Doha: The Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani said that during the last five years, the volume of trade between Qatar and the United States of America had reached about $24bn.
He added that 84 percent of the trade balance between the two countries, equivalent to $20bn, tends to favour the United States, which was the first source of imports of the country in 2017, as Qatar imported 16 percent of imports from the US.
The Minister was speaking at the reception organised by the US Chamber of Commerce in cooperation with the US Qatar Business Council and the Embassy of Qatar in Washington. He said that Washington is the second point of Qatar’s economic tour of the United States, reported QNA.
He said that international trade and investment are key part of the policy of future growth and economic diversification adopted by Qatar. Qatar has increased its investment in the USfor many years, which contributed to the provision of thousands of jobs across America, and the investments included partnerships with several US companies including ExxonMobil, Boeing, ConocoPhillips and Raytheon.
The Minister said the total value of exports and confirmed orders to Qatar, amounted to about $146bn, which in turn contributed to the provision of one million US jobs based on existing investments with Qatar. He also referred to the role of Qatar Investment Authority, which allocated $45bn of investments for 2015-2020, of which $10bn was directed to investment in infrastructure, pointing out that these investments account for about 23 percent of Qatar’s GDP.
On the oil and gas sector, the Minister said Qatar Petroleum has allocated $10bn to invest in a LNG plant in Texas, which will contribute to the provision of 45,000 jobs. He also highlighted investments in the private sector, stressing that the latter injected more than $5bn in technology, hospitality, real estate and home appliances trading, which contributed to support the US economy.
He said Qatar directed about $200m during 2017 to spend on healthcare for its citizens, pointing out that there are more than 1,200 Qatari students were studying in the US universities.
The Minister said the relations between Qatar and the US are not limited to the commercial and investment aspects, but extend to other horizons. He added that the mutual relations between the two countries aimed mainly at serving the interests of their people and helping each other overcome the challenges and take advantage of the available opportunities.
He said the private sector plays a key role in corporate social responsibility in the US, praising the role of Al Faisal Without Borders Foundation in launching projects to rehabilitate former US convicts.
The Minister referred to the measures taken by Qatar to break the unjust blockade imposed on it since June 5 last year. He said the State had succeeded in strengthening its position and independence more than ever, especially as it has established its trade relations with all countries in the world, especially the US.
He added direct commercial lines have been developed with a number of strategic ports. Qatar has sought to utilise its advanced infrastructure and high quality logistics services to activate agreements signed at the regional level, with the aim of expanding its business activities through the establishment of a maritime fleet linking Qatar with partners worldwide, targeting a market of about 400 million people as an initial stage.
He also said the wise policies have encouraged all sectors of the country to increase their productivity, which has positively impacted the national economy and achieved positive growth rates during the past year, and which confirmed the flexibility of the economy.
The Minister said that Qatar has become a world leader in the Global Competitiveness Index, according to a report issued by the World Economic Forum, and Qatar was ranked first worldwide in the axis of providing a safe business environment.
