The illegal blockade on Qatar since June 2017 has presented the country with an opportunity to make its economy “more accessible to the world, and bolster its trade relations,” particularly with the US, said HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani.
“The illegal blockade was with the aim of undermining Qatar’s position as an economically independent and sovereign state, but we have emerged stronger and more independent than ever before,” Sheikh Ahmed said in his address to a reception organised by the US Chamber of Commerce in co-operation with the Qatar-US Business Council and the Embassy of Qatar in Washington on Tuesday.
Qatar, he said, has successfully established direct commercial routes with a number of strategic hubs around the world, diverting trade to its major trading partners.
Along similar lines, Qatar is utilising its world-class facilities and hi-tech logistics to mobilise its regional agreements with Kuwait, Iraq, Oman, Turkey, Pakistan, India, Azerbaijan and Central Asia, the minister said.
Through these agreements, Qatar aims to expand its trade activities by establishing a sea fleet that connects Qatar with its major trading partners in the world, targeting a market of 400mn population in its first stage, he added.
Sheikh Ahmed explained that the “wise policies adopted by Qatar, which stimulated all sectors of the economy to achieve increased productivity, have reflected positively” on the national economy.
Qatar’s economy continued its “positive” performance during the past year, confirming that the country was unaffected by the blockade.
In 2017, Qatar’s total GDP increased to $220bn, compared with $218bn in 2016, the Minister said, noting that the annual real growth rate at constant price reached around 2% in 2017, which was better than expected.
Quoting the latest report released by the World Bank, the Minister said Qatar’s real GDP was expected to grow by 2.8% in 2018, the highest among GCC countries.
Qatar’s foreign trade has also shown “remarkable” growth, increasing by 16% to reach $103bn in 2017, compared with $89bn in 2016, he said.
Qatar’s total exports also increased by 19% to reach $68bn in 2017, up from $57bn in 2016, contributing to a total trade surplus that increased by 40% from $25bn in 2016 to $35bn in 2017, Sheikh Ahmed said.
Globally, the Minister said, “Qatar ranks first in terms of providing a safe business environment” and cited a report published by the World Economic Forum to this effect.
All these positive indicators, according to Sheikh Ahmed, showed that Qatar has overcome the blockade by enhancing its economic competitiveness.
Business / Business
Qatar economy ‘more accessible’ to world post-illegal blockade, says Sheikh Ahmed
A panel session at the Qatar-US Economic Forum in Washington, DC, on Tuesday.
