Plans are in the pipeline for the next steps to be taken regarding the €10bn Qatar is intending to invest in Germany over the next five years, ambassador Hans-Udo Muzel has said.
The plan to invest further in the German economy was announced by His Highness the Amir Sheikh Tamim bin Hamad al-Thani at the ninth edition of the ‘Qatar-Germany Business and Investment Forum’ held at the Maritim Hotel in Berlin, Germany.
This fresh round of planned investments, which include “vital projects” in the automobile industry and the Information Technology and banking sectors, would add to Qatar’s investment portfolio in Germany, which now stands at more than €25bn.
Speaking to Gulf Times on the sidelines of the forum, Muzel underscored the need to install “several institutions and mechanisms that could assist Qatar with its new investments in Germany.”
Muzel said the Joint Task Force on Trade and Investment, which was formalised in the presence of His Highness the Amir and German Chancellor Angela Merkel after the forum’s opening ceremony, will be part of a team that would draft a proposal (for both the German and Qatari side) that would present the next steps needed to steer the direction of additional Qatari investments.
“We would like to have a proper plan, which will be put into action…in February next year, there will be a meeting for the ‘Joint German-Qatar Economic Commission’, which will take place in Berlin. The joint commission will be headed by the ministers of economy from both countries. The intention is to work out an action plan for the investment, amongst others,” he said.
Besides economic sector, the "investments would be valuable in forging closer co-operation in wider fields, such as research and development (R&D) and education", said Muzel, who also revealed plans to tap the expertise of the Technical University in Munich for a proposed technical university in Qatar.
“It’s not only about increasing investments but rather to continue to develop because you’d like to do more such as having investments in R&D and looking for partners.
"There’s an excellent opportunity in the field of higher education and technical training. Look at Education City and the institutions that are there, as well as in science and technology, and healthcare,” Muzel said.
He added: “It will further deepen our excellent bilateral relations because we are partners in many fields. It just shows the continuous engagement between Germany and Qatar and continuing co-operation in many fields – political and economic, commercial, energy, and so on.”
