By Pratap John/Chief Business Reporter

 

 

Michael Bear: “There are many more opportunities to boost our bilateral trade
There are good prospects for boosting bilateral trade between Qatar and the UK, which already has seen a 160% growth in 2010, said Alderman Michael Bear, the Lord Mayor of the City of London.

Qatar winning the bid to host the FIFA World Cup 2022 is ‘self-evidently an opportunity’, Bear said in an interview with Gulf Times here.

Qatar–UK bilateral trade totalled £2.2bn in 2010, up 160% on the previous year. Of this, £1bn accounted for Qatar’s exports to the UK, mostly oil and gas, and the remainder imports from the UK.

“But I don’t think this is enough. There are many more opportunities to boost our bilateral trade. That’s why I have come here with a high level business delegation. I have some 20 very important people with me who represent various sectors from infrastructure development to education training.

“We are speaking to businesses and regulators here. We are here to do good business with you,” Bear said.

He said the UK has expertise in implementing many projects with public-private partnerships (PPPs).

“In the last 25 years, we have implemented more than 1,000 PPP projects- from roads to hospitals, prisons and even street lighting. We have learnt a lot from the PPPs, which we are keen to share with you,” Bear said.

On the pre-requisites to boost the overall business environment, Bear said, “Stability, predictability and clarity are required to boost business environment. These are vital for businesses to thrive. We are passionate about market economies, which are free from interference. Removal of barriers is important for businesses to thrive.”

Complimenting Qatar for promoting business opportunities in all the sectors, Bear said, “From the meetings and briefings I have had here, I understand you have now adopted the lingua franca of business through the QFC, common laws, and the dispute resolution mechanism. These give people confidence that the systems are in place and businesses can thrive.”

Bear took office as the 683rd Lord Mayor of the City of London in November 2010. As Lord Mayor, he promotes the Square Mile as the world’s leading international financial and business centre.