Qatar’s trade relations with Pakistan are growing at a fast pace. This was reflected at the Qatar-Pakistan Trade and Investment Forum when the Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari said that the trade volume between the two countries increased 233 percent last year. Qatar and Pakistan also enjoy extensive and deep-rooted political relations, which was exemplified by Prime Minister Imran Khan’s visit to Doha in January this year.
The Pakistani business community is incredibly active and engaged in Qatar. Pakistan is one of the best promising economies in the region with its geographical location and a consumer market exceeding 200 million people. Pakistan is the 13th largest trading partner in terms of trade with Qatar. The total value of trade between both countries reached QR2.6bn in 2018. The two sides also signed a $16bn deal to provide Pakistan with LNG until 2030.
H E Al Kuwari said trade relations between Qatar and Pakistan witnessed strong momentum in past 10 years and trade exchange volume had reached to QR2.6bn in 2018 while it was QR782m in 2016. “There are 1,488 companies in Doha with joint capital between Qatar and Pakistan which are engaged in the fields of energy, contracting, plastics and heavy equipment leasing. Qatar also has seven companies with 100 percent Pakistani capital,” the Minister added.
Adviser of Pakistan’s Prime Minister on Commerce, Textile, Industry & Production, and Investment, Abdul Razak Dawood, said Pakistan had become a destination for investment due to government of Pakistan’s recently carved out investor-friendly policies. “These policies of the government of Pakistan include lucrative incentives for foreign investors,” he said. “The improved security situation has also motivated foreign investors for their safe investments in Pakistan.”
Chairman of Pakistan’s Board of Investment, Haroon Sharif, gave a detailed presentation on ‘Investment Opportunities in Pakistan’. He reiterated Prime Minister Imran Khan’s statement that it was the best time for investment in Pakistan and the opportunity should not be missed.
Qatar Financial Center Authority Chief Executive Officer Yousuf Al Jaida shed light on the new emerging belt initiative which included countries like Turkey, Kuwait, Iraq, Qatar, Oman, Malaysia and Pakistan. He stated that this initiative would further enhance the trade and investment ties amongst these countries.
In another development, Qatar Financial Centre also signed a Memorandum of Understanding (MoU) with the Pakistan Stock Exchange which will see both collaborating on several initiatives including promoting bilateral business development opportunities, facilitating the mutual cross-selling of financial products, facilitating trade and investment between companies in Pakistan and Qatar, as well as exploring the possibility of establishing an international financial center in Karachi or another major city in Pakistan.
All these indicators reflect the growing strength of ties between Qatar and Pakistan.
