Qatar-Russia economic ties strong and durable: Minister

Tribune News Network Doha Minister of Commerce and Industry and Acting Minister of Finance HE Ali bin Ahmed Al Kuwari and Russian Deputy Prime Minister Yur...

Tribune News NetworkDohaMinister of Commerce and Industry and Acting Minister of Finance HE Ali bin Ahmed Al Kuwari and Russian Deputy Prime Minister Yury Borisov inaugurated the Qatar-Russia Business Dialogue on the sidelines of the 24th edition of the St. Petersburg International Economic Forum (SPIEF) 2021.Delivering an opening speech on the occasion, Kuwari said, “Qatar’s participation in SPIEF candidly demonstrated the strength and durability of the relations between Qatar and Russian. These ties have been reinforced, thanks to the care and support of the two nations’ wise leaderships and have culminated in the bureaucratic exchanges between officials from both countries.”Kuwari said that the agreements and memoranda of understandings signed between the two countries over past years had also contributed to opening wider prospects for cooperation at all levels, especially at the industrial, commercial and investment fronts, as well as in terms of the economy, energy infrastructure and many other vital areas.The current position is reassuring that the Qatari-Russian cooperation is headed towards a promising future, given the growth witnessed in the volume of trade exchange, which rose by about 47 percent over the past two years to $296 million in 2020 compared to $201.16 million in 2019.Kuwari said that Qatar hosts about 82 Russian companies operating across various vital economic sectors.The minister called for exerting more joint efforts, at the levels of both public and private sectors, in order to stimulate trade and investment and support their growth to reflect the huge economic capacities and capabilities that characterised the two countries.Affirming Qatar’s keenness to welcome Russian private companies and investors, the minister said, “Qatar attaches great importance to supporting the economies of its various strategic partners worldwide, especially Russia. Qatar has sought to diversify its investments in Russia by investing in development projects in the areas of energy, petrochemical production, retail, stock market and real estate.”Kuwari reaffirmed that Qatar was fully prepared to intensify its cooperation with the Russian side on matters raised at the World Trade Organisation, and to support the ongoing negotiations on the emerging issues.“The most significant of these matters were e-commerce, investment facilitation mechanisms to serve the development and the informal international action programme on supporting SMEs in light of the current global crisis,” he said.Highlighting Qatar’s economic development, the minister said, “Qatar had managed in recent years to make remarkable progress in implementing its major development plans. It has established itself as one of the most stable, competitive and flourishing economies in the region.”Citing World Bank latest report, Kuwari said, “Qatar’s economy is expected to grow by about 3 percent and 4.1 percent in 2021 and 2022, respectively, despite the effects of the COVID-19 pandemic.”Kuwari said, “Qatar gives special importance to the private sector and believes in its role in enhancing the competitiveness and diversification of the national economy. Qatar has been keen to expedite the measures and procedures aimed at supporting the private sector by establishing incentive programmes to attract foreign direct investments.”The minister said that Qatar’s participation in the forum was an important step in consolidating the strategic partnership between the two countries.“Qatar’s participation in the forum is also an opportunity to highlight the competitiveness of the Qatari economy, and the nation’s firm position at the forefront of countries attracting investments,” he said.He called on businessmen and investors from the Russian and from all countries participating in this global gathering to benefit from the huge and promising investment opportunities available in Qatar, as well as to strengthen partnerships with the Qatari private sector in order to establish successful projects that benefit all nations.On the sidelines of the Qatar-Russia Business Dialogue, Kuwari witnessed the signing of a number of memoranda of understanding (MoUs) between Qatar and Russian entities in the economic, trade and investment fields.The agreements signed on the occasion included MoU between the Investment Promotion Agency (IPA) Qatar and BI.ZONE Cybersecurity Company. The agreement was signed on the Qatari side by IPA Qatar CEO Sheikh Ali bin Alwaleed Al Thani. Another MoU between Qatar Development Bank (QDB) and RSMB was signed by QDB CEO Abdulaziz bin Nasser Al Khalifa.An MoU between the Qatari Businessmen Association (QBA) and the Russian Union of Industrialists and Entrepreneurs was signed by Sheikh Faisal bin Fahad Al Thani, a Qatari Businessmen Association member.