.
