Piyush Goyal backs India-Qatar trade beyond energy into AI and semiconductors

India today provides an oasis of stability, predictability and continuity: Minister Piyush Goyal

Commerce Minister Piyush Goyal on February 18 said that India is looking to diversify its trade with Qatar beyond energy products to areas such as Artificial Intelligence (AI) and semiconductors.

"We welcome energy products coming in from Qatar, but I think we are now looking at new future where we will transition from energy being the bulwark of our trade to AI, internet of things, semiconductors," Goyal said, at the inaugural session of India-Qatar Business Forum on February 18.

Piyush Goyal added that the India-Qatar future partnership will rest on the pillars of sustainability, technology and entrepreneurship, and energy. Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry, State of Qatar was also present at the Forum being held in New Delhi.

Two MoUs (Memorandum of Understanding) have been signed, one between the Qatari Businessmen Association (QBA) and Confederation of Indian Industry (CII), and another between Invest Qatar and Invest India. Minister Goyal also announced the elevation of the Joint Working Group on trade and commerce to the Ministerial level.

India's major imports from Qatar include petroleum products, plastics and aluminium products, exports to Doha comprise cereals, copper products, iron and steel articles, vegetables, fruits, among others. The trade deficit between the two nations stands at $6.9 billion in India's favour as of April-November 2024.

Piyush Goyal also invited companies from Qatar to be a part of India’s growth in manufacturing, renewable energy, expansion of smart cities and infrastructure development.

"Qatar Vision 2030 and India’s Viksit Bharat 2047 will together define a much bigger and brighter future for the people of the two countries," Piyush Goyal added.

India's vibrant economy, rich demography, reforms, ease of business and quality is key to the nation's industrial evolution, said Goyal, adding that the nation offers an oasis of stability, predictability and continuity.