Qatar has emerged as a major investor in several big economies around the world. Spain is the latest country where Qatar has announced huge investment.
Deputy Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman Al Thani said that the volume of investments agreed upon with the Spanish side amounts to $5bn in various sectors. This announcement came on the sidelines of visit of Amir H H Sheikh Tamim bin Hamad Al Thani to Spain which concluded recently. It was a successful visit which has taken the bilateral decision between the two countries to new heights.
The strength of relations between the two countries can be gauged from the bilateral trade. The volume of trade exchange between the two countries witnessed growth of about 44 percent between 2020 and 2021 to reach around $1.2bn last year.
Qatar is the second largest shareholder in the Spanish stock market, and the launch of the Qatari-Spanish Joint Business Council is an important step to further strengthen trade and investment relations.
During the visit, many high-level meetings were held and several new agreements were signed, especially in the field of trade and investment.
In the presence of H E Pedro Sánchez, Prime Minister of Spain; Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Thani; and H E Reyes Maroto, Minister of Industry, Trade, and Tourism of Spain, inaugurated the Qatari-Spanish Business Meeting. Also, Qatari Business Association participated in the Qatari-Spanish Business Forum.
The Qatari Businessmen Association signed a memorandum of understanding with the Federation of Businessmen in Spain with the aim of enhancing prospects for strategic cooperation between Qatar and Spain. It aims to promote the development of commercial and industrial activities in both countries.
The Investment Promotion Agency Qatar (IPA Qatar) and Iberdrola Group, have announced a new partnership to establish a world-leading innovation centre to advance digital utility in Qatar. The partnership will expand the Spanish group’s Research, Development, and Innovation (RDI) activities through the Doha-based Iberdrola Innovation Middle East. The new collaboration aims to advance the digital utility industry by unlocking the growth potential of the RDI ecosystem in Qatar.
The Qatari-Spanish economic relations have witnessed significant development during the past years and the growing trust between the two countries shows that the bilateral relations will strengthen further in future.
