India to shift focus from energy to AI, IoT and semiconductors: Piyush Goyal

Speaking at the India-Qatar Business Forum, organised by the Confederation of Indian Industry (CII) Union Commerce and Industry Minister Piyush Goyal on Tuesday emphasised India's transition from traditional energy-based trade to new-age technologies.

Goyal stated, "We are now looking at a new future where we will transition from energy being the hallmark of our trade to new age technologies, whether it is Artificial Intelligence, Internet of Things, Quantum Computing, or semiconductors."

Goyal highlighted that this transition will rest on the pillars of sustainability, entrepreneurship, energy, and technology. He also noted that India's massive startup ecosystem will be an attractive destination for Qatari investments.

"This transition is going to rest on the pillars of sustainability, entrepreneurship and energy, and technology. We have a huge startup ecosystem in India, which will be very inviting for investments coming in from Qatar," he added.

The India-Qatar Business Forum was organised by Confederation of Indian Industry (CII) coinciding with the visit of Sheikh Tamim bin Hamad bin Khalifa Al Thani, Emir of Qatar in New Delhi in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India, Ministry of Commerce and Industry, State of Qatar, Qatar Chamber of Commerce and Industry, Invest Qatar and Invest India.

Goyal underlined that the future of India-Qatar relations is based on mutual trust. He spoke about the geopolitical headwinds which have brought about major transformations in the way countries do business.

Meanwhile, Qatar's Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al Thani, emphasized that the relationship between Qatar and India is built on mutual respect, shared interests, and a commitment to bolster economic cooperation.

"The relationship between Qatar and India is not just a transaction, it is a tradition built on mutual respect, shared interests and a commitment to bolster economic cooperation. Our trade partnership has flourished with India becoming Qatar's third largest trading partner," he said.

Dr Ahmad Al-Sayed, Minister of State for Foreign Trade Affairs, Ministry of Commerce and Industry, State of Qatar, spoke about the platforms created by Qatar for major marketing efforts, like the Qatar Investment Authority which is in charge of developing and enhancing investment opportunities for India. Jitin Prasada, Minister of State of Commerce and Industry, Government of India, noted the positive economic outlook, even in the midst of global uncertainties. Strengthening industry, trade, innovation, technology and start-ups are one of the key outcomes India and Qatar can achieve together. Sanjiv, Joint Secretary-DPIIT, Ministry of Commerce and Industry, Government of India, called for further investment from Qatar into India.

The India Qatar Business Forum was also addressed by Sheikh Khalifa bin Jassim Al Thani, Chairman of Board of Directors, Qatar Chamber of Commerce and Industry and Sheikh Hamad Bin Faisal Al Thani, Board Member of the Qatari Businessmen Association.

The Business forum showcased three panel discussions on investments, logistics and advanced manufacturing and futuristic areas such as AI, innovation, sustainability, etc. With India's prowess in digitalisation, and Qatar's ambitious plan for digital transformation, India is in a very unique position to provide technology and scale for digital transformation to Qatar.

The discussions highlighted India's position as a gateway to South Asia and Qatar's role as a hub for the Middle East. There is high potential for collaboration between India and Qatar in high quality solar grid polysilicon manufacturing, among others, noted panelists.

Two MoUs between Qatari Businessmen Association (QBA) & Confederation of Indian Industry (CII); and Invest Qatar & Invest India were inked. (ANI)