Indian companies invested nearly US$450mn creating 2,000 jobs in Qatar

India Infoline News Service | Mumbai | October 14, 2016 12:18 IST

This fact was revealed at The Qatar Financial Centre’s (QFC) Asia Roadshow 2016, Mumbai. QFC is a fully onshore business and financial centre which is currently holding nation-wide roadshows in India to boost investments to the gulf state.

News Newspaper Text
Indian companies have invested a total of around US$450mn in Qatar over the past seven years. This fact was revealed at The Qatar Financial Centre’s (QFC) Asia Roadshow 2016, Mumbai. QFC is a fully onshore business and financial centre which is currently holding nation-wide roadshows in India to boost investments to the gulf state. QFC is highlighting how Indian organizations can capitalize from Qatar's and the Middle East's growing business opportunities. India currently ranks 4th in terms of FDI into Qatar.
 
Kamal Nagi, Chief Strategy and Business Development Officer, QFC Authority, said “Qatar currently ranks 18th on the most competitive economies list by the World Bank. Qatar’s National Vision 2030 has been outlined to lead the country towards becoming an advanced society capable of sustaining its development and providing a high standard of living. Qatar has also taken several measures including building up strong surpluses, encouraging economic diversification and development of the private sector, which now render Qatar’s economy resilient and able to sustain real GDP growth.”
 
Indian companies from across sectors such as infrastructure, banking, insurance, information technology and consulting have been present in Qatar for over several years and have rapidly grown owing to the region’s business friendly policies and simplified tax and regulatory structure. Some of the largest Indian companies invested in Qatar successfully include Zomato, Larsen & Toubro, Voltas, Shapoorji Pallonji, TCS and ICICI Bank.
 
On the sidelines of Qatar’s first ever roadshow in India, Akshay Randeva, Director of Strategy & Business Intelligence, QFC Authority, said “Qatar has invested in a world-class infrastructure and envisages this momentum to grow in the run-up to the 2022 FIFA World Cup and also to achieve the state’s 2030 Vision. From India, we are observing that non-hydrocarbon exports are growing at a healthy rate of 12 per cent, which is a positive sign with a large scope for growth. These investments are in diverse areas such as IT, BFSI and professional services.”
 
“Indian companies already have the first mover advantage in the region and have the competitive edge. With the Qatar government working towards further simplifying the business ecosystem coupled with the economic growth in the region, Indian companies have a huge opportunity to expand outside India in the middle-eastern region,” added Kamal.

 

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