Qatar’s trade with Germany has reached €1.47bn in 2012, up 30% on the previous year, Doha Bank Group CEO Dr R Seetharaman has said.
Qatari imports from Germany mainly comprise automobiles and machinery.
“German firms are set for an aggressive drive to promote partnerships with the Qatar business community,” Seetharaman said in the context of the “Business and Investment in Qatar Forum” in Berlin tomorrow.
Qatar has acquired a 9.1% stake in German construction company Hochtief. In November, 2009, German rail operator Deutsche Bahn signed a €17bn contract to build rail and underground lines in Qatar and Bahrain. The five stadium projects launched in preparation for the FIFA 2022 World Cup have been designed by German architect Albert Speer & Partners.
Germany has plans to work with Qatar to improve the country’s education and research.
In June 2010, Siemens launched a development centre at the Qatar Science and Technology Park. There are growing bilateral partnerships between Qatar and Germany, Seetharaman said.
Highlighting the bilateral developments between the GCC and Germany, he said trade volumes between the two sides more than doubled in the last decade. In 2010, the trade was worth €16.98bn, placing the GCC among the leading export markets for German products. In 2010, Germany was Saudi Arabia’s third largest trading partner with exports to the kingdom totalling €5.7bn. The UAE was the largest buyer of German products in the Arab world, importing €7.5bn.
German exports to GCC mainly comprise cars, machinery, industrial equipment and electrical equipment. GCC exports to Germany include petrochemical and hydro chemical products.
A free trade agreement would further push Germany-GCC business and encourage bilateral investments, Seetharaman said. German companies were very much interested in healthcare, infrastructure and construction in Saudi Arabia apart from petrochemical sector, he added.
On GCC sovereign investments in German companies, Seetharaman said Kuwait has been a major shareholder of Daimler. Qatar recently became shareholder in the German automotive industry with a substantial investment in Volkswagen and Porsche. Abu Dhabi has invested in industrial services provider, Ferrostaal.
German automobile firms invest heavily on dealer network. One of the major projects in the GCC includes the largest Audi terminal in the world in Dubai, which was opened in 2012, Seetharaman said.
German industrial group, Siemens, has been growing its business in the GCC region in healthcare, power and water, and energy sectors.
Germany and the GCC, he said, can work on renewable energies. Saudi Arabia and UAE are the largest recipient of plastic and rubber machine exports from Germany in 2011 contributing to more than 85% of the GCC market.