Doha / QATAR: Driven by imports from the US, Qatar’s trade with the United States increased to $4.61bn in 2012 from $3.62bn in 2010, Doha Bank Group CEO Dr R Seetharaman has said.
Addressing the US-Qatar Business Council meeting in Washington recently he said US investments in Qatar have crossed $100bn with most of the investments being made in the hydrocarbon sector.
The US is Qatar’s top import partner and largest investor in Qatar. In 2010 the Golden Pass LNG terminal in the US was commissioned, a facility in which Qatar has a stake. In April 2011 Qatar airways enhanced their fleet with five Boeing 777 Aircraft worth $1.4bn. In June 2011 Qatar Airways and Boeing announced order for six Boeing 777 aircraft valued at $1.7bn.
This year Qatar Airways signed an agreement to buy up to nine Boeing 777-300ER aircraft valued at $2.8bn.
US firms are looking at opportunities in IT, logistics, food and beverages, event management, hospitality and other sectors in Qatar.
In September, the Qatar 2022 Supreme Committee and the Qatar National Food Security Programme joined with former US President Bill Clinton to announce Qatar’s Clinton Global Initiative Commitment to Action to use the power of international sport to develop innovative food and water security solutions.
On bilateral trade and development between GCC and US, Seetharaman said: “It has increased from $71.1bn in 2010 to $123.7bn in 2012, up almost 74%.
On Qatar’s emergence as a role model for transformation on economic and social fronts Seetharaman said “Qatar will continue to follow the true principles of globalisation.
Qatar’s National Vision 2030 builds on a society that promotes justice, benevolence and equality. Qatar’s gross domestic product will grow at 5.3% in 2013. Growth will continue apace in the non-oil and gas economy. Growth in the non-oil and gas economy will be 9.8% in 2013, rising to 10.3% in 2014.”
Source: The Peninsula, Gulf Times, Caye Global News