HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani and UK Minister for International Trade Ranil Jayawardena have chaired the third session of the Qatar-UK Joint Economic & Trade Committee held in London.
The third joint committee saw the attendance of Qatar’s ambassador to the UK Fahd bin Mohamed al-Attiyah, along with representatives of several stakeholders, including Qatar Investment Authority, the Investment Promotion Agency, and Qatar Development Bank (QDB).
In his speech, HE Sheikh Mohamed stressed that the topics discussed in the meeting reflected the depth of bilateral relations between the two countries, as well as their determination to advance the prospects for co-operation in all fields, including trade, investment, and commercial partnership.
The visit by His Highness the Amir Sheikh Tamim bin Hamad al-Thani earlier this year displays the close bilateral relationship shared between Qatar and the UK, Sheikh Mohamed noted.
Bilateral relations are founded on both nations’ shared values and mutual interests as evidenced by the strong growth in bilateral investments and trade, which positions the UK as one of Qatar’s leading strategic partners, Sheikh Mohamed said.
He noted that trade in goods between the two countries grew in 2021 to reach $4.54bn, recording a 51.4% increase compared to 2020. This makes the UK the seventh-largest trading partner of Qatar.
On the level of investments between the two countries, Sheikh Mohamed observed that more than 1,200 British companies are operating across various fields in Qatar. Moreover, human capital plays a key role in supporting the national economy, considering that Qatar is home to 21,500 UK citizens, Sheikh Mohamed pointed out.
He said the UK is an attractive destination for Qatari investments in several strategic sectors, including real estate development, hospitality, healthcare, technology, and other areas. The minister welcomed the joint declaration earlier this year from the Gulf Co-operation Council and the UK to launch negotiations toward the signing of a Free Trade Agreement.
Speaking about the Qatari economy, Sheikh Mohamed stressed that Qatar has successfully maintained progress toward achieving sustainable economic growth, owing to the strategic policies implemented by the nation’s leadership.
Qatar National Vision 2030 seeks to build a knowledge-based economy that is both diversified and self-sustainable, the minister pointed out, further explaining that the four pillars of the vision: human, social, economic, and environmental development, provide an outlook on what Qatar seeks to achieve.
The state has devised policies that aim to create an economy that is open, attractive, and facilitates commerce and investments, Sheikh Mohamed further explained.
In 2019, Qatar has implemented new legislation that allows for 100% foreign ownership of businesses, he said. This comes alongside establishing multiple industrial areas and logistic zones, such as Al Karaana Zone, Umm Alhoul Zone, and others, spanning a cumulative of 162sq km in industrial and logistic zones.
The newly-developed Hamad Port, with its state-of-the-art infrastructure, is currently handling over 1.5mn containers annually, with the capacity to handle over 7mn containers, the minister said.
Sheikh Mohamed expressed hope that the meeting would contribute to establishing solid mechanisms for bilateral co-ordination to advance both countries’ shared vision and promote their development objectives.
In this regard, he stressed the need to conclude the ratification process of the Agreement on the Promotion and Reciprocal Protection of Investments between Qatar and the UK to encourage bilateral investments from both nations’ public and private stakeholders. He called on both sides to intensify efforts toward establishing a Joint Business Council between the Qatari and British chambers of commerce.
During the committee’s proceedings, the two sides discussed the progress made in the recommendations of its second session, as well as the current projects and the expansion plans thereof.
The joint committee also tackled a number of issues related to enhancing economic, commercial, and investment co-operation between the two countries in various fields, including industry, agriculture, transportation, health, education, science, and technology.
The two sides agreed to take the necessary steps to move forward in consolidating trade and investment cooperation between the two countries to increase the volume of trade exchange between them and facilitate the flow of goods, services, and investments between the two countries.
At the conclusion of the third session, both ministers signed the minutes of the meeting in addition to witnessing an MoU signing between QDB and the UK Export Finance (UKEF) led by acting QDB CEO Abdulrahman Hesham al-Sowaidi and UKEF global head of origination Vomic Shah.
The third joint committee saw the attendance of Qatar’s ambassador to the UK Fahd bin Mohamed al-Attiyah, along with representatives of several stakeholders, including Qatar Investment Authority, the Investment Promotion Agency, and Qatar Development Bank (QDB).
In his speech, HE Sheikh Mohamed stressed that the topics discussed in the meeting reflected the depth of bilateral relations between the two countries, as well as their determination to advance the prospects for co-operation in all fields, including trade, investment, and commercial partnership.
The visit by His Highness the Amir Sheikh Tamim bin Hamad al-Thani earlier this year displays the close bilateral relationship shared between Qatar and the UK, Sheikh Mohamed noted.
Bilateral relations are founded on both nations’ shared values and mutual interests as evidenced by the strong growth in bilateral investments and trade, which positions the UK as one of Qatar’s leading strategic partners, Sheikh Mohamed said.
He noted that trade in goods between the two countries grew in 2021 to reach $4.54bn, recording a 51.4% increase compared to 2020. This makes the UK the seventh-largest trading partner of Qatar.
On the level of investments between the two countries, Sheikh Mohamed observed that more than 1,200 British companies are operating across various fields in Qatar. Moreover, human capital plays a key role in supporting the national economy, considering that Qatar is home to 21,500 UK citizens, Sheikh Mohamed pointed out.
He said the UK is an attractive destination for Qatari investments in several strategic sectors, including real estate development, hospitality, healthcare, technology, and other areas. The minister welcomed the joint declaration earlier this year from the Gulf Co-operation Council and the UK to launch negotiations toward the signing of a Free Trade Agreement.
Speaking about the Qatari economy, Sheikh Mohamed stressed that Qatar has successfully maintained progress toward achieving sustainable economic growth, owing to the strategic policies implemented by the nation’s leadership.
Qatar National Vision 2030 seeks to build a knowledge-based economy that is both diversified and self-sustainable, the minister pointed out, further explaining that the four pillars of the vision: human, social, economic, and environmental development, provide an outlook on what Qatar seeks to achieve.
The state has devised policies that aim to create an economy that is open, attractive, and facilitates commerce and investments, Sheikh Mohamed further explained.
In 2019, Qatar has implemented new legislation that allows for 100% foreign ownership of businesses, he said. This comes alongside establishing multiple industrial areas and logistic zones, such as Al Karaana Zone, Umm Alhoul Zone, and others, spanning a cumulative of 162sq km in industrial and logistic zones.
The newly-developed Hamad Port, with its state-of-the-art infrastructure, is currently handling over 1.5mn containers annually, with the capacity to handle over 7mn containers, the minister said.
Sheikh Mohamed expressed hope that the meeting would contribute to establishing solid mechanisms for bilateral co-ordination to advance both countries’ shared vision and promote their development objectives.
In this regard, he stressed the need to conclude the ratification process of the Agreement on the Promotion and Reciprocal Protection of Investments between Qatar and the UK to encourage bilateral investments from both nations’ public and private stakeholders. He called on both sides to intensify efforts toward establishing a Joint Business Council between the Qatari and British chambers of commerce.
During the committee’s proceedings, the two sides discussed the progress made in the recommendations of its second session, as well as the current projects and the expansion plans thereof.
The joint committee also tackled a number of issues related to enhancing economic, commercial, and investment co-operation between the two countries in various fields, including industry, agriculture, transportation, health, education, science, and technology.
The two sides agreed to take the necessary steps to move forward in consolidating trade and investment cooperation between the two countries to increase the volume of trade exchange between them and facilitate the flow of goods, services, and investments between the two countries.
At the conclusion of the third session, both ministers signed the minutes of the meeting in addition to witnessing an MoU signing between QDB and the UK Export Finance (UKEF) led by acting QDB CEO Abdulrahman Hesham al-Sowaidi and UKEF global head of origination Vomic Shah.
