The meeting was co-chaired by the Undersecretary of the Ministry of Commerce and Industry Mohamed bin Hassan al-Maliki, and the Undersecretary of the Department of Economic Affairs at the Ministry of Finance of the Republic of India Ajay Seth. Several government officials from the two countries attended the meeting.
The Undersecretary of the Ministry of Commerce and Industry explained that the total volume of trade exchange between the two countries reached about $13.46bn in 2023, making India the second largest trading partner of the State of Qatar. Qatari corporates and private sector are active investors in the Indian market, he added.
He pointed out that economic diversification is an essential pillar of Qatar National Vision 2030.
In a related context, the Undersecretary of the Ministry of Commerce and Industry said that the main sectors outlined in the third national development strategy will provide promising avenues for partnership and bilateral investment between the two countries, noting that these sectors include industry, logistics services, information technology, digital and financial services, health services, education, and other vital sectors.
He also expressed his confidence that the joint efforts of the two countries will lead to greater success and prosperity and an increase in the volume of mutual investments.
The joint working group is a platform for promoting and strengthening investment relations between the two countries, by developing a strategic roadmap to increase economic and investment interaction, and its scope of work includes building an investment partnership to enhance long-term strategic co-operation, and supporting the partnership by mobilising financial resources towards priority sectors and sectors of interest as well as joint co-operation, enhancing co-operation between startup systems, supporting innovators, and directing companies to benefit from co-operation opportunities such as “Made in India” and “Made in Qatar,” in addition to exploring new investment sectors that contribute to enhancing investor confidence by facilitating investment procedures.
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