New Delhi

Noting that India was now moving on the “path of high growth”, President Pranab Mukherjee has sought more investment from Qatar in key areas of defence, insurance and railways, saying it was an “”opportune time” for doing so.

Hosting a banquet in honour of the Emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, who is on his first state visit to India, the President last night spoke about major reforms launched by India to boost economic growth.

“The government has eased foreign direct investment caps in key areas like railways, defence and insurance. It is an opportune time to make investments in India, especially since India is once again on the path of high growth,” he said.

Mukherjee said there is lot that both countries can do together to realise the existing potential in trade and investment ties.

Thanking the Emir and his father for their personal commitment to strengthening bilateral ties with India, Mukherjee said there was a need to make the trade more broad- based and diversified.

He also said he was looking forward to the 2022 FIFA World Cup being hosted by Qatar and expressed hope that globally- reputed companies in India can be used for executing infrastructure projects of the highest standards for the event.

“We are confident that they would be worthy partners in Qatar’s economic progress and would contribute meaningfully towards your country’s preparations for the 2022 World Cup,” he said.

The Emir for his part said that the aim in coming to India was to strengthen bilateral relations between the two countries. He also expressed hope that bilateral ties between the two countries will continue to grow.

He said that relations will be more stronger in the wake of the significant economic reforms introduced by the India, which has led to an improvement in the investment climate here.

The Emir also reiterated Qatar’s commitment to helping India secure its energy needs.

Mukherjee also said that India deeply values Qatar as a reliable source of energy.

“It is time the two countries converted their commercial synergies into a deeper energy partnership through India-Qatar joint ventures in refineries and petrochemical projects in India, as also through joint exploration in third countries,” he said.

He extended invitations to investors and entrepreneurs in Qatar to look at India’s infrastructure sector and to join in the ‘Make in India’ and ‘Digital India’ initiatives.

He said India’s 100 Smart Cities project is open for foreign participation.

Talking about West Asia, the President said peace and stability in the region was in the everybody’s interest.

“Cooperation between India and Qatar is necessary for countering terrorism and maritime piracy, which affect both of countries,” he said.

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