The launch of economic and investment dialogue between Qatar and the US reflects the two countries’ shared values and interests and it paves the way for further co-operation, Qatar’s Ambassador to the US, Mohamed Jaham al-Kuwari, has said.
The dialogue was launched on October 28, 2015, in order to enhance the growing economic co-operation between the two countries, the Qatari diplomat added.
Speaking at the Second Annual Sovereign Wealth Funds (SWF) Conference held at the Kogod School of Business at American University in Washington, DC, on Qatar Investment Authority (QIA)’s strategy, al-Kuwari said that Qatar is ranked in the 14th place among the most competitive economies in the world ahead of numerous member-states at the Organisation for Economic Co-operation and Development (OECD), affirming Qatar’s stable outlook ‘AA’ ratings.
Such a data has contributed in elaborating Qatar’s development strategy through the Qatar National Vision (QNV) 2030, which clearly focuses on the economic and social progress, al-Kuwari said, pointing out that the future generations will not suffer from depletion of non-renewable resources, but will share the benefits of new sources of renewable wealth.
Addressing a number of opinion leaders and students, al-Kuwari said Qatar is investing in education on a global level, and it seeks to provide an integrated healthcare, establish effective government institutions in addition to promoting prosperity and tolerance within the community.
On the Sovereign Wealth Fund, ambassador al-Kuwari said that it was established to diversify the economy and integrate into the new international order based on knowledge and competition, referring to QIA’s various achievements since its establishment in 2005.
QIA plays a role in creating jobs and establishing new partnerships, while providing the State of Qatar with the opportunity to implement humanitarian objectives, al-Kuwari said, pointing out that Qatar’s international aid for more than 100 countries is amounted to $1bn.
On the investment portfolio, Ambassador Kuwari pointed to its diversity and universality in a range of sectors, including financial services, infrastructure, real estate sector, technology, media and communications.
QIA has more than 300 employees in more than 40 countries and it invests in particular in emerging markets due to the growing role of sustainability, continuous growth of the middle class and rapid improvement in education system, al-Kuwari added.
He stressed that the US-Qatar economic relations have grown dramatically since the signing of the trade agreement in 2004, pointing out that Qatar has become a major trading partner of the United States in the region and the trade volume between the two countries reached $6.9bn last year.
QIA will invest $35bn in North America in the next five years, al-Kuwari said, pointing to the “City Centre DC” project in the centre of Washington, DC, which will be the first large investment project in the United States along with “The Island America” and the “Golden” Bus Station in Texas.
QIA opened a new office in New York City in September to manage the growing investment portfolio in the United States, al-Kuwari said, stressing the importance of expanding the scope of the existing relationships and the search for new partners.
Through Qatar Investment Authority, Qatar can better invest in human capital and social development, which will serve as the foundations of world peace and stability, al-Kuwari said.
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