Qatari-Saudi Business Council Holds Meeting

Doha, October 30 (QNA) - The Qatari-Saudi Business Council met Sunday at the Qatar Chamber, for the private sector of both countries to discuss ways to increase bilateral trade and attract investments in both directions. The meeting was attended by HE the Qatar-Saudi Joint Business Council Chairman and Qatar Chamber of Commerce and Industry (QCCI) Chairman Sheikh Khalifa bin Jassim Al-Thani, the Undersecretary of the Ministry of Investment for International Partnerships in the Kingdom of Saudi Arabia (KSA) Eng. Mohammed bin Ahmed Al Hasana, HH the Ambassador of the Kingdom of Saudi Arabia to the State of Qatar Prince Mansour bin Khalid bin Farhan Al-Saud, and the Chairman of the Saudi side at the joint council Hamad bin Ali Al Shuwaier, alongside members of the council from both sides. Speaking at the meeting, HE the Qatar-Saudi Joint Business Council Chairman and QCCI Chairman Sheikh Khalifa bin Jassim Al-Thani stressed that the formation of the joint council between both countries is a culmination of the efforts exerted by both countries’ leaderships to further develop their economic and commercial and open new channels for establishing partnerships between Qatari and Saudi companies, to fulfill the hopes and aspirations of the two brotherly countries. HE Sheikh Khalifa bin Jassim Al-Thani also emphasized the robust relations between both nations, noting that their economic and trade relations are witnessing significant development, in light of the common desire of business communities to forge alliances and partnerships that contribute to developing the two countries bilateral trade exchange. His Excellency pointed out that partnerships and joint projects represent the cornerstone of Qatari-Saudi trade relations, expressing confidence and a mutual desire for the return of trade exchange to its previous levels, especially that the trade volume between both countries last year amounted to QR 674 million, noting that this level does not correspond with aspirations of both peoples, which requires more effort and cooperation to return the two countries' trade to normal levels. As for the role of the joint business council in boosting trade between both nations, His Excellency indicated that the council has an essential role in enhancing the interests of the private sector in both countries, expanding joint investments, and reviewing means to improve the business environment and overcome obstacles and challenges facing investors in both sides. He added that the council will enhance cooperation between the private sectors, especially since the time is appropriate for both parties to cement their cooperation and develop the trade exchange, in light of the tremendous potential available in both countries in various economic sectors and the offered incentives for investment. For his part, the Undersecretary of the Ministry of Investment for International Partnerships of Saudi Arabia Eng. Mohammed bin Ahmed Al Hasana underscored the importance of strengthening relations between both nations in all fields, stressing his trust in the Council to be a booster for their trade exchange. Al Hasana said that the Saudi-Qatari Coordination Council is a comprehensive framework for strengthening bilateral relations between the two countries and advancing their partnership further, expressing his hope to intensify efforts to keep pace with the aspirations of the leadership in both countries. He also pointed out that the Investment, Energy, and Infrastructure Committee emanating from the Saudi-Qatari Coordination Council, has put forward a number of important initiatives that stimulate mutual investment between the private sector on both sides, as well as present and discuss the challenges and obstacles facing investors within the framework of the committee to find solutions to them. In a speech during the meeting, the Chairman of the Saudi business council Hamad bin Ali Al Shuwaier stressed that this council sought to develop bilateral economic relations, in line with the developments both countries are undergoing locally and internationally. In this regard, Al Shuwaier assured the urgent and firm desire to enhance cooperation, and benefit from the economic transformation that both countries are undergoing, by developing innovative programs to increase investments, create quality partnerships, and enhance economic integration between business owners in both countries. Al Shuwaier added that the Council's meeting today is a new phase of the joint economic work between businessmen from both sides, in the framework of enhancing and activating bilateral cooperation in all economic fields, which holds great potential waiting to be harnessed to generate even more beneficial for both countries. The Chairman of the Saudi Business Council praised the achievements of the State of Qatar in all fields by remarking that Qatar was able, in a record time, to build a qualitative state by all standards and adopted an advanced development strategy based on building the needed infrastructure and institutions, and on supporting the private sector. Al Shuwaier added that there is no doubt that this development was the result of the firm desire of the country’s wise leadership and a people striving to achieve the highest goals locally and globally, rendering Qatar a center of attraction for the best international companies and quality projects in various economic fields. Al Shuwaier pointed out that the Kingdom of Saudi Arabia has in its records qualitative achievements such as creating positive growth for the Saudi economy, ranking among the top 20 global economies, with its products reaching more than 140 global markets and becoming among the most important countries attracting foreign capital, as well as ranking among the best countries in global competitiveness indicators. For his part, HH the Ambassador of the Kingdom of Saudi Arabia to the State of Qatar Prince Mansour bin Khalid bin Farhan Al-Saud expressed his happiness about the Qatari-Saudi Business Council's meeting, affirming the mutual intention to strengthen relations to better than pre-2017 levels, affirming his confidence in the ability of the Joint Business Council to advance cooperation and partnership between the two sides. During the meeting, the Investment Promotion Agency Qatar (IPA Qatar) highlighted the rewarding opportunities that exist to enhance the flow of foreign direct investment into the country, reviewing the many advantages of establishing businesses in Qatar. It is noteworthy that the volume of trade exchange between the State of Qatar and the Kingdom of Saudi Arabia during the first half of 2022 amounted to about QR 800 million, according to data released during the meeting. (QNA)