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The Union Minister for Commerce and Industry, Shri Kamal Nath has said that Qatar is an important trading and investment partner of India, especially with India emerging as Qatar’s largest customer for LNG(Liquefied Natural Gas). In view of the growing importance of trade between India and Qatar, Shri Kamal Nath urged Qatar to consider Indian companies for participation in turnkey projects, major civil construction works coming up in Qatar, and sub-contracting in energy-intensive and export oriented projects. He said this when the visiting Qatari Minister of State for Foreign Affairs, Mr. Ahmed Bin Abdulla Al-Mahmoud called on Mr. Kamal Nath last evening.
India is the 8th largest destination of Qatar’s exports and 10th largest in terms of value of Qatar’s imports. India is the largest supplier of ready made garments, tea and vegetables to Qatar. India also has a significant share in Qatar’s import market for machinery and instruments, rice, marble, gold and precious metals, bus tyres, cosmetics, textiles and ceramics. The volume of bilateral trade has been increasing over the years. During 2004-05, the non-oil trade volume stood at US$ 776.11 million as against US$ 315.44 million during the previous year 2003-04.
Shri Kamal Nath recalled the long history of friendship and economic ties with the Gulf region in general and Qatar in particular and noted that around 20% of population of Qatar consisted of non resident Indians (NRIs). "We have invested in the form of human resources in Qatar, and now we are looking for other investments from Qatar to India.” Shri Kamal Nath said, adding that the Qatar Financial Centre which had been set up and the Free Trade Zone in Qatar which is likely to be established by 2007-08 could be of particular interest to Indian companies.
SB/MRS
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