Undersecretary Of Commerce Ministry Participates In US-Qatar Dialogue Session

Doha: Undersecretary of the Ministry of Commerce and industry H E Sultan bin Rashid Al Khater led the Economic and Commercial Cooperation Session organised on the sidelines of the fifth US-Qatar Strategic Dialogue in Doha.

The session witnessed the participation of representatives from the Ministry of Commerce and Industry, the Ministry of Communications and Information Technology, Qatar investment Authority, the Investment Promotion Agency Qatar, and the US-Qatar Business Council.

In his speech, H E Al Khater praised the strong economic ties between Qatar and the U.S., which have contributed to the advancements made in both countries despite global challenges. His Excellency also affirmed that Qatar strives to diversify its economy, and gradually lessen its dependence on the hydrocarbon sector, to build a knowledge-based economy in line with Qatar National Vision 2030.

His Excellency mentioned the many reforms introduced to create an attractive business environment for foreign companies working in Qatar including legislation to regulate the investment of non-Qatari capital in economic activity, which allows up to 100% foreign ownership across various sectors. He also cited the launch of the Single Window System and the establishment of an Investment Promotion Agency to streamline procedures for investors and provide them with the necessary support. The Undersecretary pointed to World Bank projections that the Qatari economy will grow by 3.4% this year, while its strength has similarly been acknowledged by international rating agencies, indicating a positive outlook for foreign investment. He also mentioned that 90 percent of Qatar's GDP currently comes from international trade across all sectors, yet the country continues to reform and improve its trade policies and adopt new ones to enhance its free trade system and economic openness concept.

Highlighting the economic role of Qatari women, H E Al Khater stressed the fact that many of the country's economic achievements would not have been possible without their contributions. He stated that Qatar is proud to have the highest female economic participation rate in the Arab world today, with many Qatari women occupying leading roles in both the private and public sectors. He concluded by stressing Qatar's determination to build its manufacturing, and research and development capabilities, in addition to a clean and renewable energy sector.

He advises US companies to benefit from current projects and the financial and legal incentives provided by the different government programs across these sectors.

H E Al Khater expressed his hope of strengthening cooperation with stakeholders in the US to adopt the best international practices related to investment promotion and direct it to priority sectors. The Economic and Commercial Cooperation Session included several panel discussions. The panel focused on Qatari investment in the US, the available investment opportunities in Qatar, the strengthening of economic and commercial ties between the two countries, and the economic participation of women.

H E the Undersecretary of the Ministry of Commerce and Industry also participated in the Private Sector Event organized by The Ministry of Commerce and Industry, the US-Qatar Business Council, Qatar Chamber, and US Chamber, on the sidelines of the Strategic Dialogue. During his participation Al-Khater emphasized that US-Qatari economic ties grew substantially since the conclusion of the TIFA agreement in 2004, and bilateral trade has reached $9.46bn in 2022, making Qatar the ninth largest U.S. trade partner. He pointed out that Qatari investments in the US are worth $69bn while U.S. companies contribute significantly to Qatar's development, noting that more than 856 US companies currently operate in Qatar.

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