Undersecretary of Ministry of Commerce And Industry: Qatar-US Trade Exchange Hits USD 9.46 Billion 

Doha, February 21 (QNA) - HE Undersecretary of the Ministry of Commerce and Industry Sultan bin Rashid Al Khater affirmed that trade relations between the State of Qatar and the US gained great momentum since the signing of the Trade and Investment Frame Agreement (TIFA) in 2004, pointing out that the volume of trade exchange between the two countries amounted to more than USD 9.46 billion in 2022, making Doha the ninth trading partner of Washington. His Excellency said, in a speech while presiding over the economic and trade cooperation session, which was organized within the framework of the fifth Qatar-US strategic dialogue, that the total direct Qatari investments in the US amounted to about USD 69 billion, and that the US companies operating in the State of Qatar contribute mainly in the development movement witnessed by the country, especially with 856 US companies operating in the Qatari market. During the session, in which representatives of a number of government agencies and relevant bodies from the Ministries of Commerce and Industry, Communications and Information Technology, the Qatar Investment Authority, the Investment Promotion Agency, and the Qatar Financial Center participated, they praised the close economic relations between the two countries, which in turn contributed in maintaining the steady progress between them despite the various global challenges, stressing the State of Qatar's endeavor to diversify its economy to gradually reduce its dependence on hydrocarbon industries, and move towards a knowledge-based economy, in line with Qatar National Vision 2030. His Excellency the Undersecretary of the Ministry of Commerce and Industry referred to the many reforms that the state has worked on to ensure a stimulating and attractive business environment for foreign companies operating in Qatar, including the legislation and laws it approved such as the law regulating the investment of non-Qatari capital in economic activities, which allows foreign ownership of up to 100 percent. in various economic sectors and activities, in addition to launching the single window system and establishing the Investment Promotion Agency with the aim of simplifying the procedures of foreign investors, and providing the necessary support to them. He pointed to the World Bank's expectations in its latest report of the growth of the Qatari economy by 3.4 percent in 2023, as well as the international rating agencies' confirmation of the strength of the Qatari economy, which indicates a positive outlook for foreign investment and commercial interests. His Excellency explained that 90 percent of the State of Qatar's current gross domestic product comes through international trade in various sectors, yet the State of Qatar continues to improve its trade policies and adopt new policies that will enhance the free trade system and the concept of economic openness. Commenting on women's economic participation, HE Sultan bin Rashid Al Khater stated that many of the economic achievements witnessed by the State of Qatar would not have been possible without the contributions of Qatari women, indicating in this regard that the State of Qatar today enjoys the highest economic participation rate for women in the Arab world., and that many Qatari women occupy leadership and executive positions, in both the public and private sectors. His Excellency considered the strategic dialogue an opportunity for the two countries to work together to find new ways to strengthen bilateral relations and to discuss cooperation mechanisms to achieve this despite the various global challenges, noting the participation of representatives of Qatari agencies such as the Supreme Committee for Delivery and Legacy (SC), Qatar Development Bank, Qatar Chamber, and the Qatari Businessmen Association in the session. His Excellency the Undersecretary of the Ministry of Commerce and Industry reaffirmed the State of Qatar's endeavor to build its manufacturing, research and development capabilities, in addition to building a clean and renewable energy sector, and expanding the scope of its technological centers, calling on owners of US companies to benefit from projects, financial incentives, and legislative and legal frameworks provided by the government agencies' programs in all these sectors. His Excellency expressed his aspiration to enhance cooperation with the concerned and competent authorities in the US with the aim of bringing the best international practices concerned with attracting foreign investments and directing them towards priority sectors. Meanwhile, a discussion session was held on economic cooperation in the private sector between the two countries, organized by the Ministry of Commerce and Industry, in cooperation with the Qatari-US Business Council, the American Chamber of Commerce, and the US Chamber in Qatar. Commenting on the participation of the Qatar-US Business Council in organizing the seminar with the Ministry of Commerce and Industry, Managing Director and Treasurer of the Council Mohamed Barakat said that the US and Qatar have close trade and investment relations, which are getting stronger over the years. He added that the additional discussions would strengthen bilateral relations, and elevate them to higher horizons. Senior Manager, Middle East Affairs at the American Chamber of Commerce Liz Clark said that the fifth Qatar-US strategic dialogue highlights the close strategic relationship between the two countries, with officials from both governments meeting, adding that the US Chamber of Commerce praises the Qatari and US efforts to continue this dialogue for the fifth year in a row and to use this platform to ensure harmonious and sustainable interaction. She drew attention to hosting talks with the private sector and government representatives on the sidelines of the dialogue to discuss the main priorities in the fields of trade and investment, and to provide an important platform for business leaders to discuss ways to develop economic relations, and to provide them with the necessary information. Chairman of the Board of Directors of the American Chamber of Commerce in Qatar, Todd Krieger said that the private sector event today sheds light on the importance of cooperation between the public and private sectors, and the US business community is greatly concerned with the success of economic relations between both countries. He expressed his pride that the American Chamber of Commerce in Qatar represents the US industry and innovation sector in the country, and its confidence in promoting cooperation to better levels, and in various fields. (QNA)