*Qatar seeks to diversify its investments into strategic sectors in Russia, says HE the Minister of Commerce and Industry
Qatar seeks to diversify its investments into strategic sectors in Russia as the country attaches great importance to supporting the economies of its strategic partners around the world, said HE the Minister of Commerce and Industry Ali bin Ahmed al-Kuwari.
“Russian and Qatari investment authorities are engaged in dialogue to identify new and promising projects that will benefit both countries' economies and serve their common interests,” al-Kuwari said co-chairing the fourth session of the Qatari-Russian Joint Committee for Economic, Trade and Technical Co-operation in Moscow.
He said Qatar and Russia “have long enjoyed friendly relations” that were further strengthened since the latest visit by His Highness the Amir Sheikh Tamim bin Hamad al-Thani to Moscow in March 2018.
Qatari-Russian bilateral relations have also gained momentum after the signing of agreements and memorandums of understanding in the industrial, trade, investment, economic, energy, and infrastructure fields, among other vital areas, including an agreement for the establishment of a research centre by Rosneft International at the Qatar Science and Technology Park.
The minister said the future looks promising when it comes to strengthening and expanding Qatari-Russian bilateral relations, with the latest indicators pointing to “promising” Qatari-Russia co-operation prospects.
Bilateral trade jumped by 243.7% to QR1.06bn in 2018, compared to QR307.6mn in 2017.
Touching on Russian investments in Qatar, al-Kuwari said more than 50 jointly-owned Qatari-Russian companies, and one fully-owned Russian company are operating in various economic sectors in Qatar.
He urged joint efforts at the governmental and private sector levels to expand trade and investment activities, and bolster growth to reflect the economic potential that both countries enjoy.
The minister also commended the efforts exerted by both sides to achieve a qualitative leap in the level of investment flows between both countries.
In this context, al-Kuwari emphasised Qatar's keenness to invite Russian private companies and investors, to contribute to the country's journey towards achieving its National Vision 2030, and to tap investment opportunities in sports industries and projects associated with preparations to host the 2022 FIFA World Cup.
In recent years, Qatar pursued the implementation of major development projects, which has cemented the country’s position as one of the region’s most stable, competitive, and growth-oriented economies, noting that Qatar’s economy has witnessed a significant boost as new national companies went public, and as many as 823 Qatari companies were established in food production, services, and manufacturing industries.
Industrial cities are also being expanded to feature some 769 industrial land plots, as work continues to complete 337 projects in the manufacturing sector, and create promising investment opportunities in non-oil sectors.
Qatar has developed business legislations and regulations to allow foreign investors up to 100% ownership in all economic and commercial activities.
This is in addition to allowing non-Qatari investors and companies to invest in the strategic real estate sector, and own properties in several vital economic and tourism areas across the country.
The minister noted that Qatar has also approved a draft law regulating public and private partnerships with the aim of offering new opportunities to the private sector, and involving companies in the implementation, construction, financing, and operation of the State's various facilities, and sustainable development projects.
Russia’s Minister of Energy Alexander Novak also co-chaired the fourth session of the Qatari-Russian Joint Committee for Economic, Trade and Technical Co-operation.