Qatar, Russia look to boost economic and trade co-operation

Qatar and Russia are exploring further potential for co-operation, especially in the fields of fintech, trade, banking and finance, technology, and oil and gas.This was disclosed by a high-level delegation of the Qatar Financial Centre (QFC) before leaders from the government and global entities at the St Petersburg International Economic Forum (SPIEF) in Russia.“Qatar and Russia have enjoyed a long history of strong bilateral trade relations and this has been reaffirmed through recent agreements that aim to further strengthen relations in several fields and to enhance joint co-operation, especially in economic and trade fields,” Yousuf Mohamed al-Jaida, chief executive, QFC Authority said.He said the financial industry has undergone a significant transformation over the past five to 10 years – from increasing mergers and consolidation, to the shifting of fintech from a peripheral concern to a central one.The QFC attended the forum as part of a Qatari delegation, which included high-level executives from the QFC, as well as senior officials from the Ministry of Foreign Affairs, the Ministry of Finance, the Qatar National Tourism Council, and the Qatar Investment Authority, Ooredoo, Qatar Airways, Qatar Chamber, Supreme Committee for Delivery and Legacy, Qatar Free Zones Authority and others.Qatar and Russia have enjoyed a long history of strong bilateral relations and have witnessed a significant leap forward in recent years through joint collaborations and investments in the fields of trade, banking and finance, technology, and oil and gas. Sarah al-Dorani, chief marketing and corporate communications officer, QFC Authority, said SPIEF offered a great platform to engage with important entities such as the Chamber of Commerce and Industry of the Russian Federation; Business Russia, an organisation that unites thousands of Russian small and medium enterprises; and the office of Sakha, the largest subnational governing body by area in the world.“We look forward to building closer ties and partnerships, and exploring key opportunities for both inward and outward business growth in such a primary market,” she said.The QFC chief executive participated in a panel discussion ‘How Can Financial Centres Survive in the Era of FinTech?’ alongside other global leaders. He also took part in two other panel discussions “Doing Business in Qatar” and “Qatar the Future Trade Hub”, where the potential for co-operation between Qatar and Russia, and the overall competitive advantage of the Qatari market for businesses and international investors were discussed.The QFC also held several high-profile meetings with channel partners from industry and trade. It attended sideline events hosted by Fahd bin Mohamed al-Attiyah, ambassador of Qatar to Russia, and SBERBANK, one of the leading state-owned Russian banking and financial services company.