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India-Qatar Sign 7 Key Pacts to Boost Ties
Jun 09, 2016

During the recent visit of the Indian Prime Minister India and Qatar signed seven agreements, including one on finance intelligence to check money laundering and terrorism financing and another to woo foreign investment in the infrastructure sector from the gas-rich Gulf state.

Cooperation and investment in areas of skill development and education, health, tourism and sports between the two countries were the other agreements signed by Indian and Qatar officials in the presence of Prime Minister Narendra Modi and Emir Sheikh Tamim Bin Hamad Al Thani.

Official talks were held between Indian Prime Minister and Seikh Tamim for multi-sectoral partnership and strengthening of Indo-Qatar ties following which the agreements and Memorandums of Understanding (MoUs) were signed.

  • An MoU was signed between Qatar Investment Authority and External Affairs Ministry for investment in National Investment and Infrastructure Fund between the two countries that would facilitate foreign investment from the gas-rich Gulf state.

  • An MoU signed between Finance Intelligence Unit India (FIU-IND) and the Qatar Financial Information Unit (QFIU) would help in tracking money flow and investment from Qatar to India. It would also help authorities to safeguard against money laundering, terrorism financing and other economic offences.

  • An agreement was also signed between the two countries on cooperation and mutual assistance in custom matters besides an MoU on cooperation in tourism.

  • Both countries also agreed to expand cooperation in energy through promotion of joint ventures in petrochemical complexes and cooperation in joint exploration in India and other countries

  • Terrorism was a key issue of discussion between the two sides and they reiterated their firm resolve to cooperate together to root out this global menace which threatened all nations and societies.

  • Both leaders condemned all acts of violence, terrorism and extremism, which cannot be justified under any circumstances, regardless of their motivation, in all their forms and manifestations.

  • The two leaders highlighted the need to isolate the sponsors and supporters of terrorism and agreed that urgent action against all such entities, which support terrorism and use it as an instrument of policy, must be taken.

  • The two countries agreed to increase the level of participation in infrastructure projects in both countries.

  • They further deliberated upon the importance of cooperation between Qatar Investment Authority and National Infrastructure and Investment Fund set up by the government of India.

  • India & Qatar discussed the need to boost cooperation in the financial services sector, including banking, insurance and capital markets and decided to expand cooperation between the financial institutions of the two countries like Securities and Exchange Board of India and the respective central banks.

  • India invited Qatar to invest in India’s exploration and production by bidding for blocks in India and to participate in the second phase of the strategic reserves storage facility being created in India.

  • India imports 8.5 million tonnes of liquified natural gas from Qatar under the terms of a new pact signed in December.

  • Indian PM’s visit to Qatar came after his visits to the United Arab Emirates, Saudi Arabia and Iran and ahead of a possible visit to Israel.


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