inister of Economy and Commerce, H E Sheikh Ahmed bin Jassim Al Thani (second left), Dr Ulrich Nussbaum, Germany’s Federal Minister of Economic Affairs and Energy, Sheikh Khalifa bin Jassim bin Mohammed Al Thani (third right), Chairman of Qatar Chamber, S
DOHA: Qatari-German bilateral trade volume over the 2013-2017 period grew significantly to approximately $12.6bn, and Qatar ranked as Germany’s 11th largest trading partner, and third largest export destination in 2017, Qatar’s Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim Al Thani noted in his address at the Qatar-Germany Business and Investment Forum, which kicked off in Berlin yesterday.
Sheikh Ahmed highlighted on German-Qatari bilateral trade and investment ties, highlighting the most recent economic indicators and achievements of both countries.
He noted that Doha and Berlin have more than 60 years of commercial relations, marked by collaboration and partnership agreements in the economic, science, education, technical training, research and development, and new and renewable technologies fields. Over 44 years of diplomatic relations have positioned Qatar as a key partner of Germany in the Middle East and North Africa region, the minister added.
Qatar and Germany have signed several agreements and memoranda of understanding, including an agreement on the promotion and protection of investments, the Minister said.
Dr Ulrich Nussbaum, Germany’s Federal Minister of Economic Affairs and Energy, H E Sheikh Khalifa bin Jassim Bin Mohammed Al Thani, Chairman of Qatar Chamber, Sheikh Faisal bin Qassim Al Thani, chairman of the Qatari Businessmen Association, Salman Kaldari, Chairman of the Single Window, and Khamis Ahmed Al Mohannadi, Chairman of the Private Sector Development and Support Committee, participated in the session along with a number of Qatari and German officials, businessmen and representatives of major companies.
Qatar and Germany have also signed agreements and memoranda of understanding in the areas of sports, health and media, in addition to the fields of archeology, solar energy, cultural, industrial, commercial, civil aviation and air transport.
Both countries have also signed an agreement on the establishment of a joint committee for trade, economic and technical cooperation, he said.
The committee has so far convened for five sessions, with the fifth taking place in Doha in the last quarter of 2016.
Qatar is now positioned as Germany’s 11th largest trading partner, and Germany was the third largest destination for Qatar’s imports in 2017, he said.
These positive indicators demonstrate that Qatar and Germany can build on existing opportunities to bolster trade and investment relations, he said, urging additional efforts to achieve a trade balance between the two countries.
Qatar’s significant investments in Germany represent another key reason to expand investment relations and extend the long-term economic and financial cooperation between Doha and Berlin, he said, noting that Qatar Investment Authority (QIA) has invested about $25bn into vital projects in the automotive, IT and banking sectors.
On the other hand, over 304 German companies are currently operating in Qatar, including 45 companies that are 100 percent-owned by German investors, in addition to 259 joint Qatari-German companies. These firms are involved in the development of railway, road and infrastructure projects, as well as the service industry, trade, contracting, telecommunications and medical equipment, among other fields.
The Minister highlighted that Qatar Airways operates around 35 weekly flights to Germany, including 14 each to Munich and Frankfurt, seven to Berlin, and seven weekly cargo flights to Frankfurt. This has reflected positively on bilateral trade and tourism, as demonstrated by the 25 percent year-on-year increase in the number of German tourists visiting Qatar, reaching 45,000 in 2017.
Touching on the resilience of the Qatari economy, Sheikh Ahmed said Qatar had weathered the unjust blockade imposed on the country in 2017, noting that the strong recovery in global energy prices, thanks to diminishing supply and rising global demand, has bolstered domestic growth performance.
Qatar has also managed to establish direct commercial lines with a number of strategic ports that now represent key trading partners, he said, adding that the business-friendly environment and investment opportunities that Qatar offers have contributed to the establishment of a very successful air fleet operated by Qatar Airways, the world’s 5-star airline.
