The Ministry of Economy and Commerce (MEC) pavilion features 15 participants from the public and private sectors including the Ministry of Energy and Industry, Qatar Chamber, Qatar Financial Centre, Manateq Company, the Supreme Committee for Delivery and Legacy, and Qatar Rail, in addition of private companies including QatarPharma for Pharmaceutical Industries, QIMC, Qalex, Aqap.
Through its participation in the fair, Qatar is shedding light on the investment opportunities and the incentives and legislations that were adopted to support the private sector. In addition, the MEC pavilion presents the joint ventures between the private and public sector and focuses on Qatar’s sophisticated infrastructure including the economic and logistic zones and the storage areas, besides the FIFA 2022 World Cup projects.
After touring the fair, HE Sheikh Ahmed pointed out that the participation of Qatar at the fair enjoys considerable importance and represents a key occasion to promote the country internationally. It is a good platform to introduce businesspersons and investors about the great investment opportunities in Qatar and focus on the welcoming investment climate provided by the country to attract international firms to the local market to diversifying the sources of national income.
He also appreciated the active participation of many government, semi-government and private entities in Qatar pavilion at the fair. He pointed out that the fair gives the participating entities a platform to market and promote their products in new markets and meet representatives of international industries, so they can exchange experiences and get introduced to the latest technological innovations in the field. He further talked about the main advantages of Qatar as a pioneer investment destination due to the systematic policies adopted by the country’s wise leadership to encourage all economic sectors to increase their production year-on-year. He said that the non-oil sector accounted for 52% of the total GDP, and the external trade volume was up 17% last year amounting to $103bn, compared to $89bn in 2016. Also, the total exports of the country increased by 19% amounting to $68bn in 2017, compared to $57bn in 2016.
In the meantime, HE the Minister pointed out the various initiatives and legislation adopted by the country recently to further encourage and promote foreign and local investment and businesses, stressing that Qatar is a very safe and investment friendly place. HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani has held meetings with German officials on the sidelines of Qatar’s participation in the ongoing Hanover Fair 2018.
Qatar is participating in the event, considered the world’s largest industrial fair, for the first time with a 900 sqm pavilion. The fair continues until April 27. On Sunday, Sheikh Ahmed met with Peter Altmaier, Germany’s Federal Minister for Economic Affairs and Energy. Discussions touched on the promotion of Qatari-German bilateral relations and co-operation, particularly in the economic, trade and investment fields. Discussions also touched on Qatar’s economic development over the past years and reviewed investment opportunities across various sectors as well as initiatives launched by Qatar to support the private sector and enhance its contribution to the overall economic development of the country and the increase in foreign investments, the Ministry of Economy and Commerce has said in a statement.
Discussions also covered Qatar’s logistics services, such as Hamad Port and the economic zones, which would attract foreign investments. Officials also discussed preparations for the joint Qatari-German committee’s meeting, proposing that the meeting takes place in Berlin at the end of 2018. Sheikh Ahmed also touched on the timing of a Qatari-German Business and Investment Forum that will be held in Germany. Also on Sunday, HE Sheikh Ahmed met with Dr Volker Trier, deputy CEO of the Association of German Chambers of Commerce and Industry and director-general of the German Chambers of Commerce and Industry abroad.
Discussions touched on German-Qatari bilateral ties and issues related to economic developments and joint relations. Officials also discussed the characteristics that position Qatar as an attractive destination for foreign investments, which would contribute to increasing the flow of foreign direct investments and attracting new German companies to the promising Qatari market. The two sides discussed Qatar’s logistics services, such as Hamad Port and the economic zones, which would attract foreign investments. HE the Minister highlighted that the Qatari-German Business and Investment Forum would be held in Germany, with the discussions touching on the timing of the forum and the importance of facilitating Qatari-German partnerships in various fields. Qatar and Germany enjoy close economic and trade relations that reflect positively on the volume of bilateral trade, which amounted to approximately QR8.37bn in 2017, the equivalent of $2.29bn, positioning Germany as Qatar’s 11th largest trading partner, the statement noted.
Around 27 fully owned German companies are currently operating in Qatar in addition to 112 Qatari-German joint companies operating in the fields of trade, construction, services, telecommunications, road infrastructure and medical equipment, among other sectors. Five German companies are also licensed under the umbrella of the Qatar Financial Centre. The Hanover Fair is the world’s largest industrial forum and leading trade fair for industrial technology. The event, which attracts the world’s largest manufacturing companies, covers a wide range of topics on industrial and information technology, industrial supply and engineering, services, energy and environmental technology.
Sources and photo-credits: Gulf Times