Minister reviews trade and economic ties with visiting US delegation

HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani discussed the latest developments in trade and economic relations between the State of Qatar and the United States of America during a meeting with a delegation from the US Council for the National Interest Foundation (CNIF), currently visiting Doha. During the meeting, HE the Minister stressed the close historical ties between the State of Qatar and the US, noting that Qatar has increased its investments in the US over many years, and these investments have contributed to the creation of many jobs in the US.
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HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani with the US delegation.

HE the Minister reviewed the laws and regulations issued by Qatar over the last few months to attract and encourage domestic and foreign investments, including the draft law regulating the investment of non-Qatari capital in economic activity recently approved by the Council of Ministers in line with the directives of His Highness the Emir Sheikh Tamim bin Hamad al-Thani, especially as this law will support the entry of foreign investors into the Qatari market.

Commenting on Qatar’s economy, HE the Minister of Economy and Commerce said that the wise policies adopted by Qatar have stimulated all sectors of the country to increase their productivity, leaving a positive impact on the national economy and achieving positive growth rates during the past year despite many global and regional challenges. In this regard, he pointed to the successes achieved by Qatar’s economy represented in the rise of the GDP during the year 2017 to reach about $ 220bn, compared with about $218bn in 2016, and in the real growth rate of GDP at constant prices, to reach about 2% in 2017. According to the latest World Bank reports, Qatar’s real GDP growth is expected to rise to about 2.6% in 2018, he said.

The Council for the National Interest Foundation (CNIF) is an independent 501(c)3 non-profit organisation that provides information and analysis on the Middle East, its relationship to the United States, and about policy formation regarding this region. Meanwhile, HE Sheikh Ahmed bin Jassim bin Mohamed al-Thani met yesterday with HE the President of the National US-Arab Chamber of Commerce (NUSACC) David Hammoud. The meeting discussed the latest preparations and co-ordination for a business tour to the US, in which HE the Minister will take part next month. It aims to increase the volume of trade exchange and mutual investments between the two friendly countries.

The meeting also dealt with Qatar’s business environment, which is being designed and improved to diversify the economy and encourage foreign direct investment, enabling the State to provide many incentives to investors in projects implemented in the major sectors. NUSACC established nearly 50 years ago and is America’s longest-serving organisation dedicated to US — Arab business, with offices in New York, Houston, Los Angeles and Salt Lake City. Its headquarters is based in Washington DC.

NUSACC offers exclusive opportunities to sponsor a wide range of events that enhance business opportunities and US-Arab investment. The State of Qatar and the United States have economic relations covering trade and investment in oil and gas. They also signed a trade and investment framework agreement in April 2004, where the volume of trade exchange between the two countries in 2017 was about $6bn.

There are about 102 companies fully owned by the US side operating in Qatar. The number of joint companies with Qatari partners is about 505 companies operating in the engineering, consulting, contracting, information technology, trade, and services sectors. There are about 40 US companies licensed under the Qatar Financial Centre (QFC) umbrella.

Sources and photo-credits: Gulf Times