Qatar, US trade body sign pact to boost economic ties
September 21 2017 11:53 PM
Qatar
HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani and Executive Director of the US-Qatari Business Council Mohamed Barakat shake hands after signing the letter of intent.

QNA/Doha

*Minister of Economy and Commerce holds talks with with Executive Director of the US-Qatari Business Council and President of the American Chamber of Commerce

HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani discussed co-operation in the economic, trade and investment fields as well as means to develop them, during a working lunch with Executive Director of the US-Qatari Business Council Mohamed Barakat and the President of the American Chamber of Commerce.
The working lunch, which was held on Wednesday on the sidelines of the 72nd session of the United Nations General Assembly in New York, was attended by members of the US-Qatari Business Council and members of the US Chamber of Commerce, the Ministry of Economy and Commerce said in a statement on Thursday, adding that the meeting discussed and exchanged views on issues of mutual interest.
A visual presentation was also made by the Ministry on investment opportunities in Qatar, and incentives provided by the State to investors.
Following the meeting, the Ministry of Economy and Commerce and the US-Qatari Business Council signed a letter of intent to promote and increase opportunities for co-operation in economic, trade and investment fields.
The importance of signing the letter of intent between the Ministry and the US-Qatari Business Council stems from activating the role of this council, increasing investments in Qatar and the US, increasing the number of the council's members, providing assistance to US companies wishing to do business or actually doing business in Qatar and Qatari companies wishing to do business or do business in the US, supporting entrepreneurs in Qatar and the US, facilitating the exchange of technical expertise, organising workshops between entrepreneurs in both countries and providing the latest information on the regulatory environment for investment in addition to helping the US-Qatari Business Council organise meetings, forums and sectoral events.
According to the statement, the Minister of Economy and Commerce affirmed that the meeting aimed at enhancing co-operation between Qatar and the United States in all fields, especially in trade and investment.
The signing of the letter of intent between the two sides is an important milestone in the economic and investment co-operation between Qatar and the US, the Minister said, adding that this initiative would contribute to enhancing communication between the business sectors to establish joint projects and facilitate the necessary procedures to create investment co-operation in line with the aspirations of leaders of both countries.
US-Qatar Business Council Executive Director Barakat expressed the desire of US companies to broaden their presence in the Qatari market, pointing out that this initiative was an opportunity to exchange information about the developments and trends in the two countries' economies and to identify investment opportunities in various economic sectors.
The volume of trade between Qatar and the US in 2016 was QR19.2bn. The US is the sixth largest trading partner of Qatar.
In 2016 the value of exports from Qatar to the US was QR2.5bn, while Qatari imports from US reached nearly QR16.7bn ($4.6bn).
The number of US companies operating in Qatar registered with the Ministry of Economy and Commerce has reached 102, fully owned by the US side.

Last updated: September 21 2017 11:56 PM


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