Trade Volume between Qatar and Pakistan Grows 233 Percent, Commerce and Industry Minister Says

Doha, March 10 (QNA) - HE Minister of Commerce and Industry Ali bin Ahmed Al Kuwari said the trade relations between Qatar and Pakistan has seen strong momentum over the past ten years which reflected significantly on the trade exchange volume which increase 233 percent during 2018 to reach QR 2.6 billion as opposed to QR 782 million in 2016. During his speech at the Pakistani-Qatari trade and investment forum, His Excellency said both countries hold strong ties since the 1990's. The relations have grown stronger due to the official visits, where recently HE the Prime Minister of Pakistan visited Qatar in January 2019, which reflected the willingness of both sides to support cooperation is many fields especially in the economic field on a trade and investment level, His Excellency said. HE Al Kuwari called on benefiting from the ongoing agreements and accelerate the establishment of the Qatari-Pakistan business council to encourage businessmen to explore the leading investment opportunities in both countries. His Excellency said there are 1,488 companies in Doha with joint capital between Qatar and Pakistan engaged in the fields of energy, contracting, plastics and heavy equipment leasing. Qatar also has seven companies with 100 percent Pakistani capital. HE the minister of commerce and industry said he is looking forward to strengthening the ties further through regular trade forums and fairs, as well as exchanging visits to improve public-private cooperation in both countries. His Excellency expected that the forum will pave the way for new creative ideas to facilitate trade and investment, especially that the State of Qatar has become a regional trade platform due to its strategic location and world class facilities. HE Al Kuwari said in 2018 Qatar's foreign trade achieved a surplus of $52 billion and a growth of 40 percent compared to 2017, with its exports growing by 25 percent and the non-oil sectors' contribution to GDP increased to 52 percent in 2017. His Excellency said the World Bank reports that the Qatari economy is expected to grow by 2.7 percent this year and 3 percent next year. He added that Qatar ranks high in many international reports, ranking first in the Arab world and 22nd globally in the 2018 Global Entrepreneurship Index, issued by the Global Entrepreneurship Development Institute, headquartered in the US. HE Al Kuwari said Qatar ranked first in the world in terms of low inflation, sixth globally in lack of tax impact on competitiveness and the eighth globally in the abundance of investment capital. His Excellency said these high rankings show the success of the Qatari policies which were stated in the Second National Development Strategy 2018 - 2022, which focuses on supporting competitiveness of national industries and commercial sectors, where the State is setting advanced policies to attract more direct investments, promote partnership between the private and public sectors, support the productivity of private companies and improve their contribution to the State's self-sufficiency. His Excellency expressed hope that the forum paves the way to establish successful investment partnerships between the Qatari private sector and the Pakistani counterpart in the industrial and agricultural sectors as well as the rest of the economic sectors, thus supporting the self-sufficiency and food security of both countries. For his part, Advisor of Pakistan's Prime Minister for Commerce, Textile, Industry and Production, and Investment Abdul Razak Dawood the projects and the investment climate in the State of Qatar. He added that the country is the best place for investment when it came to openness, transparency and equality. He called on business owners from both sides to explore opportunities for bilateral projects to raise Pakistani exports to Qatar, which remain below the desired ambition. He expressed his appreciation for the strong partnership between Qatar and Pakistan, which imports gas from Qatar and a large number of chemical products. He noted that these imports are likely to grow in light of Pakistan's industrial growth. He pointed out that the two sides can establish a strategic alliance that provides Qatar with its aspirations in terms of food security, through cooperation between the designated authorities in Qatar and the agricultural sector in Pakistan. CEO of Qatar Financial Center (QFC)Youssef Mohammed Al Jaidah said that Pakistan is the 13th largest trading partner in terms of trade with Qatar. The total value of bilateral trade between them reached $1.6 billion in 2017. The two sides also signed a $16 billion deal to provide Pakistan with LNG until 2030. Al Jaidah said that all these indicators reflected the strength of ties between the two countries. He highlighted the strong business presence of Pakistan in Qatar, stressing QFC's commitment to the growth of that presence given the center is dedicated to diversifying Qatar's economy. He referred to the recent announcement made by QFC regarding a new strategy that will focus on specific sectors such as sports, digital, media, and financial services. He pointed out that Pakistan is one of the best promising economies in the region with its geographical location and a consumer market exceeding 200 million people, highlighting with its central location in the heart of Asia, and the access it has to all the world's crop markets. He added his country has adopted liberal and attractive investment policies to enhance investments based on its strategic location including the equal treatment of foreign investment, and the repatriation of profits among others. (QNA)