India-Qatar Commerce Expanding Beyond Energy to Include AI and Semiconductors, According to Piyush Goyal

Nitin Konde, Varun Bhardwaj

18 Feb 2025 — 2 min read

India-Qatar Trade Expands Beyond Energy to AI and Semiconductors

On February 18, India's Commerce Minister Piyush Goyal stated that the country wants to expand its commerce with Qatar beyond energy supplies to include semiconductors and artificial intelligence (AI). At the first meeting of the India-Qatar Business Forum on February 18, Goyal stated that while India welcomes energy products from Qatar, he believes that both countries are now looking to the future, with AI, the internet of things, semiconductors, and other technologies replacing energy as the mainstay of their trade.

Piyush Goyal went on to say that sustainability, technology and entrepreneurship, and energy will be the cornerstones of the future India-Qatar collaboration. The State of Qatar's Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al Thani, was also in attendance at the Forum in New Delhi.

Signing of MoUs

The Confederation of Indian Industry (CII) and the Qatari Businessmen Association (QBA) have inked two Memorandums of Understanding (MoUs); Invest India and Invest Qatar have also signed one. Additionally, Minister Goyal declared that the Joint Working Group on Trade and Commerce would henceforth be at the ministerial level.

Petroleum goods, plastics, and aluminium products are among the main items that India imports from Qatar, while its exports to Doha include cereals, copper products, iron and steel items, fruits, and vegetables, among other things. As of April–November 2024, India has a $6.9 billion trade deficit with the other country.

Encouraging Companies from Qatar to Invest in India

Piyush Goyal also extended an invitation to Qatari businesses to participate in India's expansion in smart city development, manufacturing, renewable energy, and infrastructure. Goyal went on to say that India's Viksit Bharat 2047 and Qatar's Vision 2030 will work together to create a far larger and more promising future for their respective populations. India offers an oasis of stability, predictability, and continuity, Goyal said, adding that the country's industrial evolution is largely due to its dynamic economy, rich population, reforms, ease of doing business, and quality. Referencing Prime Minister Narendra Modi's remarks, the minister said that confidence in India is more than ever in both major countries and worldwide forums. He also exhorted corporate executives to continue this collaborative and self-assured attitude. He continued by saying that India has a young population, a thriving economy, ongoing reforms, and a strong emphasis on industrial growth and ease of doing business.

According to Dr. Ahmed Bin Mohammed Al Sayed, Qatar's Minister of State for Foreign Trade Affairs, the country is eager to broaden its economic connections with India beyond the conventional oil and gas industry, concentrating on new ventures and investments. Dr. Al Sayed emphasised the significance of Sheikh Tamim Bin Hamad Al Thani, the Amir of Qatar, visiting India in an exclusive interview with an Indian media outlet. He underlined that the visit is a reflection of the two countries' solid strategic collaboration in a number of areas.