Sheikh Faisal bin Qassim Al Thani (left), Chairman of the Qatari Businessmen Association; Sheikh Khalifa bin Jassim Al Thani (centre), Chairman Qatar Chamber; Ahmed bin Mohammed Al Sayed, Minister of State and Chairman of Qatar Free Zones Authori
The Minister of Commerce and Industry Ali bin Ahmed Al Kuwari said yesterday that Qatar-Brazil bilateral trade volume amounted to about $575m last year compared to $385m in the first seven months of 2019. And both sides need to build on their potential by developing the appropriate environment to bolster bilateral trade. Brazil is Qatar’s 28th largest trading partner.
Minister Al Kuwari announced the figures while moderating a high-level roundtable discussion on Brazil’s macroeconomic and business environment. The event was organized by the Ministry of Commerce and Industry and attended by the President of Brazil, Jair Bolsonaro, who is currently visiting Doha.
The roundtable brought together a number of Qatari officials, including Sheikh Faisal bin Qassim Al Thani, Chairman of the Qatari Businessmen Association; Sheikh Khalifa bin Jassim Al Thani, Chairman Qatar Chamber; Ahmed bin Mohammed Al Sayed, Minister of State and Chairman of Qatar Free Zones Authority; Mansour Ibrahim Al Mahmoud, CEO of the Qatar Investment Authority; and Sheikh Ali bin Al Waleed Al Thani, CEO of the Investment Promotion Agency, as well as a number of senior Brazilian officials including Ernesto Araujo, Brazil’s Minister for Foreign Affairs, and Onyx Lorenzoni, Minister of State and Chief of Staff of the Presidency, along with senior executives from a number of Brazilian companies.
In his opening remarks, Minister Al Kuwari praised 45 years of friendly Qatari-Brazilian relations, noting that bilateral discussions have gained momentum in recent years on various levels, driven by the exchange of official visits.
He hoped the roundtable discussions would pave the way for the expansion of bilateral trade and investment cooperation, in addition to prioritising investments in areas that add value to the economies of both countries, and promoting cooperation between the Qatari and Brazilian private sectors and enabling businessmen to enter into successful strategic partnerships.
He emphasized the importance of activating bilateral agreements and signing new agreements on the promotion and protection of mutual investments, double taxation and the prevention of tax evasion, which will positively contribute to enhancing the confidence of Qatari and Brazilian investors.
These agreements would also contribute to strengthening bilateral cooperation, he said, calling on the Qatari-Brazilian Joint Committee, which represents an important platform for dialogue between the Qatari and Brazilian governments, to hold its first session.
The Minister Al Kuwari praised over 24 Brazilian companies currently operating in Qatar for contributing to the national economy, noting that Qatar seeks to encourage private sector institutions and Brazilian investors to explore the promising investment opportunities provided by the State within the framework of implementing the Qatar National Vision 2030 and hosting the 2022 FIFA World Cup.
Al Kuwari touched on the significant progress that Qatar has achieved in recent years in terms of implementing its major development plans, and cementing its position as one of the most developed economies in the region, driven by significant growth in non-oil sectors, which expanded by 3.2 percent in 2018.
