The upcoming “Make in India Week,” including the “Digital India” and the “Smart Cities” programme are among the national initiatives that could offer investment opportunities to a range of sectors in Qatar’s business community, ambassador Sanjiv Arora said.
Arora, accompanied members of the management committee of the Indian Business and Professionals Network (IBPN), met with their counterparts at the Qatar Chamber.
The ambassador said one of the major objectives of the “Make in India Week” is to invite foreign businesses “to join hands with Indian companies and to take advantage of the distinctive capabilities of India.”
“Qatari companies can use India in many sectors such as manufacturing, and use India as an investment hub for research and development (R&D) and innovation, among many others,” he said.
During the meeting, Qatar Chamber vice-chairman Mohamed bin Towar al-Kuwari assured the chamber’s “continued support” to the Indian business community in Doha.
“Now is the right time to see more Indian companies in the local Qatari market and we would like to see more of your involvement in Qatar’s business landscape, as well as in the major projects of the country,” al-Kuwari said.
According to Arora, Indian Prime Minister Narendra Modi led the global launching of the “Make in India” initiative in September 2014 as part of the government’s thrust to reenergise India’s manufacturing sector.
The ambassador said global companies in the electronics, automobiles, defence and aviation sectors have already set-up operations in India since the launching of the “Make in India” initiative in 2014.
“Following the launch of ‘Make in India’, the country was ranked first among the world’s fastest growing economies, and ranked first among the world’s topmost greenfield FDI destinations.
“Among other achievements, India is first among the 100 Countries in the growth, innovation and leadership index and the first among the world’s fastest-growing economies in both 2016-2017,” he said.
Aside from the “Make in India Week,” Arora also invited Qatar companies to participate in the “India Investment Summit,” which will be held in Delhi on February 4 and 5. The event, the ambassador added, is targeting sovereign wealth funds, private investors, and other long-term funds.
Arora also said other initiatives like the National Infrastructure Investment Fund (NIIF), 100 Smart Cities, and Digital India are among the other major government programmes that could open investment opportunities to Qatar companies.
He said the India Investment Summit is the opportune venue for Qatar companies to explore the NIIF, which, according to the ambassador, is India’s “very ambitious way inviting foreign investment, especially in our infrastructure sector.”
“Given the very robust fundamentals of the Indian economy and given the opportunities in India’s key infrastructure sectors, this is a very attractive investment proposition. This is a good opportunity to put some money into the NIIF, which would get you good returns,” he said.