Qatar eyes €10bn investment in Germany in next 5 years

Qatar is planning to invest €10bn in the German economy over the next five years, His Highness the Amir Sheikh Tamim bin Hamad al-Thani announced at the opening of the 9th Qatar-Germany Business and Investment Forum in Berlin on Friday.

His Highness the Amir made the announcement in the presence of German Chancellor Angela Merkel, the Mayor of Berlin Michael Muller, and other high-level officials representing Qatar and Germany’s private and public sectors.“From this forum, we call upon the private sector in Germany to explore the promising Qatari business environment which is teeming with plenty of projects in various fields,” the Amir said after making the announcement.His Highness the Amir Sheikh Tamim bin Hamad al-Thani tweeted on Friday: "Qatar-German partnership jumps into a new phase due to the tangible success of the Qatar-Germany Forum for Business and Investment, which has gained a considerable momentum thanks to the great growth of our political and trade relationships. It turned hundreds of the opportunities available on the economic front of both countries to agreements and programmes to be implemented by the public and private sectors."This fresh round of planned investments would add to the current portfolio of Qatari investments in Germany, which now stands at more than €25bn.“These investments include vital projects in the automobile, Information Technology and banking sectors,” the Amir said.He added: “It should be noted here that air transport plays a key role in extending the bridges of co-operation and bilateral interaction in commercial, tourism, investment and cultural fields between our two countries.“Qatar Airways' many flights to Germany have contributed to a rise in the number of German visitors to the State of Qatar, which increased with a high rate in 2017.”His Highness the Amir also noted the volume of trade exchange between Qatar and Germany has doubled between 2011 and 2016 to reach about €2.8bn, “mostly in favour of Germany, which has become the third largest world exporter to Qatar.” “This volume of exchange decreased in 2017 due to temporary regional reasons, which were imposed on us, leading to a short-lived drop in Qatar's imports from various countries,” the Amir said.His Highness the Amir Sheikh Tamim bin Hamad al-Thani and German Chancellor Angela Merkel touring the exhibition at the Qatar-Germany Business and Investment Forum where they are being briefed on the most important projects of Qatar 2022 World Cup.He noted that many German companies have located to Qatar and are participating in various big ticket projects being undertaken in the country.“Furthermore, German companies operating in Qatar play a significant role in the development of Qatar’s economy. More than 300 companies are active in vital sectors such as construction, infrastructure, and consultancy services, he said.In his speech, the Amir underscored Qatar’s gratitude to Germany’s support for Qatar.“I would like to avail myself of this opportunity to extend my thanks and appreciation to Her Excellency Chancellor Angela Merkel for her support and keenness to make this forum a success, reflecting the depth and strength of the relations between the State of Qatar and the Federal Republic of Germany at all levels.“We are aware of the strength of the German economy, and Germany's central active role in Europe. We respect its developmental work in the southern hemisphere, and its thoughtful rational role on the international arena,” the Amir said.“Organising this joint forum comes within the framework of our interest in consolidating and strengthening the partnership between our two countries in all political, economic and cultural fields, among others, in order to pursue our development march which aims to achieving Qatar National Vision 2030 goals, including economic diversification and transformation towards the knowledge-based economy,” he added.