(MENAFN - The Peninsula) The Peninsula
The Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani and the Secretary for International Economic Relations of Argentina Horacio Reyser Travers co-chaired the first session of the joint meeting of Qatari-Argentine Committee for Economic and Commercial Cooperation.
The meeting was held yesterday in Buenos Aires, the Argentine capital. They discussed ways of expanding cooperation in new fields to boost bilateral trade.
The trade volume between Qatar and Argentina stood at $192.5m in 2016, which is expected to witnessed significant increase in the coming years as a result of growing economic ties.
Sheikh Ahmed said that the meeting of the Qatari-Argentine joint committee is an important opportunity to complete the achievements reached during Qatar-Argentina Business and Investment Forum held last year in Doha and reflects the keenness of the two countries to consolidate the bonds of cooperation and implement their common objectives.
In the context of the joint cooperation between Qatar and Argentina, the Minister stressed that the friendly relations between the two countries since the mid-seventies of the last century have contributed to the strengthening of cooperation between the two countries in all fields, especially at the economic, trade and investment levels.
The Minister praised the important role of the agreements and memorandums of understanding signed between Qatar and Argentina, notably the Agreement on the Mutual Promotion and Protection of Investments signed last year, adding that Qatar views Argentina as an important investment and commercial partner in light of the economic potential of the two countries which will put a number of vital sectors on the map of joint cooperation during the next phase, especially the agriculture, industry, energy, transport, infrastructure and tourism sectors.
He expressed hope for further activating the relations between the private sector and businessmen from both sides, enabling them to play a bigger role, and entering into investment partnerships that would enhance economic and investment cooperation between the two friendly countries.
He also reviewed the advantages of the Qatari economy, stressing that the country has adopted clear economic policies.
He noted that Qatar has enacted laws and regulations that have strengthened the contribution of the private sector to the Qatari economy and have provided an attractive investment environment for various economic and commercial projects, indicating that these laws and regulations allow foreign investors to participate in all economic activities in Qatar by owning 49 percent of the invested capital, and that this percentage can rise to 100 percent in certain areas such as agriculture, industry, health, education, tourism, and others.
He stressed that Qatar has developed economic and industrial zones to serve all investors' needs, provided a network of highways linking the main areas of the country, launched a single window system for investor services and provided important investment incentives through the QFC and QSTP.
The two sides reviewed cooperation ties in the different fields, including economy, trade, investment, energy and gas projects, SMEs, agriculture and transportation. They agreed to take the necessary steps to promote and develop economic relations with the aim of increasing the volume of trade exchange between them and facilitating the flow of goods and investments between the two countries.
In addition, the two sides agreed to accelerate the ratification of an agreement on the protection and promotion of mutual investments and enforcing it as soon as possible. They also agreed on the need to conclude the signing of the agreement on avoidance of double taxation, and the need to increase communication between the private sector on both sides by the establishment of the Qatari-Argentine business council. At the end of the session, Sheikh Ahmed and Travers signed the minutes of the meeting.
The Minister had held a bilateral meeting with Argentine Foreign Minister Jorge Faurie, during which Sheikh Ahmed reviewed the results of the meeting of the Qatari-Argentine joint committee and means of enhancing trade and investment exchange as well as bilateral relations and ways of developing them.