Amir H H Sheikh Tamim bin Hamad Al Thani’s official visit to Italy and Germany, which begins today marks decades of distinguished relations and growing cooperation between Qatar and the two European Union countries. Qatar’s ties with the two countries are expected to enter a new phase of strategic partnership at all levels, boosting trade and investment cooperation.
The trade between Qatar and Italy witnessed remarkable growth in recent years, reaching nearly QR20bn in 2023 compared to QR11.1bn in 2018, with a growth rate estimated at 80%, while the volume of trade with Germany reached QR7.1bn in 2023, up from 6.8bn in 2022, an increase of 4.4%, which reflects the rising economic cooperation and trade exchange.
The relations between Qatar and the countries of the European Union have witnessed a turning point, and the foundation for a broader and deeper economic cooperation has been laid out.
Between 2018 and 2022, Qatari exports to the EU countries rose more than eleven-fold, rising from nearly QR9bn to around QR106.7bn, while Qatari imports from EU countries witnessed a relatively moderate growth of 16.6%, reaching approximately QR33bn in 2022.
Qatar’s direct investments in the EU countries reached about €23bn in 2021, constituting about 55% of the total Qatari direct investments abroad, while the volume of European investments in the Qatar in the same year reached about €6.4bn, which constitutes about a quarter of foreign direct investments in Qatar.
The active role played by Qatar in ensuring energy security have helped both countries and enabled them to compensate for a large part of the gas supply shortage resulting from the conflict between Russia and Ukraine. There is a steady increase in Italian imports of Qatari gas and oil over the past few years, from €1.4bn in 2018 to about €5.2 bn in 2022.
Ambassador of Qatar to the Italy H E Khalid bin Youssef Al Sada said H H the Amir’s visit to Italy comes at a time when Qatar is playing a pivotal role in securing energy supplies to Europe, noting that the focus of the Amir’s visit would be on strengthening partnerships in the energy sector as Italy is the second largest importer of Qatari gas in Europe.
Al Sada said the two sides will discuss economic and as cultural cooperation and sign memoranda of understanding, aiming to boost partnership in these fields.
Ambassador of Italy to Qatar H E Paolo Toschi said that the visit of H H the Amir to Italy will elevate bilateral cooperation to the highest level across all fields. “We welcome His Highness as a global leader of diplomacy, international law, and as a stalwart supporter of the international multilateral order,” he added.
