Qatar’s strategic policies and principles of openness and economic diversification got a fillip when Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari revealed yesteday that trade volume between Qatar and member states of the Asia Cooperation Dialogue (ACD) stand at $81bn or 70 percent of the state’s international trade.
This is very significant as it proves the importance of ACD and how it has helped, over the years, in forging great partnerships and economic cooperation among Asian countries. Many Asian states share historic and cultural ties and this forum takes it further into other fields like trade and commerce.
The ACD member countries account for more than 35 percent of the world trade volume and the foreign trade value of these countries exceeded $12 trillion. These figures point to the fact that cooperation among member countries will help further develop economies.
Speaking at the opening of the ACD Business Forum the Minister of Commerce and Industry said that Qatar is prepared to act as a hub for communication between ACD member countries, in order to continue dialogue and coordination to face the challenges of mutual trade and economic cooperation, adding that this will support joint action and economic integration among Asian countries.
Qatar maintains excellent relation with several Asian countries and is cooperating in various fields like energy, tourism, healthcare and agriculture among others. In last few decades Qatar has been steadily strengthening its institutes and thus formulating a strong policy structure, which enables and encourages private sector to bloom with the strong support of government apparatus.
This is made possible as world-class infrastructure like the Hamad International Airport, Hamad Port, freeways and freezones were set-up and this created a favourable eco-system for private sector, especially SMEs to prosper.
ACD Business Forum being held in Doha will give a chance for other countries to understand how Qatar has been opening up the economy and attracting investments.
Qatar has updated the legislative frameworks governing the investment sector, including the provision of real estate ownership to non-Qatari individuals, non-Qatari commercial companies and real estate investment trusts, as well as the freehold ownership of non-Qatari real estate in several strategic economic and tourism zones in the country, allowing foreigners to own shops in malls.
With more engagement and greater cooperation Asian countries have the potential to become one of the most important economic forces in the world.
