'Qatar firms waiting for policy reforms to invest in India'
Dubai: Many Qatar firms are waiting for some policy reforms in India before they make huge investments in different sectors, a senior member of an Indian trade mission to Doha has said.
Gurpal Singh, Principal Advisor and Head of the Middle East and North Africa (MENA) division at the Confederation of Indian Industries (CII), said that Qatar's firms are keen to invest in various sectors like power, port, road, agriculture, real estate and other infrastructure development projects.
"(But)They (Qatari investors) are waiting for some policy reforms in India which were earlier promised by various ministries during their recent visits to the Gulf state," The Peninsula newspaper quoting Singh here said.
The visiting delegation had interactions with a host of dignitaries from the Government of Qatar.
Singh was here on a two-day visit to enhance bilateral trade ties as a member of the 14-member multi sectoral trade mission under the leadership of KKM Kutty, Chairman, CII Gulf Committee.
The delegates represented a wide-range of sectors including health care, IT, infrastructure, energy and others.
Singh said that after the 'controversial Vodafone tax evasion case' in India, foreign investors had become a little cautious and seeking policy reforms which should be "balanced and more investment-friendly".
The volume of bilateral trade between Qatar and India has grown from USD 1.2 billion in 2005 to USD 16 billion in 2013.
However, the trade balance is in favour of Qatar as India imports a significant share of its energy from Qatar.
"We are trying to substantially enhance trade and investment cooperation between India and Qatar and facilitating business collaboration is on top of our agenda," Indian ambassador Arora said.
He also added that during meetings with the Qatari officials, he assured them that there was no need to get panic in the wake of depreciating Indian currency against dollar and other such challenges as the India's macroeconomic fundamentals were very strong.