India and Qatar Set Trade Growth Target for 2030
- India and Qatar commit to doubling bilateral trade by 2030
- New sectors explored for deeper economic cooperation
- Unified Payments Interface (UPI) launched in Qatar
India and Qatar are working to double their bilateral trade by 2030, Union Commerce and Industry Minister Piyush Goyal announced during his official visit to Doha. The statement came as Goyal co-chaired the India-Qatar Joint Commission on Economic and Commercial Cooperation alongside Qatar’s Minister of Commerce and Industry, Sheikh Faisal bin Thani Al Thani.
During the visit, both ministers reviewed current trade ties, addressed non-tariff barriers, and explored opportunities across key sectors like healthcare, agriculture, finance, electronics, IT, and renewable energy. Goyal stressed that while current trade is valued at around USD 14 billion, there is strong potential for growth, especially in exports from India.
He emphasized India's strong macroeconomic fundamentals, thriving startup ecosystem, and increasing global competitiveness, inviting Qatari businesses to tap into India’s expanding market. Goyal also highlighted the long term LNG deal with Qatar, but called for a more balanced trade relationship with increased Indian exports.
On the sidelines, Goyal held business meetings with Qatari leaders and corporate executives to discuss investment, technology partnerships, and potential joint ventures. He also addressed the India-Qatar Joint Business Council, which brought together top business bodies and industry leaders from both nations.
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A key highlight of the visit was the launch of India’s UPI system in Qatar, enabling real time digital payments for the Indian diaspora and local consumers, strengthening digital ties between the two countries.
This visit marks a strategic push to deepen economic engagement, with India aiming for a stronger, more balanced trade partnership with Qatar.
