Britain is establishing a joint economic and trade committee to pave the way for a post-Brexit trade agreement with Qatar and the rest of the Gulf, Prime Minister Theresa May said yesterday.
May, who is due to begin the formal process of leaving the European Union today, said Britain was seeking to deepen its relationship with Qatar in areas including defence, education, healthcare, energy and financial services.
“I’m delighted that we are also establishing a new joint economic and trade committee,” she told a Qatar-UK Business and Investment Forum in Birmingham, central England.
“I hope we can pave the way for an ambitious trade agreement for when the UK has left the EU including exploring whether we can forge a new trade agreement for the whole of the Gulf area,” she added.
Qatar’s Prime Minister and Interior Minister HE Sheikh Abdullah bin Nasser bin Khalifa al-Thani told the conference that Qatar’s planned £5bn of investment in Britain, announced on Monday, would be across all parts of the country, including Scotland.
HE the Prime Minister said that Qatar was at an important historical stage in achieving sustainable development through the implementation of Qatar National Vision 2030 strategies and programmes aimed at reducing dependence on oil and gas, achieving economic diversification and transforming into a knowledge-based economy.
The State of Qatar has made significant strides in this area, he said, adding that the non-oil sector has grown to a high portion of the GDP of 2016.
“We were very pleased to sign with the UK Prime Minister an MoU for the 2030 Strategy yesterday, to enhance strategic action with the UK.”
He conveyed the condolences of HH the Emir Sheikh Tamim bin Hamad al-Thani on the victims of the recent terrorist incident in the United Kingdom and His Highness’s assertion of Qatar’s solidarity with the friendly UK in all measures it takes to counter terrorist acts and to preserve its security and stability.
He added that Qatar values the historical and unique bilateral relations with the UK which initiated years ago and continues to work towards strengthening and developing those relations in all political, economic, investment, military and cultural fields.
The Prime Minister confirmed that organising the forum proved that Qatar values these relations, adding that Qatar looks forward to more co-operation ties with the UK to continue the process of diversifying and developing of the Qatari economy.
He explained that since the last forum in 2012, the relations witnessed many developments which have pushed for organising this year’s forum in order to push the strategic partnership towards new aspects of co-operation, seeking to accelerate the process of building a knowledge-based economy.
Qatar also looks forward to increase partnership with the UK in its upcoming new exciting start.
“As we look forward to more contributions from British companies in the Qatari economy, I would like to point to the important role of British companies in the development of the Qatari economy over the past decades, as they have strongly contributed to the booming oil and gas industry and other economic fields.”
HE Sheikh Abdullah bin Nasser bin Khalifa al-Thani pointed out that Qatar currently has more than 200 British companies in the energy, education, construction, banking, advisory and other sectors.
Qatar’s exports to Britain reached £1.5bn, while imports reached £1.1bn in 2016. In this context, the prime minister said that the UK is one of the biggest destinations for Qatari investments, with over £40bn in various areas of the British economy, contributing to increased growth and job creation.
He said that in recent years, Qatar’s economy has been one of the best performing economies in the world, with an average GDP growth rate of 6% between 2010 and 2016.
Prime Minister May highlights strength of ties with Qatar
UK Prime Minister Theresa May stressed yesterday that ties with Qatar are strong in all fields. Speaking at the second day of Qatar-UK Business and Investment Forum in Birmingham, May welcomed HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani and highlighted that both the UK and Qatar are facing the danger of international terrorism.
May then praised the strength of economic ties between both sides, indicating that the high-level Qatari delegation visiting the UK was a reflection of that. She also pointed to booming trade and investments between the two countries, which helped create many jobs.
The Prime Minister of the UK expressed her hope that bilateral ties can expand even further, highlighting the memorandum of understanding (MoU) signed yesterday between the two sides on supporting Qatar National Vision 2030.
HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani and UK Prime Minister Theresa May take part in a roundtable meeting with Qatari businessmen. The meeting reviewed the investment opportunities available across the UK. They also discussed challenges facing investors.
