Commerce and industry minister Piyush Goyal said that India and Qatar share a long history of successful energy trade, but the future of this partnership would extend beyond hydrocarbons to cutting-edge sectors.

Goyal said India-Qatar future partnership will rest on the pillars of sustainability, technology and entrepreneurship and energy. He was speaking at the inaugural session of the India-Qatar Business Forum in New Delhi on Tuesday in the presence of his Qatari counterpart Sheikh Faisal bin Thani bin Faisal Al Thani, who was the Guest of Honour at the session.

Later, citing Prime Minister Narendra Modi’s personal welcome to Amir of Qatar Sheikh Tamim Bin Hamad Al Thani at the airport as a sign of strong partnership ahead in line with the changing global priorities, he said: “I think, in coming days there would be significant growth in both trade or investments between India and Qatar.” The Amir of Qatar is on his second state visit to India from 17-18 February 2025.

Speaking at the inaugural session of the forum, Goyal said India and Qatar are in a position to complement each other’s strengths and can be partners in driving innovation and shaping the industries of tomorrow. As both nations embark on a transformational transition, this partnership will rest on the pillars of entrepreneurship, technology, and sustainability, he added.

Goyal invited Qatar to explore opportunities in India’s dynamic and resilient economy and suggested creating a joint working group on sectors of mutual interest. The joint business forum was jointly organized by the Confederation of Indian Industry (CII) and the Department for Promotion of Industry and Internal Trade (DPIIT), an arm of the commerce and industry ministry.

Speaking on the occasion, Qatari commerce and industry minister Sheikh Faisal bin Thani bin Faisal Al Thani highlighted that the relationship between the two countries and said it is a tradition built on mutual respect, shared interests and a commitment to bolster economic cooperation.

According to government data, the bilateral trade between the two countries was over 14 billion dollar in 2023-24. India mainly imports energy such as liquefied natural gas (LNG), liquefied petroleum gas (LPG), petrochemicals, plastics, and aluminum articles from Qatar.

It exports cereals, copper, iron and steel, vegetables, fruits, spices, and processed food products, electrical and other machinery, plastic products, construction material, textiles and garments, chemicals, precious stones, and rubber to Qatar.

Qatari investments in India (in the form of foreign direct investment or FDI) is of over $1.5 billion in sectors such as telecom, retail, education, health, IT, power, and affordable housing, according to the data.

A government official said that the Qatar Investment Authority (QIA) has announced investments in various projects recently. As per its website $1 billion is invested into Reliance Retail Ventures Limited (RRVL) in August 2023, $393 million in IndoSpace Logistics Parks in September 2023, $50 million in Global Dental Services in November 2023, and $140 million into Shriram Housing Finance Ltd in January 2025, he said. QIA also invested $450 million for 25.1% stake in a unit of Adani Transmission Ltd in February 2020, he added.

Indian companies such as Larsen & Toubro, Voltas, Shapoorji Pallonji, Wipro, TCS, and Tech Mahindra are invested in Qatar. Indian companies have invested $356 million in the country between 2017 and 2025.

“The India-Qatar business delegation will serve as a catalyst for stronger partnerships,” said DPIIT joint secretary Sanjiv. He said Qatar’s participation in Startup India Mahakumbh 2025, which is scheduled on April 3-5, 2025, will serve as a landmark initiative fostering deeper startup collaborations and attracting Qatari investments into India’s technology and innovation ecosystem, he added.

Qatar is the largest supplier of LNG and LPG to India. In 2023-24 it supplied 10.91 MMT of LNG and 4.92 MMT of LPG , which was about 46% and 26% of India’s LNG and LPG imports, respectily. In 1999, then QatarGas and Petronet LNG signed a long-term contract for LNG sale and purchase agreement for supply of 7.5 million metric tonnes per annum (MMTPA) of LNG to India up to 2028. In February 2024, a new deal was signed between QatarEnergy and PetronetLNG to extend the deal up to 2048 with total value estimated at about $78 billion. In December 2024, GAIL signed an agreement with Qatar Energy for purchase of 60 cargoes over the next five years.