Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Thani and H E Ranil Jayawardena, Minister for International Trade in the United Kingdom witnessing the signing of the minutes of the third session of the Qatar-UK Joint Economic & Trade Committee, in London yesterday.
Doha: Bilateral trade between Qatar and the UK grew by 51.4 percent to $4.54bn in 2021 compared to the previous year, making the UK the country’s 7th largest trading partner, Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Thani said yesterday.
The Minister of Commerce and Industry, and H E Ranil Jayawardena, Minister for International Trade in the United Kingdom, chaired the third session of the Qatar-UK Joint Economic & Trade Committee, held in London.
The third Joint Committee saw the attendance of H E Fahd bin Mohammed Al Attiyah, Ambassador of Qatar to the United Kingdom, along with representatives of several stakeholders, including the Qatar Investment Authority, the Investment Promotion Agency, and the Qatar Development Bank (QDB).
According to the Minister of Commerce and Industry, the topics discussed in the meeting reflected the depth of bilateral relations between both countries, as well as their determination to advance the prospects for cooperation in all fields, including trade, investment, and commercial partnership.
“The visit by the Amir H H Sheikh Tamim bin Hamad Al Thani earlier this year displays the close bilateral relationship shared between Qatar and the United Kingdom. The bilateral relations are founded on both nations’ shared values and mutual interests as evidenced by the strong growth in bilateral investments and trade, which positions the UK as one of Qatar’s leading strategic partners,” the Minister said, pointing out that trade in goods between the two countries grew in 2021 to reach $4.54bn, recording a 51.4 percent increase compared to 2020, making the United Kingdom the seventh-largest trading partner of Qatar.
The Minister added that more than 1,200 British companies are operating across various fields in Qatar. “Human capital plays a key role in supporting the national economy, considering that Qatar is home to 21,500 UK citizens,” he noted.
Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Thani, H E Ranil Jayawardena, Minister for International Trade in the United Kingdom, and other officials during the third session of the Qatar-UK Joint Economic & Trade Committee in London, yesterday.
The UK is an attractive destination for Qatari investments in several strategic sectors, including real estate development, hospitality, healthcare, technology and other areas, the Minister said. He went on welcome the joint declaration earlier this year from the Gulf Cooperation Council and the UK, to launch negotiations toward the signing of a Free Trade Agreement.
The Minister further expressed his aspiration that the meeting would contribute to establishing solid mechanisms for bilateral coordination to advance both countries’ shared vision and promote their development objectives.
He stressed the need to conclude the ratification process of the Agreement on the Promotion and Reciprocal Protection of Investments between the State of Qatar and the United Kingdom to encourage bilateral investments from both nations’ public and private stakeholders.
He also called on both sides to intensify efforts towards establishing a Joint Business Council between the Qatari and British Chambers of Commerce.
Speaking about the Qatari economy, the Minister stressed that Qatar has successfully maintained progress toward achieving sustainable economic growth, owing to the strategic policies implemented by the nation’s leadership.
The Qatar National Vision 2030 seeks to build a knowledge-based economy that is both diversified and self-sustainable, he pointed out.
The Minister added that the State has devised policies that aim to create an economy that is open, attractive and facilitates commerce and investments.
He went on to highlight Qatar’s new legislation which allows for 100 percent foreign ownership of businesses, as well as the country’s multiple Industrial areas and Logistic zones.
“The newly developed Hamad Port, with its state-of-the-art infrastructure is currently handling over 1.5 million containers annually, with the capacity to handle over 7 million containers,” the Minister added.
During the Committee’s proceedings, both sides discussed the progress made in the recommendations of its second session, as well as the current projects and the expansion plans.
The Joint Committee also tackled a number of issues related to enhancing economic, commercial, and investment cooperation between the two countries in various fields, including industry, agriculture, transportation, health, education, science, and technology.
The two sides agreed to take the necessary steps to move forward in consolidating trade and investment cooperation between the two countries to increase the volume of trade exchange between them, and to facilitate the flow of goods, services, and investments between the two countries.
In the conclusion of third session of Qatar-UK Joint Economic & Trade Committee, the Minister of Commerce and Industry and Jayawardena signed the minutes of the meeting in addition to signing an MoU between QDB and the UK Export Finance, signed by Abdulrahman Hesham Al Sowaidi, Acting CEO of QDB, and Vomic Shah, Global Head of Origination at UK Export Finance (UKEF).
