(MENAFN- The Peninsula) Deepak John |
The Peninsula
Doha, Qatar: Qatar-Ukraine Business Forum (QUBF) has been dedicated to advance business diplomacy by facilitating Qatar-Ukraine partnerships across multiple sectors, said an official.
Speaking to The Peninsula, Dr. Olga Revina, Founder and Chairperson of the Qatar-Ukraine Business Forum noted that since“our inception in 2018 with QFC to operate as a joint Business Council, QUBF maintains strong links with the Embassy of Ukraine in Qatar to fuel economic cooperation between the two countries.”
Dr. Revina highlighted the importance of recent agreements achieved as a result of the visit of H E the Prime Minister and Minister of Foreign Affairs of Qatar and his accompanying delegation to Ukraine at the end of July 2023. This visit was a strong signal in reiterating Qatar's position on the importance of respecting Ukraine's sovereignty and territorial integrity within internationally recognised borders, she said.
The spectrum of questions the two parties have discussed was the potential to develop trade, investment, energy, infrastructure, digital technology, demining, and renewing the agreement to enhance global food security.
The governmental officials have also discussed the opportunities for Qatari investment funds and business circles to participate in the implementation of specific programs for the development and restoration of Ukraine. Qatar allocated funds to support Ukraine in the reconstruction of the health and education sectors, and other important social and humanitarian projects.
Regarding investment opportunities she explained, based in Qatar and acting in line with Qatar's national priorities and global tendencies, QUBF packed its activity under specific brand programs, for instance, Partnership for Prosperity program aims to foster Qatar-Ukraine trade and investment through presenting a portfolio of attractive business and investment projects.
The current QUBF portfolio comprises numerous proposals from Ukraine in the food industry, IT, fintech, start-ups, smart and innovative solutions, design and materials for construction, fashion, education, organic products, and renewable energy.
The official stated“We share our QUBF Portfolio with potential Qatari partners to identify the preliminary interest for further collaborative actions. In partnership with the Embassy of Ukraine in Qatar and Pro-capital Group Ukraine, we issue Qatar-Ukraine Overview - a digital newsletter of major Qatar and Ukraine economic news, and Ukrainian business proposals to be spread among business communities in both countries.”
On the governmental level, the signed Memorandum of Understanding between the Ukrainian government's investment promotion office (UkraineInvest) and the Investment Promotion Agency Qatar (IPA Qatar) is aimed to deepen cooperation between the parties on the exchange of information, experience, and best practices in the field of investment attraction.
In March 2023, the World Bank estimated costs of $411bn to rebuild Ukraine over the next ten years. Major sectors, such as agriculture and logistics remain a strong point of Ukraine. Businesses operating in Ukraine value major location advantages, such as the large internal market, the availability of qualified labor forces, and cost advantages.
Participating in rebuilding Ukraine, foreign investors can use these advantages of Ukraine and mobilise extra capital, bring new technologies, and benefit from it in a long-term perspective, Dr. Revina added. In the past years we have witnessed two Qatari strategic investments into Ukraine, QTerminal's acquisition of Port Olvia in Mykolaiv region and Nebras Power acquiring solar energy assets in several regions of Ukraine so the future investments in development of Ukraine can build upon these precedents.
Indicating the volume of exports between Qatar and Ukraine, QUBF Chairperson said unfortunately, the trade relationship between Qatar and Ukraine currently is lagging behind. Qatar's exports to Ukraine amount to around $19, while Ukraine's exports to Qatar stand at $11. These figures represent a significant reduction compared to previous years, notably in the period from 2020 to 2023.
In 2020, the partnership between Qatar and Ukraine experienced remarkable growth, as evidenced by official statistics revealing that bilateral trade reached nearly $150m, more than double the figures from 2018. Moreover, Ukraine's exports to Qatar during the same period exceeded 2019 levels by an impressive 75%.
“The main basket of Ukraine exports to Qatar comprises ferrous metals, cereals, fats and oils, food industry residues, milk, dairy products, poultry eggs, ferrous metal products. On the other hand, Qatar exports to Ukraine are plastics, polymeric materials, organic chemical compounds products of inorganic chemistry, and textile materials,”Dr. Revina added
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