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| Seetharaman addressing a panel discussion at the International Arab Banking Summit 2012 in Berlin recently |
The Gulf Co-operation Council (GCC) region is currently the EU’s fifth largest export market and the EU is the second trading partner for the GCC, he said at a panel discussion on “EU-Mena economic relations following the regional and international developments” at the International Arab Banking Summit 2012 in Berlin recently.
EU exports to the GCC mainly comprise machinery, chemicals, vehicles, aircraft, plastic products and natural/coloured pearls. The imports from GCC are mainly crude oil.
EU–GCC trade co-operation, he said, should extend to trade, investment and finance, energy, environment and economic fields. The co-operation requires further strengthening by recognising the developments in countries taking place across the blocs, knowledge about markets, policies and regulations for import-export, good communication links, seamless banking and insurance facilities and multi-level forums for interaction.
Seetharaman also spoke about growing co-operation between Qatar and the EU. In May 2011, the Qatar Investment Authority (QIA) acquired 70% of the capital of Paris Saint-Germain (PSG), a French football club. In January 2011, a partnership between Qatar Media Corporation (QMC) and Radio France International (RFI) was signed.
In May 2010, Sheikh Abdullah bin Nassar al-Thani purchased the Malaga Football Club for $48.3mn. In November 2010, Qatar and Spain signed an MoU on energy projects. In October 2010, Repsol and Qatar signed a multiyear LNG agreement under which Qatar will supply LNG to Resold Energy Canada.
Qatar also imports around QR5.5bn worth of goods from Italy. Trade between Qatar and Italy grew by 13% in 2011.
In March 2012, an agreement was signed by Simest and Concordia Capital to promote the presence of Italian companies in Qatar.
German businesses, Seetharaman said, have sought partnership in Qatari small and medium enterprises (SMEs). The five stadia projects launched for FIFA 2022 have been designed by German architect Albert Speer & Partners.
In June 2010, Siemens launched a development centre at Qatar Science and Technology Park. In October 2011, Qatar Holdings agreed to buy a 9.9% equity stake in European Goldfields.
Back in Qatar, Pearl GTL (Gas to Liquids), which is owned by QP and Shell, will produce 1.6bn cu ft of gas per day from the North Field, which will be processed to deliver 120,000 bpd of condensate, LPG and ethane and 140,000bpd of GTL products using Shell’s unique technological and project management capabilities.