Germany Keen To Intensify Cooperation With Qatar: German Finance Minister

Doha, Qatar: The German Finance Minister H E Dr. Jörg Kukies has emphasized the deep and enduring relationship between Germany and Qatar, underscoring the potential for even greater collaboration in the years ahead.

Speaking to The Peninsula on the sidelines of his visit to Qatar yesterday, Dr. Kukies acknowledged the robust partnership that already exists between Germany and Qatar.

“Germany and Qatar enjoy a very close relationship,” he stated, pointing to the significant presence of German companies operating in Qatar and the substantial investments made by Qatar in Germany.

This two-way exchange highlights the depth of economic cooperation between the two nations, spanning industries such as energy, finance, infrastructure, and technology.

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The minister noted that he had a series of productive bilateral meetings with Qatari officials and business leaders, exploring avenues to bolster economic ties, enhance trade agreements, and address shared challenges.

The minister highlighted that his itinerary during the visit included high-level discussions with key figures from Qatar's government and private sector, including the Finance Minister, Minister of Commerce and Industry, the Minister of State for Energy Affairs, CEO of the Qatar Investment Authority (QIA), and representatives from the Qatar Financial Centre and Qatar National Bank.

“These meetings provided an opportunity to delve into pressing issues affecting both economies while reinforcing the commitment to strengthening bilateral relations,” Dr. Kukies said.

According to the minister, one of the central themes of the visit was the prospect of a free trade agreement (FTA) between the European Union (EU) and the Gulf Cooperation Council (GCC).

“With the EU recently sealing the free trade agreement with Mercosur, in our view, the next step should be to further expand the free trade agreements with the GCC, which is one of the top priorities for us,” the German Finance Minister added, emphasizing the strategic importance of enhancing trade links between Europe and the Gulf region.

Such an agreement, according to Dr. Kukies, would not only facilitate smoother commerce but also unlock new opportunities for businesses on both sides.

The Southern Common Market, referred to by its Spanish abbreviation Mercosur and its Portuguese equivalent Mercosul, is a trade bloc in South America that was founded through the Treaty of Asunción in 1991 and the Protocol of Ouro Preto in 1994. The full member countries include Argentina, Bolivia, Brazil, Paraguay, and Uruguay.

Another recurring topic during the minister's meetings was the competitiveness of Europe's economy. Dr. Kukies noted that there is widespread recognition within the EU of the need to stimulate growth and improve competitiveness. He referenced the influential report presented by former European Central Bank President Mario Draghi to the European Commission, which has sparked critical discussions about revitalizing Europe's industrial base and fostering innovation.

“We all understand the message that we need to increase growth,” Dr. Kukies affirmed.“There was a big discussion during this visit around several regulatory legislative items in the European Union, where I received some very open and honest feedback that the regulatory burden in Europe is too heavy. And everyone welcomed that the European Commission is planning to reduce that,” he added.

The Draghi report's recommendations have resonated strongly among policymakers, prompting calls for bold reforms aimed at boosting productivity, supporting small and medium enterprises (SMEs), and attracting foreign direct investment (FDI).

The German Finance Minister was on a three-leg trip that started with a stop in Saudi Arabia before moving to the UAE and now Qatar.

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