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India gives 'extraordinary' assurance to Qatar on investments.

Indian Prime Minister Narendra Modi with HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani

By Santhosh V. Perumal/Business Reporter

India has given an "extraordinary" assurance to Qatar in particular and Gulf Cooperation Council (GCC) in general on investments, especially in the areas of aviation, retail, food processing, tourism and healthcare and promised to further ease the business rules as part of New Delhi's efforts to attract more overseas investments.

"It is an extraordinary assurance by the decision maker of the country and definitely we all feel comfortable that India is a destination and more Gulf investments will fly into India," Doha Bank group chief executive Dr. R Seetharaman told media after Qatari Businessmen Association's (QBA) meeting with Indian Prime Minister Narendra Modi.

The visiting premier had a closed door meeting with QBA delegation in the presence of Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohamed al-Thani.

Among those present from Qatari side are Qatar Stock Exchange chief executive Rashid bin Ali al-Mansoori, al khaliji chairman and managing director Sheikh Hamad bin Faial bin Thani al-Thani, Qatar Airways chief executive Akbar al-Baker, Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani, QIIB chief executive Abdulbasit Ahmed Abdulrahman al-Shaibei, Indian Business Forum co-chairperson and managing director of Qatar Industrial Manufacturing Abdul Rahman Abdulla al-Ansari and QBA chairman and chief executive of Al Faisal Holding Sheikh Faisal bin Qassim al-Thani.

Lulu Group International chairman and managing director Yusuff Ali M A was also present in the meeting, which was also attended by India's National Security Advisor Ajit Doval, Foreign Secretary S Jaishankar and Indian Ambassador Sanjiv Arora.

Seetharaman said Prime Minister Modi briefed the Qatari businessmen on the opportunities in India and the kind of market liberalisation the country has witnessed in the last two years in the areas of railways, defense and healthcare and said that Qatar can offer much to the Indian economy.

Allaying fears over land acquisition and certain issues in the manufacturing sector, Seetharaman said Modi assured that the concerns would be addressed positively and invited the Qatari community to invest objectively in multi-sectors in India.

Also assuring that he would pay attention to investments, the Indian prime minister reportedly said rules of business would be simplified in order to attract investments, especially in the areas of aviation, retail, food processing, tourism and healthcare.

Highlighting that the reforms and policy changes that are likely to come; Seetharaman said "The transformation to occur in the coming days will be huge."

On aviation, Seetharaman said Modi himself mentioned that it is an area where opportunities are abundant for huge investments and India is a market that is opening up with open skies, which will have a positive spin off in medical tourism, in which Gulf region will have a bigger opportunity because of the proximity.

Seetharaman said Modi also highlighted the immense potential in food processing in a bigger scale as it would be bigger boon for the Gulf States in terms of food security on account of the supply chain.

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Publication:Gulf Times (Doha, Qatar)
Geographic Code:7QATA
Date:Jun 5, 2016
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