Qatar- Economy Minister discusses trade ties with US delegation

DOHA: The Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani yesterday discussed, with a visiting US business delegation, means and mechanisms to strengthen economic, trade and investment relations and ways to promote bilateral relations between Qatar and the United States in those areas.

H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani's meeting, with the US delegation which was held in the framework of cooperation activities between the Ministry of Economy and Commerce and the US-Qatari Business Council, reviewed the results of the US-Qatari strategic dialogue, which was held recently in Washington, DC.

During the meeting, H E the Minister said that the State of Qatar has increased its investments in the United States over many years, pointing that these investments have contributed to the creation of millions of jobs in the United States, and that they included partnerships with many American companies including ExxonMobil, ConocoPhillips and Raytheon.

In the same context, H E Minister of Economy and Commerce said that there are more than 5,000 US citizens currently working in the State of Qatar within the private sector, and that thousands of other jobs in the United States depend on the existing investments with the State of Qatar.

Talking about Qatari economy, H E the Minister stressed that the wise policies adopted by Qatar have contributed in motivating all sectors of the State to increase their productivity, which reflected positively on the national economy, achieving positive growth rates during the past year, despite many global and regional challenges, and this growth was driven by profits achieved by the oil sector.

In this regard, he pointed out that the successes achieved by the Qatari economy, which saw rise in the GDP of the country during the year 2017, to reach about USD 220bn, compared to USD 218bn in 2016. The real growth rate of GDP at constant prices was about 2% in 2017. He further added that according to the latest World Bank report, Qatar's real GDP growth is expected to rise to 2.6% in 2018.

He also praised the wise leadership's directives to transform Qatar's economy into a knowledge-based economy led by the private sector in accordance with the Qatar National Vision 2030, and the State's efforts for developing an economic model in line with this vision. He also said Qatar is seeking to be a regional trade private sector led centre by providing high quality goods and advanced services, as well as providing an environment that will attract international talent and skills to support investment and strengthen the local market in the State of Qatar.

The meeting also discussed the business environment in the country, which is being designed and improved to diversify the economy and encourage foreign direct investment.

H E the Minister of Economy and Commerce also pointed to the numerous incentives offered for investors in the projects that are implemented in the major sectors, pointing out that the percentage of ownership in some areas reaches up to 100%, in addition to providing tax exemptions for up to 6 years.

The State of Qatar and the United States have economic and trade relations in the areas of trade exchange, investment cooperation in the fields of oil and gas. The two countries signed the Framework Agreement for Trade and Investment in April 2004, where the volume of trade exchange between them in 2017 reached about USD 6 billion.

About 102 fully US-owned companies are operating in Qatar, while the number of companies with Qatari partners is about 505 companies operating in the engineering, consulting, contracting, IT, trade and services sectors. There are about 40 American companies licensed under the Qatar Financial Center.

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