Members of an Indian business delegation, accompanied by ambassador Sanjiv Arora, met with officials of the Qatar Chamber yesterday to further strengthen economic ties in preparation for the upcoming “Vibrant Gujarat 7th Global Summit.” “The delegation, led by Gujarat Industrial Development Corporation (GIDC) vice chairman and managing director Bidyut Behari Swain, are on a three-day roadshow in Qatar to boost and forge new business ties with the government and private sector,” Arora said. The Indian delegation is in the country to promote the Vibrant Gujarat 7th Global Summit, scheduled to be held from January 11 to 13, 2015 at the Mahatma Mandir in Gujarat. “Promoting business in a very hands-on, substantial way, these really are the foremost clarities of the Indian embassy in Doha in the framework of deep-rooted and excellent relations between India and Qatar…We look at trade, investments, and other business collaborations as areas of great potential,” Arora told Gulf Times at the headquarters of the Qatar Chamber. Referring to the Vibrant Gujarat 7th Global Summit, Arora said, “I think there is a huge opportunity for Qatar to invest all over India. This global event really showcases the business and investment opportunities not only in the State of Gujarat but all across the land and breadth of the country.”
According to Swain, India aims to become a $5tn economy by 2020. Gujarat, he added, attracted 131 foreign direct investment (FDI) proposals worth $3.7bn from 2011 to 2012 and became the state with the second highest number of FDI proposals. Swain said investment opportunities in Gujarat are mainly in manufacturing, oil and gas, gems and jewellery, real estate, pharmaceuticals, ports and maritime, chemicals, and renewable energy.
During the three-day roadshow, Swain said the Indian business delegation will be meeting with major players in the financial sector, including potential partners in the government and private sectors. When asked about Qatar’s potential contributions to India’s investment climate, Arora said the 7.5mn metric tonnes of liquefied natural gas being imported from Qatar constitutes to two thirds of India’s total LNG imports. He added that India’s investment requirements in the infrastructure sector alone “are in the range of at least $1tn in the next five years.” “We greatly welcome higher inflow of Qatar’s investments into India and we appreciate the country’s steadfast and wider contribution to India’s energy security,” Arora said.
This was echoed by Qatar Chamber vice chairman Mohamed bin Ahmed bin Tawar al-Kuwari, who said India is a large and expanding market for LNG exports from Qatar. Aside from the oil and gas industry, al-Kuwari said Qatar and India are working together in the banking and finance, aviation, and travel and tourism industries. “I am extremely happy to see that our countries are successfully supporting their own co-operation in all economic fields, especially in the energy and financial sectors. Private sector co-operation obviously assures both countries’ keenness to further enhance strong relationships between them at different levels,” al-Kuwari said