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Tribune News Network
Doha
Minister of Commerce and Industry HE Ali bin Ahmed al Kuwari and Ukraine's Vice Prime Minister and Minister of Economic Development and Trade Stepan Kubiv co-chaired the first session of the joint Qatari-Ukrainian Committee for Economic, Commercial and Technical Cooperation in Doha.
The first session brought together representatives of concerned government bodies including the Ministry of Commerce and Industry, Ministry of Energy, Ministry of Municipalities and Environment, and Ministry of Public Health, along with officials from Qatar Central Bank, Public Works Authority (Ashghal) and the General Authority for Civil Aviation.
The discussions in the meeting touched on promoting cooperation across sectors of mutual interest to Qatar and Ukraine.
Delivering his opening speech on the occasion, Kuwari said the committee's first session marked an exceptional milestone in the development of bilateral ties.
Qatar and Ukraine have enjoyed over 25 years of friendly relations that reflect the keenness of Qatari and Ukrainian leaders to strengthen cooperation across various fields, the minister said.
Kuwari added that agreements and memoranda of understanding in the field of trade and investment played a key role in bolstering bilateral trade, which reached QR257.6 million in 2017.
He praised the role of private sector companies from both countries for supporting Qatar's economy. He said 39 companies jointly owned by Qatari and Ukrainian citizens are currently operating in Qatar.
Kuwari said he looked forward to cooperating with his Ukrainian counterparts to strengthen partnerships on all levels in line with the aspirations of both countries.
Touching on Qatar's economy, Kuwari said Qatar has succeeded in maintaining a balanced growth thanks to the integrated policies adopted by Qatar's wise leadership. These policies have stimulated various sectors, particularly the industrial sector whose increased productivity contributes to Qatar's self-sufficiency in the food and pharmaceutical industries.
Qatar has sought to bolster the export capabilities of manufacturing companies and to strengthen ties with key trading partners around the world, and developing a business-friendly environment to attract foreign direct investments.
Qatar ranks among the most investment-friendly regional economies thanks to the country's strategic position as a trade hub, he said, adding that Qatar welcomes foreign investors seeking to benefit from a sophisticated and tax-free business environment that offers numerous investment incentives such as allowing up to 100 percent foreign ownership across all economic sectors.
Elaborating on Qatar's legislative environment, he said the country has recently approved the necessary measures to issue a law regulating the investment of non-Qatari capital in economic activity, which represents an important step towards attracting foreign investors into the Qatari market, protecting them against the risks of side agreements, and cracking down on commercial concealment.
Qatar has also amended its investment free zones to remove all barriers and restrictions as well as to facilitate the introduction of modern technologies into investment projects, he said.
The minister said the government is also bolstering spending on sustainable projects including state-of-the-art infrastructure in line with the highest international standards.
These include a world-class airport, which will soon achieve 50 million passenger capacity and a leading air carrier that serves more than 150 destinations.
Hamad Port is another example of Qatar's determination to speed up major development projects, he said, adding the port currently accounts for 27 percent of the trade volume in the Middle East.
Hamad Port's large capacity, which can reach 7.5 million containers annually, has played a key role in linking Qatar with key trading partners through direct shipping lines cementing the country's position as a transit point for trade in the region and around the world, he said.
These efforts have reflected positively on economic growth rates, he said, adding that Qatar's GDP reached 1.6 percent at constant prices in 2017. Qatar's foreign trade also grew by 16 percent last year, driven by an 18 percent increase in Qatari exports, which resulted in a trade surplus of 49.9 percent in 2017.
Global economic institutions have praised Qatar's development policies, which have reflected positively on the country's ranking in numerous reports by international agencies, including the World Economic Forum's Global Competitiveness Report 2018.
Globally, he said, Qatar ranks first in terms of low inflation rates, sixth in terms of the effect of taxes on competition, eighth in terms of venture capital availability, and ninth in terms of financing small and medium enterprises (SMEs).
He said the committee's first meeting marks an important step in promoting Qatari-Ukrainian cooperation and reflects both countries' keenness on bolstering trade and encouraging the private sector to establish joint investment projects.
The first session of the joint committee touched on promoting economic, trade, investment and industrial relations and bolstering cooperation in related fields such as trade and investment, higher education, fisheries, water resources, civil aviation, agriculture, tourism and culture.
The committee agreed to pursue the necessary measures to develop trade, investment and industrial ties including facilitating the flow of goods, services and investments between both countries and activating ratified agreements and memoranda of understanding.
The committee approved several decisions and issued recommendations that would contribute to promoting bilateral economic, trade, investment and industrial relations, including promoting trade and cooperation in the investment, communications, agriculture, health, tourism, infrastructure, culture and sports fields.
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16/11/2018
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