India and Qatar complement each other, not in competition says Piyush Goyal and sign 2 MoUs with Qatar

Speaking at the inaugural session of the India-Qatar Business Forum on Tuesday, Goyal highlighted how both nations can work together to achieve prosperity and economic growth.

He said "Qatar will bring to the table what it can do best, what it can do most competitively, as will every country in the world. And therefore, I think both Qatar and India are not in competition with each other. We complement each other".

The event, organized by the Confederation of Indian Industry (CII) in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT), was attended by Sheikh Faisal Bin Thani Bin Faisal Al Thani, Qatar's Minister of Commerce and Industry.

During his address, Goyal acknowledged the global shift towards self-reliance, which India refers to as Atmanirbharta. He pointed out that while many countries are focusing on localizing their industries, every nation has its comparative advantages.

Two Memorandums of Understanding (MoUs) were signed between India and Qatar in the presence of Union Minister Piyush Goyal and the Amir of Qatar, Sheikh Tamim Bin Hamad Al-Thani.

Goyal also appreciated Qatar's support for the Indian community residing in the Gulf nation. He recalled how Qatar extended its assistance to Indian nationals during the COVID-19 pandemic and expressed gratitude for the strong relationship both countries share.

"We are two countries who can work together for a better future, for more prosperity and well-being of the people of both Qatar and India and Qatar has been really very welcoming to all the Indians who live there," he said.

Highlighting the changing global business landscape, Goyal said that India and Qatar are set for a major transition in their trade and investment relations.

He identified sustainability, entrepreneurship, and energy as the three key pillars that will shape their economic partnership in the coming years.

The minister also mentioned that India's startup ecosystem is growing rapidly and could attract significant investment from Qatar. Additionally, both countries are exploring technology partnerships to adapt to the evolving global economic environment.

"These three pillars will define how we are going to work together in this changing world, where every 10 or 20 years, we see a great reshuffle, both in the world order and in business," Goyal remarked.

With these developments, India and Qatar are poised to deepen their economic cooperation, creating new opportunities for businesses and strengthening their bilateral relationship. (ANI)