Trade volume between Qatar and the US had doubled from $3bn to $6bn in the past 10 years, HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani said on Wednesday.
Speaking at the Qatar-US Economic Forum in Miami, Florida, Sheikh Ahmed emphasised that the US is one of Qatar’s largest trading partners and a top source of imports in 2017. The minister noted that US imports to Qatar accounted for 16% of the country’s total imports.
According to the minister, more than 650 American companies are currently operating in Qatar, of which, 117 are fully-owned US companies, while the volume of US investments in Qatar amounted to QR26.3bn.
On Qatari investments in the US, the minister said Qatar Airways has allocated $92bn to enhance the US economy with the procurement of 332 Boeing aircraft, which provided around more than 527,000 jobs.
Qatar and the US have strong economic, trade and investment ties that were reinforced by the signing of the Trade and Investment Framework Agreement in 2004.
In 2015, Qatar Investment Authority (QIA) had pledged to invest $35bn in the US over a five-year period, and an additional $10bn to be invested in the infrastructure sector. Citing a report from the World Bank, Sheikh Ahmed said Qatar’s GDP will reach around 2.8%, the highest among GCC countries.
The forum in Miami gathered more than 200 businessmen and Qatari officials, including some 200 businessmen and executives from major US companies.
Several discussions were held on the sidelines of the forum between Qatari and US business sector representatives aimed at strengthening existing economic partnership of the two countries. The discussions also centred on partnership and investment opportunities between the two sides in sectors such as food security, tourism, logistics projects, and infrastructure.
From Miami, the economic roadshow will bring the Qatari delegation to Washington, DC, Columbia; Charleston, South Carolina; and Raleigh, North Carolina.
Organised by the MEC, Sheikh Ahmed will be accompanied by representatives from the Ministry of Energy and Industry, Qatar Investment Authority, Qatar Chamber, Qatar Stock Exchange, Qatar Businessmen Association, Qatar Airways, Qatar Foundation for Education, Science and Community Development, Qatar Financial Centre, beIN Sports, Supreme Committee for Delivery & Legacy, QNB, Qatar Development Bank, Manateq, Qatari Diar, Katara Hospitality, Qatar Tourism Authority, Doha Film Institute, and several other major entities in Qatar.
Visa-free entry to the US for Qatari businessmen mooted
Ambassador Anne Patterson, the chairperson of the US-Qatar Business Council, has said she is looking forward to visa-free entry to the US for Qatari businesspersons.
“We are working for more partnership between Florida and Qatar. We are looking for to see more Qatari businessmen entering America without visas. In return for this, we expect more legislation that would ease or facilitate the creation of projects or businesses in Qatar to expand further and to ease export and import activities in a hassle-free and cheaper way,” she said in a speech during the Qatar-US Economic Forum in held Miami, Florida.
She added: “The upcoming days will see more opportunities in Qatari investments in the US in the real estate and infrastructure sectors, among others, and other investments that will be added in the US economy.”
