India’s Finance Minister Nirmala Sitharaman met Qatar’s Ali bin Ahmed Al Kuwari in Doha to advance Qatar’s $10 billion investment plan, finalize the Bilateral Investment Treaty, and expand UPI digital payment integration during the AIIB 2026 annual meeting.
Union Finance Minister Nirmala Sitharaman on Tuesday held extensive bilateral discussions with Qatar’s Minister of Finance, Ali bin Ahmed Al Kuwari, to advance the implementation of Qatar’s landmark $10 billion investment commitment in India and fast-track the finalisation of a robust Bilateral Investment Treaty (BIT).
The high-level bilateral meeting took place on the sidelines of the 11th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) in Doha, where Finance Minister Sitharaman is representing India in her official capacity as the Indian Governor to the AIIB.
Deepening Economic and Financial Integration
During the constructive dialogue, the two leaders addressed multiple pillars of mutual economic cooperation, according to an official statement issued by the Ministry of Finance. Central to the discussions was operationalizing Qatar’s $10 billion investment pledge into key Indian growth sectors. Both sides deliberated on channels to channel these long-term funds effectively, placing a distinct emphasis on Qatar’s sustained engagement with India’s National Investment and Infrastructure Fund (NIIF).
In addition to direct capital commitments, the ministers focused on modernizing financial connectivity by expanding India’s Unified Payments Interface (UPI) across Qatar. Extending UPI infrastructure into the Gulf nation will offer seamless, low-cost digital cross-border payments, directly benefiting trade settlements, tourists, and the substantial Indian expatriate community residing in Qatar.
The two finance leaders also reviewed the existing Double Taxation Avoidance Agreement (DTAA). They underlined the necessity of maintaining a transparent, predictable tax environment, recognizing that enhanced tax certainty remains essential for facilitating cross-border trade, protecting investor interests, and encouraging institutional capital flows between both jurisdictions.
Strategic Partnership and Bilateral Goodwill
Expressing appreciation for the warm hospitality and seamless organization of the AIIB summit in Doha, Sitharaman highlighted recent high-level diplomatic exchanges between New Delhi and Doha. She observed that sustained engagement has successfully elevated bilateral ties to a full-fledged “strategic partnership,” unlocking fresh opportunities for industrial collaboration and joint ventures.
Qatari Finance Minister Ali bin Ahmed Al Kuwari lauded the substantial contributions of the Indian diaspora, formally acknowledging their vital role in driving Qatar’s national development and ongoing economic success story. Al Kuwari expressed optimism regarding future collaborations, noting that expanding partnerships across finance, infrastructure, and green technology will yield mutual, long-term prosperity.
Multilateral Engagements at the AIIB Summit
The Finance Minister’s official three-day trip to Doha features an intensive diplomatic itinerary. Beyond her deliberations with Qatari authorities, Sitharaman held strategic bilateral discussions with AIIB President Jin Liqun, as well as finance counterparts from Switzerland, Saudi Arabia, Algeria, and Nepal, focusing on sustainable financing, global macroeconomic stability, and shared development goals.
India stands as a founding member and the second-largest shareholder of the AIIB, trailing only China. Headquartered in Beijing, the Beijing-based multilateral development bank commenced operations in January 2016 with an initial capital base of $100 billion.
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Now encompassing 111 approved member nations worldwide, the AIIB serves as an indispensable funding vehicle for cross-border connectivity, renewable energy infrastructure, urban transit, and clean water initiatives. Sitharaman’s presence at the Doha summit reinforces India’s pivotal voice in shaping multilateral development priorities across Asia and the global South.
