(MENAFN- The Peninsula)
The Peninsula
Minister of Commerce & industry and Acting Minister of Finance, H E Ali bin Ahmed Al Kuwari, and Minister of Finance of Ukraine, H E Sergii Marchenko, co-chaired the second session of the Qatari-Ukrainian Joint Committee for Economic, Commercial and Technical Cooperation, which took place in Kiev, Ukraine from August 31 until September 2.
The Joint Committee's second session was attended by representatives from several government agencies, including the Ministry of Foreign Affairs, Ministry of Commerce and Industry, Ministry of Finance, Ministry of Municipality & Environment, Ministry of Public Health, Ministry of Education & Higher Education, Ministry of Culture & Sports, Qatar Chamber, Qatar Airways, Qatar Development Bank, Free Zones Authority, General Tax Authority, Qatar General Organization for Standardization, the Investment Promotion Agency of Qatar (IPA Qatar), Qatar Investment Authority, Hassad Food, Widam Food, Baladna and Nebras Power.
The meeting featured the holding of official talks and previewing aspects of cooperation at the level of various sectors of common interest between the two countries.
At the beginning of his opening speech, H E Al Kuwari stressed that Qatari-Ukrainian bilateral relations were based on solid foundations of mutual respect, friendship, and common interests.
On the level of economic cooperation, the volume of trade between the two countries increased in 2020 by approximately 60 percent compared to 2019, despite the economic repercussions of the COVID-19 pandemic on international trade, His Excellency the Minister said.
The Minister called to intensify efforts during the next stage to encourage the private sector in both countries to establish sustainable trade and investment partnerships that contribute to furthering relations between the two nations to the level of a comprehensive strategic partnership, as per clear frameworks that serve the development trends of Qatar and Ukraine. In this context, he extended his appreciation of the role of the Ukrainian private sector in Qatar. At present, 54 joint capital Qatari - Ukrainian companies are operating in Qatar's economy.
He stated that Qatar was interested in the efforts made by the Ukrainian government to provide promising investment opportunities in several vital sectors, particularly the maritime sector.
Qatari QTerminals Company has been awarded a contract to develop, manage and operate Port Olvia which will support navigational and logistical operations and services in accordance with the highest international standards adopted in this field, H E Al Kuwari said. Port Olvia is one of the most important Ukrainian anchorages located on the Black Sea, Al Kuwari pointed out.
H E the Minister noted in this regard the State's keenness to diversify its foreign investment portfolio, in line with its development vision, and in a manner that supports the prosperity of the economies of all its trading partners worldwide, especially Ukraine.
Speaking of the Qatari economy, H E Al Kuwari affirmed that Qatar had managed in recent years to make remarkable progress in the process to attain balanced economic growth, owing to the systematic policies put in place by its wise leadership, further stating that the World Bank had confirmed in its latest report the promising growth prospects for the Qatari economy by about 3 percent and 4.1 percent in 2021 and 2022, respectively, despite the repercussions of the COVID-19 pandemic.
On the business climate and investment environment in Qatar, the State has moved towards instilling its economic openness and enhancing its position as an ideal commercial and expenditure destination, by devising and issuing legislations that stimulate the foreign private sector, H E Al Kuwari stated.
Moreover, Qatar has also instilled a policy of establishing effective links with global markets, depending in this regard on its advanced infrastructure, such as Hamad International Airport and Hamad Port, as well as free, logistic, and industrial zones, the Minister said,
He added that these features represented a prominent impetus for Ukrainian companies to invest in sectors that benefit both countries, as well as expanding towards new markets in the region. At the end of his speech, His Excellency the Minister praised the success of the roundtable on Qatari-Ukrainian investment, held on the sidelines of the Joint Committee's meeting.
This meeting is significant as it is an important opportunity for interaction between the public and private sectors in both countries, in addition to comprising a platform to discuss ways to enhance economic and investment integration between the two nations, he noted.
During the Committee's proceedings, the two sides discussed the progress made at the level of the recommendations of the Committee's first session, in addition to touching on current projects and plans for expanding them, as well as several issues related to enhancing economic, trade and investment cooperation between Qatar and Ukraine in various fields, including industry, agriculture, transportation, health, education, science, technology and culture.
The two sides agreed to take the necessary steps to move forward in consolidating trade and investment cooperation between the two countries, with the aim of increasing the volume of transactions between them and facilitating the flow of goods, services, and investments.
At the closing of the second session of the Qatari-Ukrainian Joint Committee for Economic, Commercial and Technical Cooperation, H E Al Kuwari, and H E Marchenko signed the official minutes of the meeting.
On the sidelines of the Committee's work, H E Al Kuwari signed a protocol amending the agreement between the Government of the State of Qatar and the Government of Ukraine on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.
His Excellency the Minister also witnessed the signing of two MoUs between Widam Food and Baladna on the one side and the Ministry of Agrarian Policy and Food of Ukraine on the other. From the Qatari side, the MoUs were signed by Mr. Mohamed Badr Al Sada, Chairman of Widam Food and Vice Chairman of Baladna.
On this occasion, he expressed his appreciation of the Qatari and Ukrainian sides' efforts to consolidate the partnership between the two countries.
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