Qatar Chamber, Filipino Counterpart Discuss Enhancing Trade, Investment Cooperation Relations

 

 

 

Doha, May 22 (QNA) - Qatar Chamber (QC) discussed with its Filipino counterpart means to enhance cooperation relations between both countries' business sectors and investment climate and opportunities, in addition to enhancing mutual investments and ways to promote trade between both countries. 

This came in a virtual meeting held between a delegation of the State of Qatar headed by HE First Vice-Chairperson of Qatar Chamber Mohamed bin Ahmed bin Twar Al Kuwari, and President of the Philippine Chamber of Commerce and Industry George T. Barcelon. 

Al Kuwari said that the State of Qatar and the Philippines enjoy strong relations in all fields, especially the economic and commercial relations, which witnessed significant development over the past few years, noting that this is evident through the mutual visits and the number of agreements and Memoranda of Understanding signed between them. 

The two countries' bilateral trade exchange reached QR 979 million last year, compared with QR 791 million in 2019, registering an increase of 28 per cent, he added. 

He emphasized the role of private sectors in Qatar and the Philippines in developing relations through establishing partnerships, commercial alliances, and investment ventures between companies from both sides, whether in Qatar or in the Philippines. 

HE First Vice-Chairperson of QC invited Philippine's companies to benefit from the investment incentives offered by Qatar, which owns the advanced infrastructure and leading economic legislation, as well as the investment facilitation that attracted foreign investments in various sectors. 

Al Kuwari also called on Qatari investors and companies to explore investment opportunities available in the Philippines and enhance cooperation with Filipino companies by establishing alliances and joint investment, whether in Qatar or the Philippines, indicating that the Philippines is an important investment destination that offers a lot of investment opportunities. 

For his part, President of the Philippine Chamber George Barcelon said that Qatar is one of the most important destinations for Filipino investors, stressing Filipino businesspersons' aspirations to learn about Qatar's investment climate and review the establishment of joint ventures with Qatari companies in various sectors such as agriculture, tourism, energy, financial services, and halal. 

Barcelon also assured the importance of developing relations between both chambers for the good of the private sector on both sides, calling on to increase the mutual visits between trade delegations of both countries, activating the MoU signed between them and discussing the establishment of a Qatari-Filipino joint business council. 

For his part, HE Ambassador of the State of Qatar to the Republic of the Philippines Ahmed Saad Nasser Abdullah Al Homidi affirmed the importance of this meeting in developing cooperation relations and promoting trade and economic relations between both countries. 

Fore her part, HE Ambassador of the Philippines to the State of Qatar Lillibeth Velasco Pono said that there are numerous economic fields in which the private sectors of both countries can cooperate, especially in light of the attractive investment climate in both countries. (QNA)