India, Qatar plan mutual cooperation in energy, fertilizer and investment sectors

New Delhi, Feb. 24 (ANI): Qatar's Minister of State for Foreign Affairs Ahmed bin Abdullah al-Mahmoud on Tuesday met TKA Nair, Principal Secretary to the Indian Prime Minister to discuss bilateral collaboration in the energy and fertilizer sectors.

After his meeting with the Qatar minister, Nair said areas of mutual interest like energy, fertilizers and investment were discussed.

"Mostly they relate to cooperation between India and Qatar. In the energy sector there were certain very specific suggestions, which were made about the engagement of Qatar with India. In the fertilizer sector there were certain ideas, which were projected to India during the time of the visit of her Highness Shikha Mousa in the year 2006 when she had a good discussion with our Prime Minister. All these areas of mutual interest were covered during our discussion in the morning," Nair said.

Ahmed bin Abdullah al-Mahmoud hoped both countries would engage in direct exchange investment.

"Our intention now is to have a joint fund which will bring direct exchange investment between two countries. This is what we mean by exchange so that the people can feel it," he said.

In time of worst economic downturn in last seventy years, India and Qatar are all set to sign an agreement for the setting up of a multi-billion dollar joint investment fund that will catalyze investments in mega-sized infrastructure projects in the two countries.

State Bank of India has been designated as the nodal agency for operating this fund from the Indian side.

The fund was conceived during the visit of Prime Minister Manmohan Singh's visit to Qatar in November 2008.

Bilateral trade between India and Qatar was 3.3 billion dollars by the end of 2008, boosted largely by Qatar's gas exports. Qatar's exports to India stand at 2.6 billion dollars while India's share is 700 million dollars. India's exports to Qatar mainly comprise consumer items, foodstuff and industrial equipment. (ANI)