HE the Minister of Commerce and Industry heads Qatar’s delegation participating in the ‘First Industry and Investment Co-operation Forum’ between GCC and China in Xiamen

HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani headed Qatar’s delegation participating in the ‘First Industry and Investment Co-operation Forum’ between GCC and China in Xiamen.

The event is titled ‘Looking forward to joint enhancement of high-quality development of China-GCC industry and investment co-operation’.

Sheikh Mohamed in his speech emphasised that the deep relationship between GCC countries and China is strengthening strategic partnerships between the two sides.

He added that the China-GCC fruitful co-operation has reflected on the volume of trade exchange between the two sides. Trade volume between the two sides doubled between 2015 and 2022 to reach $316bn in 2022, representing a growth of 140%.

The two sides are heading to new level of relationship, he said.

Sheikh Mohamed stated that the forum aimed to strengthen practical co-operation between the two sides in order to serve their joint interests, especially in priority sectors that will add value to sectors such as energy and metal sectors, finance, industry and logistic services, among other vital areas.

He said Qatar and China have "strong and solid" relationship. China is Qatar’s largest trade partner.

The volume of Qatari-Chinese trade exchange increased in the first quarter of 2024 to reach $6.8bn (up 3.7%) compared to $6.6bn in the same period last year.

The trade volume between the two countries reached $23.7bn in 2023.

The minister touched upon Qatar’s Third Development Strategy, which aims to enhance economic diversification through various opportunities, initiatives, and incentives.

This strategy targets multiple sectors, including industry, logistics services, technology, and financial services, among others.

During the industry and investment forum, four subforums were held. The first sub-forum focused on the sustainable development of energy and mining, the second on investment and co-operation in digital economy, the third on financial co-operation, and the fourth on transportation and infrastructure.

At the end of the forum, a ‘Xiamen’ initiative was announced by the ministers concerned, which aims to solidify industrial and investment co-operation between GCC countries and China.

The forum was attended by Ding Xuexiang, First Vice-Premier of China; ministers of commerce, industry, and investment from GCC countries and Jasem Mohamed Albudaiwi, GCC Secretary-General among others.