Wednesday, July 17, 2019
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Qatar, US to boost trade ties, says Sheikh Ahmed

Qatar, US to boost trade ties, says Sheikh Ahmed

Tribune News Network
Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohammed al Thani has met with Thomas J Donohue, president and CEO of the US Chamber of Commerce and his accompanying delegation currently visiting Doha.
During the meeting, the discussions touched on Qatari-US economic, trade and investment relations, efforts to bolster bilateral ties and the positive outcomes of the first phase of Qatar's Economic Roadshow in the US, which kicked off in April.
The meeting also discussed on the preparations for the second phase of the economic roadshow in US.
Highlighting the close relations between the both countries across all fields, Sheikh Ahmed said US ranks Qatar as one of the top trading partners worldwide.
He also praised the annual visits by US businessmen and companies to explore investment opportunities in the Qatari market.
"Such visits provide an opportunity for US delegations to learn about investment opportunities with Qatari businessmen who have an interest in investing and partnering with their US counterparts,"he said.
Sheikh Ahmed further said,"The Qatari economy has positioned the country as a leading investment destination."
The minister highlighted the measures taken by Qatar to encourage and attract investments, including a law regulating the investment of non-Qatari capital in the economic activity.
The law allows foreign investors 100 percent ownership across all sectors and facilitates the access of investors into the Qatari market.
"The wise policies adopted by the state have contributed to increasing the productivity of all sectors, which has positively reflected on the national economy that achieved positive growth rates during the past year,"Sheikh Ahmed noted.
The minister also highlighted the mechanisms undertaken by the state to support joint investments and encourage the Qatari and US private sectors to establish innovative joint investment projects across key sectors in line with the economic policies of both countries.
Sheikh Ahmed said,"Qatar has been increasing its investments in the US over many years, creating thousands of jobs across America. These include partnerships with numerous US companies, such as ExxonMobil, Boeing, ConocoPhillips, and Raytheon."
He said that around 15,000 US citizens are living in Qatar, with 5,000 high skilled individuals working in the private sector.
He praised the Qatar Investment Authority (QIA), which has pledged to invest $45 billion for the period from 2015 to 2020. Of that, $10 billion will be channeled into the infrastructure sector, Sheikh Ahmed said, noting that these investments represent 23 percent of Qatar's GDP.
In the oil and gas sector, Qatar Petroleum has also invested $10 billion in an LNG plant in Texas, which the minister said, would contribute to generating 45,000 jobs.
He said Qatar's private sector has heavily invested in the US, with more than $5 billion in the fields of technology, hospitality, real estate and household retail, which contributed to bolstering the US economy.
The event was attended by Qatar Chamber Chairman Sheikh Khalifa bin Jassem bin Mohammed Al Thani, and CEOs and senior executives from US companies operating in Qatar.
Qatar-US bilateral trade volume reached QR21 billion in 2017. The US is Qatar's first trading partner and primary source of imports, with 16.3 percent of Qatar's imports coming from the US.
More than 650 US companies currently operate in Qatar, of which 117 are fully owned by US firms.


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