Trade balance tilted in favour of Qatar with India importing huge amount of LNG from Qatar
19 February 2017 By Sachin Kumar
Doha: The bilateral trade volume between Qatar and India was about $10bn during the financial year 2015-16. The trade is expected to be around same level in the current financial year, said P Kumaran, Ambassador of India to Qatar.
“The trade between Qatar and India was around $10bn in last financial year. In the current year (2016-17) it is likely to be around same level,” Kumaran said talking to the reporters on the sidelines of press conference on Thursday organised at Qatar Chamber headquarters. “Prices have not changed between last year and this year. So I do not see any major change. If at all, there will be a minor increase in the amount,” he added.
A financial year starts from April 1 and ends on March 31. The trade balance is tilted in favour of Qatar with India importing huge amount of LNG from Qatar. Qatar’s export to India was around $9bn in 2015-16 while exports from India to Qatar was around $1bn.
Qatar Chamber has offered its patronage to the upcoming Indiana 2017, a stand-alone exhibition of Indian products, being organsied by The Indian Business and Professionals Network (IBPN) and supported by the Embassy of India.
‘Indiana 2017’ will be the biggest ever Indian Products Exhibition cum Sale to be held at Doha Exhibition & Conference Center from March 16 to 22.
“There is no doubt that India is one of Qatar’s key trade partners. Qatar has robust and historic relations with India. India is Qatar’s third (biggest) trade partner and volume of trade with India reached 9 percent of Qatar’s total trade volume. Major item of Qatar exports to India is LNG and it provides more than 65 percent of Indian energy needs,” said Saleh Hamad Al Sharqi, Director General of Qatar Chamber.
“The exhibition which is organised for the first time in Doha will enhance cooperation between the private sector in both friendly countries. It creates big opportunity for Qatari and Indian companies to explore the available investment opportunities. It provides an umbrella for business owners to discuss ways of cementing partnerships and available enterprises in both countries,” said the Director General.
“In this context, we would like to confirm the Chamber’s keenness on providing support to private sector exhibitions which have a positive impact on trade and economy. The Chamber always encourages the organisation of such exhibitions which contribute to luring foreign investments and providing opportunities for local companies to build real partnerships with their foreign counterparts,” he added.
Organisers say that this exhibition could be turned into an annual event. “We have high hopes from ‘Indiana 2017’ exhibition. If we get positive response from the customers, we will definetelty make it a annual event in Doha,” said Sumit Malhotra, General Secretary of IBPN.
© The Peninsula 2017