The Qatari-Saudi Business Council discussed ways to facilitate trade and investment exchange yesterday on the sidelines of the Made in Qatar 2023 exhibition, which will run until December 2 at the Doha Exhibition and Convention Centre (DECC).
The meeting was presided over by Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani and his Saudi counterpart of the business council Hamad bin Ali al-Shuwaier in the presence of council members from both countries.
It also focused on increasing mutual visits by the business council and its action plan for 2024 and the scheduling of the following meeting in the first quarter of next year. Discussions also touched on strategies to facilitate the establishment of companies and streamline trade and investment procedures between Qatar and Saudi Arabia.
Sheikh Khalifa said Qatar-Saudi Arabia trade exchange stood at QR2.2bn in 2022. He called for the strengthening of economic co-operation between the two countries. He highlighted that the ongoing efforts of the council stemmed from the commitment and support of the wise leadership in both nations.
Advancing economic and trade relations on a broader scale involves exploring new avenues of co-operation and partnership between Qatar’s private sector and its Saudi counterpart, he stressed.
Sheikh Khalifa said the council serves as a crucial link between Qatari and Saudi businessmen, emphasising the numerous investment opportunities for the Qatari private sector and its Saudi counterpart.
He called on Qatari businessmen to explore opportunities in Saudi Arabia and enhance co-operation with their counterparts in joint ventures. This, he highlighted, would maximise the contribution of the private sector in achieving the 2030 national visions of both countries.
Al-Shuwaier said Qatar-Saudi trade witnessed a substantial 70.5% growth in the first half of 2023 compared to the same period last year. Additionally, he noted an increase in the number of companies operating in the two countries over the past period.
He said there are plenty of investment opportunities for business owners in various sectors, including real estate, contracting, industrial, energy, tourism, transport, logistics, digital transformation, and other economic sectors.
He called for the convening of the Saudi-Qatari Business Forum in Riyadh next year to showcase the economic potential and investment opportunities in both countries, as well as the projects available on both sides.
Qatar Chamber second vice-chairman Rashid bin Hamad al-Athba underscored the Qatari private sector’s eagerness to enhance co-operation with its Saudi counterpart through the establishment of effective partnerships and trade alliances that mutually benefit both economies. He also highlighted the vital role that the council could play in promoting trade between the two countries.
The business council meeting was also highlighted by a tour of the exhibition area, which hosted some 450 participating companies and manufacturers.
On the sidelines of the Made in Qatar exhibition, Qatar Chamber first vice-chairman Mohamed bin Towar al-Kuwari held a meeting with the Ethiopian ambassador Faisal Ali Ibrahim to discuss ways to enhance trade relations between the two countries.
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