(Feb 19): Qatar will invest US$10 billion (RM44.29 billion) in India as well as have its sovereign fund open an office in the South Asian nation as the two countries seek to deepen bi-lateral ties.

The Middle East nation has agreed to invest the funds and the Qatar Investment Authority will open an office in India, according to the statement issued after a bilateral meeting between Amir Sheikh Tamin Bin Hamad Al-Thani and Prime Minister Narendra Modi in New Delhi on Tuesday. The Qatari leader is on a two-day visit to the South Asian nation, the first in a decade. 

The Indian government and the state of Qatar signed several agreements related to Bilateral Strategic Partnership and a revised Double Taxation Avoidance Agreement. The nations also agreed to expedite negotiations on the India-Qatar Bilateral Investment Treaty, they said in the statement. 

The gulf nation has already invested in India to buy stakes in companies including Reliance Industries Ltd’s retail venture and Adani Group’s power distribution unit. It is also the largest supplier of liquefied natural gas to the South Asian country, according to India’s Ministry of External Affairs. The joint statement didn’t put a time frame for inward investments. 

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