Qatar, Australia chambers sign MoU to strengthen co-operation

Qatar Chamber and the Australian Chamber of Commerce and Industry (ACCI) recently signed a memorandum of understanding (MoU) formalising their commitment to improving trade and investment opportunities between both countries.

Qatar Chamber first vice-chairman Mohamed bin Towar al-Kuwari and ACCI vice-president Lyall Gorman signed the agreement during a ceremony held in the presence of Australian ambassador Shane Flanagan.

According to the agreement, the two chambers will collaborate to identify new and practical opportunities to strengthen business relationships between the two nations. This will include exchanging data and information about business, trade, investment, and economic conditions to facilitate cooperation and mutual understanding. It will also facilitate introductions between respective members to enhance trade and investment.

Furthermore, both chambers will leverage their shared memberships in the International Chamber of Commerce and the International Organisation of Employers to advance the memorandum of understanding’s objectives.

In his remarks, al-Kuwari said the agreement represents a new phase of co-operation between both sides. It will promote economic and commercial co-operation among Qatari and Australian businessmen, thereby developing trade between the two countries.

Al-Kuwari also emphasised the interest of Qatari businessmen in learning about investment opportunities available in Australia and the incentives and advantages offered to foreign investors.

He reiterated that the agreement would enable business owners from both countries to explore the investment opportunities galore on both sides and streamline the establishment of joint ventures and mutual investments.

For his part, Gorman said: “I am delighted to see the commencement of a formal relationship between the Qatar Chamber and the Australian Chamber of Commerce and Industry. The opportunity for our two organisations to engage more fully for mutual benefit is significant.

“I look forward to the strategic dialogue between ACCI and QCCI expanding to develop a greater understanding of our respective cultures, economies, and countries to enhance economic activity, information exchange and connectivity at all levels of business.”

He added: “Both QCCI and ACCI are extremely progressive and highly regarded within their respective regions and I am confident that a high level of value exchange will emerge as a result of coming together under the umbrella of this MoU.”

Andrew McKellar, ACCI CEO, said: “This partnership with the Qatar Chamber will open new avenues for our members to explore business opportunities and forge lasting economic partnerships. We look forward to a fruitful collaboration.”

Flanagan said: “The signing of this MoU is a very important step in advancing Australia’s trade and economic cooperation with Qatar. Two-way goods and services trade reached approximately $2.4bn in 2022-23 with trade in services growing more than 60% in the most recent financial year. This agreement will encourage more Australian and Qatari companies to explore opportunities and further strengthen our links.”