The economic relations between India and Qatar are moving towards new heights. The India-Qatar Business Summit, held in Doha on October 6 and 7, set a new direction for trade and investment relations between the two countries. I was part of the business delegation led by the CII (Confederation of Indian Industry), along with the official delegation led by Piyush Goyal, the Union Minister of Commerce and Industry.
Qatar, which once relied on pearls, is today one of the richest countries in the world. The development that started based on natural gas wealth has now evolved into an economy focused on knowledge and sustainability under the guidance of Qatar National Vision 2030. In the financial year 2024-25, the value of trade between the two countries reached USD 14.2 billion. Of this, India's exports were USD 1.7 billion and imports were USD 12.5 billion. India's main imports from Qatar are LNG, LPG, chemicals, fertilizers, and aluminium products. India's exports to Qatar mainly include cereals, iron ore, machinery, vegetables, fruits, textiles, and chemical products.
New direction of partnership
At the India-Qatar Business Forum, Union Minister Piyush Goyal stated that the trade relations between India and Qatar are being redefined as a "comprehensive economic partnership." "India is the fastest-growing major economy in the world. Despite uncertainties in global trade, the country has recorded a growth of 7.8% and exports of over USD 700 billion," he said.
India’s Vision Bharat 2047 aims to make India a modern, sustainable, and developed nation by the 100th anniversary of its independence. “This roadmap is based on human capital, technology, green energy, and digital renaissance,” Goyal said.
India’s youth is its greatest strength. With a population of one billion people, an average age below 28, world-class digital connectivity, a robust banking system, and investment-friendly laws, India is emerging as a new powerhouse of global industrialization.
Goyal pointed out that the relationship between Qatar and India is based on "mutual trust and strong friendship." He recalled that Qatar is a trusted partner of India in natural gas supply and energy cooperation. He added that the Qatar Investment Authority (QIA) is in the process of opening an office in India and that energy deals worth USD 78 billion will further strengthen the relationship between the two countries
A senior official from the Qatar Ministry of Commerce presented Qatar as the “Investment Gateway to the Middle East” at the meeting. “Qatar can be reached within eight hours from areas that contain 60 percent of the world’s population. Hamad International Airport, Qatar Airways, and Hamad Port are world-class facilities. Qatar Free Zones offer 100 percent foreign ownership, tax holidays for up to 20 years, no customs duties, and a fast-track visa system,” he explained.
He added that the cost of electricity required by industries is among the lowest in the world and that Qatar is characterized by a highly reliable and stable electricity supply. He noted that today, more than 700 global companies are operating in the Qatar Free Zone, and thousands of job opportunities have been created through capital investments of more than USD 10 billion.
Discussion at the Invest Qatar meeting
During a meeting with the Invest Qatar officials, I, representing ABN Corporation, highlighted the extraordinary potential for joint ventures between India and Qatar in the sectors of electricity, gas, petroleum products, and fertilizers, which are at the heart of Qatar's economy.
Qatar has abundant natural resources, while India possesses human resources and technological excellence. When these two forces collaborate, revolutionary changes can be achieved in the global industrial arena. Speaking on behalf of ABN Corporation, I proposed that the CII and Invest Qatar should form a joint investment platform.
Direction for the future
A major achievement from the meetings in Doha was the initiation of the Comprehensive Economic Partnership Agreement (CEPA) negotiations by India and Qatar. Through this, trade and investment relations will progress in a more integrated manner.
The launch of the Unified Payments Interface (UPI) in Qatar is further evidence that economic relations are entering the digital era. Cooperation in startups, green energy, data centers, fintech, and agriculture and food security has already started to take shape.
Qatar's National Vision 2030 and India's Vision Bharat 2047 both share the same goals: sustainable development, human resource development, and renaissance. Therefore, this partnership is not just about economic cooperation but also about an intellectual partnership for the future.
This business meeting in Doha has become a milestone that will redefine the future for both countries. If Qatar, rich in natural resources and energy potential, and India, rich in human resources and technological strength, join hands, the result will be a global economic renaissance. In this context, the India-Qatar Joint Business Meeting can be described as a new chapter in the renaissance of the India-Qatar partnership in the 21st century.
Mansoor Palloor is a Director of ABN Corporation and a member of the CII Indian Business Delegation to Qatar 2025.
Views expressed are the author's own.