Qatar beckons Indian biz to grow

Qatar Financial Centre (QFC), the onshore business and financial centre under the State of Qatar that provides a platform for firms to do business in the Arabian country, has called upon Indian companies to seek opportunities there.

QFC, which recently held a roadshow in India, is calling upon companies from varied realms — architecture, consulting, IT, professional services, and finance, among others — to come be a part of Qatar’s sucess story.

Talking to DH, Kamal Naji, Chief Strategy and Business Development Officer of the QFC Authority, said that among several cities in India, it is bullish on Bengaluru’s firms to invest and have business in Qatar.

“We are interested in attracting companies from Bengaluru, thanks to its prowess in IT and technology consulting fields. We have immense opportunities in the said areas. Qatar is rapidly digitising,” Naji said. It is interesting to note that as part of its digital push, many of Qatar’s government services have gone online and on mobile. And, the country has seen many Indian companies helping its push.

Bengaluru alone has generated the highest number of jobs in Qatar, from India, with a total of 300 hirings. Among Indian companies which have invested in Qatar are Wipro, TCS, Larsen & Toubro, Voltas, Shapoorji Pallonji, ICICI Bank, Zomato, and State Bank of India, among others.

Bilateral trade between India and the Gulf nation has been to the tune of $15.7 billion, mostly in oil & gas, while non-oil & gas stands at a modest $1 billion. “We see a lot of potential for growth in non-hydrocarbon trade as well. As Qatar gears up for the 2022 FIFA World Cup, we are looking at scaling up hotel rooms by 55,000 keys, boosting our hospitality and tourism sector,” Naji said, adding that the country is establishing SEZs and industrial parks as part of its development plan, besides boosting health and social services.

India is the fourth largest FDI provider for Qatar, with $450 million of FDI being invested by 25 Indian companies over a 7-year period. “India and Qatar have been friendly with each other since the 1960s. We promote a free market. Considering the deep-rooted cultural ties that we both share, I’d expect Indian companies to take this opportunity,” Naji said.

Explaining the formalities required to begin business in Qatar, he said that it takes a month for a company in the pre-application stage, then two weeks in the licensing stage, and then up to a month for all approvals. Qatar enjoys a GDP of $320 billion, growing at 6%. 

Kamal Naji: India is the fourth largest FDI provider for Qatar, with $450 mn of FDI being invested by 25 Indian companies over a 7-year period. India and Qatar have been friendly with each other since 1960s