(MENAFN- The Peninsula) lalin fernandopulle |
The Peninsula
Doha: Qatar-German trade and investment relations have been on a sound path and it would be further strengthened in the coming years, German Business Council Qatar (GBCQ) Chairman Henning Zimmermann told The Peninsula on the sidelines of a factory visit to the German Excavation Technology WLL yesterday.
He said German companies are doing well in Qatar and added that there is growing interest on Qatar by German businesses.
“The GBCQ would like to see more companies from Germany doing business in Qatar which is a fast expanding economy in the world,” Zimmermann said adding that trade between Germany and Qatar would hopefully be higher this year with interest generated by the success of the World Cup.
Currently around 80 German companies are in to various business sectors in Qatar ranging from automotives, manufacturing, construction, energy and leisure.
“There will be a new board constituted for the GBCQ shortly and pillars of working groups on vertical markets such as automotives, energy, construction, logistics and manufacturing will be set up,” Zimmermann said.
The volume of trade between Qatar and Germany grew by around 80 percent in 2021 to reach over $3bn.
German companies played a pivotal role during the preparations for the World Cup constructing around 50 percent of the stadium roofs. Besides German companies contributed to infrastructure projects related to the FIFA World Cup.
“ We see lots of prospects for business growth between Qatar and Germany this year and the years ahead as both countries are keen to expand trade and investment ties,” the GBCQ Chief said adding that there would be meetings on exploring and expanding business relations between the two countries.
Qatar has stakes in Germany's commercial and banking groups and is a shareholder in the German automotive giant Volkswagen Group as well as in Siemens, Hapag-Lloyd which is one of the world's largest shipping companies, and HOCHTIEF, Germany's largest construction company that operates on a global scale.
Through the 'National Vision 2030' Qatar aims at creating a highly conducive investment climate with legislation to attract investments and boost trade.
Qatar and Germany have struck several economic agreements and memorandums of understanding in the fields of industry, trade, health, culture, sports, archaeology, solar energy, civil aviation and air transport, and the agreement to establish a joint committee for commercial, economic and technical cooperation, which has organized many sessions over the past years.
Germany is ranked the fourth largest economy in the world and it is also the largest market in the European Union. The German economy is focused on industrial products and services, and the German machinery, cars and chemical products have a distinguished global reputation.
The GBCQ was founded in 2005 in Doha with the objective to promote and assist business relations between Germany and Qatar, as well as other international business communities, by forming a platform where business representatives of both countries can meet and exchange views and ideas.
The GBCQ is closely cooperating with the German Industry and Commerce Office (AHK) Qatar.