(MENAFN- The Peninsula) The Peninsula
The Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim Al Thani reaffirmed yesterday that there is a Qatari-Indonesian progress towards achieving economic integration and that there are promising opportunities and flourishing future to consolidate the exchange of economic and commercial relations between the two countries.
The remarks came during a speech the Minister gave at the opening of Qatari-Indonesian Economic Council that the Ministry of Economy and Commerce organised yesterday in Jakarta in cooperation with the Ministry of Trade of the Republic of Indonesia and in conjunction with the visit of the Emir H H Sheikh Tamim bin Hamad Al Thani to Indonesia.
The Minister praised the level of cooperation between Qatar and Indonesia, which saw significant growth towards achieving mutual economic integration, noting that the volume of the Qatari-Indonesian trade exchange reached about $500m and highlighting the development of the value of Qatar's exports to Indonesia in 2016, which amounted to $356m, and Indonesia's exports to Qatar, which stood at about $131m in the same year.
Sheikh Ahmed hilighted the advantages of the Qatari economy and its incentives to investors as well as Qatar's strategic location that enhanced its attractiveness to investments thanks to its advanced infrastructure and its status as the largest natural gas exporter in the world.
The Minister also said that Qatar enjoys a significant status in the energy sector due to its rich natural resources of gas and oil as it is considered the world's leading exporter of liquefied natural gas (LNG), the largest exporter of helium and the fourth largest producer of urea in the world.
The Minister noted that Qatar has succeeded in developing a world-class infrastructure over the past few years, including Hamad International Airport and the newly opened Hamad Port.
Sheikh Ahmed also highlighted the investment incentives that the country provides, noting that non-Qatari investors can invest in many sectors at a ratio up to 100 percent.
He added that the invested foreign capital has been exempted from income tax for a period not exceeding 10 years from the date of investment commissioning for some specific projects.
The Minister stressed in this regard that the state is keen not to impose taxes on importing large machinery and their spare parts, and raw materials, in addition to not imposing restrictions on capital and transfer of profits abroad, and allowing the transfer of ownership of the company free of charge.
The Minister also noted that Qatar has continued to achieve stable growth rates averaging 3.3 percent of GDP over the past three years despite the fluctuation of oil prices during the past years, which confirms the strength of the Qatari economy, pointing to the strength of the Qatari riyal globally as it has been linked to the US dollar since 1982.
Indonesian Trade Minister, Enggar Lukita, also highlighted the development of economic and trade relations between the two countries, praising the characteristics of the Qatari and Indonesian economies as business friendly economies that promote free trade.
The Indonesian minister explained that his country has become a focus of world attention as one of the emerging powers in the global economy, as the Indonesian economy and investment are witnessing a major boom in various fields, especially in the agricultural, tourism and real estate sectors, which have promising opportunities that contribute to building bilateral relations between Indonesian businessmen and their Qatari counterparts.
The Qatari-Indonesian economic forum opened great opportunities for the private sector on both sides to enhance bilateral cooperation and benefit from the important opportunities offered by the two countries to the investment and trade sectors, the minister said, pointing to the role of the agreements signed in this field, which constitutes an important step in the development of economic and commercial cooperation between the two countries.
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