Qatar has been promoting trade and bilateral relations with countries in the region and beyond for decades. It gathered momentum in the recent past with several visits exchanged by the leadership of Qatar and different countries.
Qatar and Iraq signed several agreements and memorandum of understandings (MoU) during the sixth session of the Joint Qatari-Iraqi Committee for Economic, Trade and Technical Cooperation held recently. An agreement to establish a Qatari-Iraqi Business Council and two MoUs between Qatar Chamber and the Federation of the Iraqi Chambers of Commerce were singned. The joint session was co-chaired by the Minister of Commerce and Industry, H E Ali bin Ahmed Al Kuwari, and Iraq’s Minister of Trade, Dr. Mohammed Hashim Abdul Majeed Al Ani.
During the meeting, H E Al Kuwari stressed that close brotherly relations between the State of Qatar and the Republic of Iraq constitute an incentive for the two countries to promote and consolidate them at the economic, commercial and investment levels, adding that the capabilities of the two countries should encourage them to achieve greater rates in trade volume, which amounted to about QR370m in 2017.
The Minister called on Iraq to join the MoU on the facilitation of transport and transit traffic for economic and trade cooperation signed last year between the State of Qatar, the Republic of Turkey and the Islamic Republic of Iran. The Minister said that the MoU represents an important step in order to overcome the challenges that impede the movement of trade across Iraqi territory to the State of Qatar.
The Minister also detailed the investment climate in Qatar, pointing out that the state has accelerated the implementation of the necessary measures to enhance the investment environment and allowed local and foreign companies to invest in major national projects undertaken within the framework of the Qatar National Vision 2030 and the World Cup 2022.
In the recent past Qatar has been warmly welcoming foreign companies to invest in a wide variety of sectors by offering several incentives to foreign investors such as 100 percent ownership of business and giving the right to own land in Qatar. Qatar has made great strides in reforming the labour laws drawing praise from across the world, including several international trade unions and organisations, which work towards ensuring the rights of workers, as well.
Almost every country from across the world has a trade or investment link with Qatar, which is proof to the welcoming atmosphere for doing business that is prevalent in Qatar. The safety and security record of the State, the peaceful environment and the welfare measures that the country offers, which are among the best in the world, all contribute to attracting investment into the country.
