NEW DELHI, Feb 19:  Qatar has pledged to invest $10 billion in India across a range of sectors, according to a joint statement released after a two-day visit by Qatar’s Emir, Sheikh Tamim bin Hamad Al-Thani, to New Delhi.

Indian Prime Minister Narendra Modi described his meeting with the Qatari Emir as "very productive" and noted that trade discussions were central to their talks. "We want to increase and diversify India-Qatar trade linkages," Modi shared in a post on X. This visit marked the first time in a decade that a Qatari Emir visited India.

The joint statement outlined that Qatar’s $10 billion investment will focus on sectors such as infrastructure, technology, manufacturing, food security, logistics, hospitality, and more.

Both countries have set an ambitious goal of doubling their annual trade to $28 billion over the next five years. The two sides are also exploring the possibility of signing a free trade agreement, according to the Indian foreign ministry.

Bilateral trade between India and Qatar reached $18.77 billion in the fiscal year ending March 2023, with liquefied natural gas (LNG) imports from Qatar making up a significant portion of this trade. Qatar was responsible for more than 48% of India’s LNG imports that year.

The statement also highlighted that both countries are working to enhance bilateral energy cooperation, which will include mutual investments in energy infrastructure. Furthermore, discussions are underway regarding the settlement of trade in their respective currencies.