H E Sheikh Ahmed bin Jassim Al Thani (centre), Minister of Economy and Commerce, with Khush Choksy (left), Senior Vice-President of the American Chamber of Commerce for the Middle East affairs, and Mohammed Barakat, US-Qatar Business Council Managing Dir
DOHA: International trade and investments form a key part of Qatar’s future growth and diversification and the US is one of Qatar’s most valued and largest global partners, H E Sheikh Ahmed bin Jassim Al Thani, Minister of Economy and Commerce, said while chairing on Monday roundtable talks with businessmen during a working lunch on the sidelines of Qatar’s participation in the 73rd session of the United Nations General Assembly.
The US and Qatar are bound by several agreements and memorandums of understanding, especially the TIFA Agreement, which led to the establishment of a joint council since 2004. $24bn worth of goods were traded in the last five years and 84 percent of the trade balance is in favor of the US.
The US is also Qatar’s first destination for imports, the Minister said noting that 16 percent of Qatar’s imports came from US in 2017. He also highlighted that financial transactions from Qatar to the US reached $26.5bn in 2017 alone, including business profit, salaries, and payments.
Sheikh Ahmed said Qatari investments in the US have also exceeded $45bn, the equivalent to 23 percent of Qatar’s GDP. Qatar Airways alone provided a $92bn boost to the US economy through the purchase of 332 American aircrafts a deal that supports more than 527,000 direct and indirect jobs.
Meanwhile, more than 650 American companies are established in Qatar, including 117 companies 100 percent owned by US citizens.
Qatar’s economy depends mainly on the oil and gas sector, despite the fact that the government’s economic policies have contributed to an increase in the contribution of non-oil sectors to about 51.8 percent of GDP last year.
He touched on the measures that Qatar has taken to overcome the unjust siege imposed on the country, which was aimed at undermining its position, emerging stronger and more independent than ever before.
The Minister added that Qatar has successfully established direct commercial routes with a number of strategic hubs around the world, diverting trade to its major trading partners.
The country has sought to take advantage of the excellent business environment and investment opportunities available in Qatar to create a sophisticated air fleet operated by Qatar Airways. Sheikh Ahmed explained that Qatar has sought to mobilize its signed regional agreements with Kuwait, Iraq, Oman, Turkey, Pakistan, India, Azerbaijan and Central Asia to expand its trade activities by establishing a sea fleet that connects Qatar with its major trading partners in the world, targeting a market of 400 million populations in its first stage.
The legislative framework regulating foreign investments in Qatar offer foreign investors the opportunity to own up to 100 percent of investment projects in various sectors. The Free Zones Law allows 100 percent ownership across many activities and sectors.
Qatar also offers investors numerous incentives including the freedom to transfer capital and choose the legal entity of a project in addition to exempting assets and production requirements as well as exports and imports from taxes and duties, which would streamline the flow of goods and services to and from Qatar.
He added that Qatar has established a single window where investors can extract all required licenses, which only require the approval of the Free Zone Authority.
Sheikh Ahmed stressed Qatar’s firm commitment to strengthening its position as a regional business hub, highlighting the country’s success in establishing direct trade lines with a number of strategic partners around the world. In this context, Sheikh Ahmed called on the American business community to benefit from Qatar’s strategic geographical location, its advanced infrastructure and its investment and legislative environment, noting that Qatar will continue to honor its agreements and international conventions.
Qatar’s private sector is also playing an important role. The State is currently working on a public-private partnership law that will contribute to supporting this sector and foreign investors in the Qatari economy.
The Minister expressed confidence in Qatar’s sustainable economic policies and its ability to consolidate its position as a regional business hub, stressing the government’s commitment to investing its oil and gas revenues to build a diversified and competitive economy.
The roundtable, which was organized by the Embassy of Qatar, US-Qatar Business Council and the US Chamber of Commerce, brought together Khush Choksy, Senior Vice President of the American Chamber of Commerce for the Middle East affairs, Mohammed Barakat, US-Qatar Business Council Managing Director and Sheikh Meshal bin Hamad Al-Thani, Ambassador of the State of Qatar to the US along with a number of senior political, economic and trade figures, as well as businessmen and senior executives from major US companies.
Sheikh Ahmed participated in high-level meetings held on the sidelines of the 73rd session of the UN General Assembly in New York City such as the lunch with the United Nations private sector forum for the year 2018 entitled Building and Investing in Peace for all. The ceremony was attended by Antonio Guterres, Secretary-General of the United Nations.
