India is witnessing increasing interest from Qatar in investing in the country's real estate and construction sectors, Indian Ambassador to Qatar HE Sanjiv Arora has said, said Qatar Tribune.
At a Business and Investment Event on the occasion of "Make in India" campaign launched by the Indian government, he said Qatari authorities are reviewing their investment portfolios around the world and are looking for fresh opportunities. According to them, India is beginning to feature very prominently, he added.
The event was hosted by Doha Bank. Arora felt infrastructure sector offered great promise in terms of substantially increasing Qatari investments into India. There were other attractive opportunities according to Qatar's sovereign wealth fund and corporate entities in the vast hospitality and tourism sector in India, he said. He mentioned the acquisition in April 2013 of the 5 percent stake in one of India's telecom companies by the investment arm of Qatar Foundation. This was to the tune of about $1.35 billion.
The Indian ambassador described the volume of Qatari investment in India to be quite modest. India, Arora said, stood fourth in terms of global attractiveness to foreign direct investment between 2014 and 2016. He also said the pharmaceutical sector in India is of significance to Qatari investments as the number of medical visas issued for Qataris is substantial. India imports 60 percent of its imported LNG from Qatar, he pointed out. A video of India's Prime Minister Narendra Modi's speech to businessmen was played at the event in which he invited businessmen to invest in India.
A Doha Bank representative said the bank will support Qatari-Indian investments in both countries.