Friday, 24 September 2021 01:13 GMT

US firms, technology play 'key role' in Qatar's economic diversification, says Qatari envoy


(MENAFN- Gulf Times) The State of Qatar's Commercial Attaché in the US, Fahad al-Dosari, has underscored how American companies play a significant role in Qatar's diversification strategy and the welfare of the country's citizens and expatriate communities.

“US companies and their technology have been critical to Qatar's efforts to drive sustainable economic diversification and improve the quality of life for its residents, and we are proud to offer strong advantages and incentives for companies looking to establish a presence in the Middle East,” said al-Dosari during a virtual discussion held yesterday.

Titled 'Business Synergies and Opportunities Between Southern California Companies and Qatar', the virtual discussion was hosted by the US-Qatar Business Council (USQBC), the Commercial Attaché Office in the US for the State of Qatar, and the Los Angeles Area Chamber of Commerce.

The online event aims to highlight areas of interest and opportunities to further economic cooperation between Qatar and companies based in Southern California. The discussion comes as Qatar drives ambitious, economic diversification by investing in strategic sectors that include sports and entertainment, 'cleantech', smart cities, e-sports, and gaming.

“Qatar and the US share a long history of partnership with an emphasis on creative industries, and we look forward to many new partnerships going forward,” said al-Dosari during the event, whose speakers also included USQBC managing director Mohamed Barakat, Los Angeles Area Chamber of Commerce chief operating officer Martin Breidsprecher, the 41st mayor of Los Angeles Antonio Villaraigosa, and Paramount Pictures executive vice president, Strategic Planning and Business Operations, Peter McPartlin.

Qatar imported more than“$23bn” worth of goods from the US over the last five years. Today, the total economic value of the partnership between the two countries exceeds“$200bn”, and Qatar stands as one of the few countries with which the US runs a trade surplus.

The US has more than“850” companies, including joint ventures (JVs), operating in Qatar in a wide variety of industries and sizes, with investments totaling over“$110.6bn” to date, making the US the country's largest foreign direct investor.

“US investment in Qatar continues to increase year-on-year due to Qatar's ambitious pro-business reforms and infrastructure investment,” said Barakat.

He added:“From leading the international community in sports to pioneering smart city projects like Lusail and Msheireb Downtown Doha, Qatar stands ready for US businesses looking to expand their international footprint in the country and wider region.”

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