Qatar has been witnessing a lot of changes in the last few months in its economy and has been galloping ahead with new vigour and determination. The illegal blockade imposed on Doha by some of the neighbours on June 2017 came as a surprise, but, failed to make any dent in the economic growth of the country. Qatar is still one of the fastest growing countries in the region.
In addition to the strong fundamentals, the leadership of the country was very quick to react and put in place all required legislations. This gave the required boost to the private sector to step up their game and accelerate towards self-sufficiency.
While finding new markets and setting up new trade routes, Qatar made many new friends and also made existing trade relations stronger than ever.
This was evident from the highly positive response to the Qatar-US Economic Forum held in Miami on Wednesday.
The Qatari delegation will tour a number of cities in the US including Washington and South Carolina. An exhibition is also being held on the sidelines of the forum to showcase Qatar’s culture and traditions.
The forum is organised by the Ministry of Economy and Commerce in collaboration with Qatar Chamber, American Chamber of Commerce, Qatari Businessmen Association, Qatar American Business Council and a number of US official bodies.
Addressing the forum, Qatar’s Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani, revealed that during the past five years the volume of trade between the two countries amounted to about $24bn.
It is also worth noting that there are 650 US companies operating in Qatar out of which 117 are wholly-owned by US businesses.
Qatar has also been making a lot of strategic investments all over the world and in the US in particular, which are creating thousands of local jobs.
Qatar Airways has allocated about $92bn to support the US economy by purchasing 332 US-made aircraft, contributing more than 527,000 jobs.
The blockade has actually enhanced Qatar’s economic competitiveness and makes the country an attractive destination for American investments.
The Qatar-US Economic Forum will give an opportunity for both the sides to weigh-in the various opportunities available, which could be mutually beneficial for both countries.
America is also a favourite destination for Qatari students to pursue their higher education as there are around 1,200 students currently studying in American universities.
Qatar is seeing a positive rippling effect in the economy as can be seen from the fact that 15,000 new companies were formed since the blockade. This economic vibrancy offers a great opportunity for new partnerships.
