Qatar-Ukraine trade volume rises 60% in 2020 despite COVID-19, says Kuwari

Tribune News Network Doha Minister of Commerce and Industry and Acting Minister of Finance HE Ali bin Ahmed Al Kuwari and Minister of Finance of Ukraine Se...

Tribune News NetworkDohaMinister of Commerce and Industry and Acting Minister of Finance HE Ali bin Ahmed Al Kuwari and Minister of Finance of Ukraine Sergii Marchenko co-chaired the second session of the Qatari-Ukrainian Joint Committee for Economic, Commercial and Technical Cooperation that took place in Kiev in Ukraine from August 31 until September 2.Speaking on the occasion, Kuwari stressed that Qatari-Ukrainian bilateral relations were based on solid foundations of mutual respect, friendship, and common interests.As for economic cooperation, the volume of trade between the two countries increased in 2020 by approximately 60 percent compared to 2019, despite the economic repercussions of the COVID-19 pandemic on international trade, Kuwari said.He called to intensify efforts during the next stage to encourage the private sector in both countries to establish sustainable trade and investment partnerships that contribute to furthering relations between the two nations to the level of a comprehensive strategic partnership, as per clear frameworks that serve the development trends of Qatar and Ukraine.Praising the role of the Ukrainian private sector in Qatar, Kuwari said, “At present, 54 joint capital Qatari -Ukrainian companies are operating in Qatar.” Kuwari stated that Qatar was interested in the efforts made by the Ukrainian government to provide promising investment opportunities in several vital sectors, particularly the maritime sector.Qatar’s QTerminals Company has been awarded a contract to develop, manage and operate Port Olvia that will support navigational and logistical operations and services in accordance with the highest international standards adopted in this field, Kuwari said.Port Olvia is one of the most important Ukrainian anchorages located on the Black Sea, he said.Kuwari noted in this regard Qatar’s keenness to diversify its foreign investment portfolio, in line with its development vision, and in a manner that supports the prosperity of the economies of all its trading partners worldwide, especially Ukraine.Speaking about the Qatari economy, Kuwari said that Qatar had managed in recent years to make remarkable progress in the process to attain balanced economic growth, owing to the systematic policies put in place by its wise leadership, further stating that the World Bank had confirmed in its latest report the promising growth prospects for the Qatari economy by about 3 percent and 4.1 percent in 2021 and 2022, respectively, despite the repercussions of the COVID-19 pandemic.Qatar has moved towards instilling its economic openness and enhancing its position as an ideal commercial and expenditure destination, by devising and issuing legislations that stimulate the foreign private sector, Kuwari said.Moreover, he said, Qatar has also instilled a policy of establishing effective links with global markets, depending in this regard on its advanced infrastructures, such as Hamad International Airport and Hamad Port, as well as free, logistic, and industrial zones.These features represented a prominent impetus for Ukrainian companies to invest in sectors that benefit both countries, as well as expanding towards new markets in the region, he said.Praising the success of the roundtable on Qatari-Ukrainian investment held on the sidelines of the Joint Committee’s meeting, he said, “This meeting is significant as it is an important opportunity for interaction between the public and private sectors in both countries in addition to comprising a platform to discuss ways to enhance economic and investment integration between the two nations.”During the committee’s proceedings, the two sides discussed the progress made at the level of the recommendations of the committee’s first session, in addition to touching on current projects and plans for expanding them, as well as several issues related to enhancing economic, trade and investment cooperation between Qatar and Ukraine in various fields, including industry, agriculture, transportation, health, education, science, technology and culture.The two sides agreed to take the necessary steps to move forward in consolidating trade and investment cooperation between the two countries, with the aim of increasing the volume of transactions between them and facilitating the flow of goods, services, and investments.At the closing of the second session of the Qatari-Ukrainian Joint Committee for Economic, Commercial and Technical Cooperation, Kuwari and Marchenko signed the official minutes of the meeting.On the sidelines of the committee’s work, Kuwari also signed a protocol amending the agreement between Qatar and Ukraine on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.Kuwari also witnessed the signing of two MoUs between Widam Food and Baladna on the one side and the Ministry of Agrarian Policy and Food of Ukraine on the other. From the Qatari side, the MoUs were signed by Widam Food Chairman and Baladna Vice-Chairman Mohamed Badr Al Sada.The Joint Committee’s second session was attended by representatives from several government agencies, including the Ministry of Foreign Affairs, Ministry of Commerce and Industry, Ministry of Finance, Ministry of Municipality and Environment, Ministry of Public Health, Ministry of Education and Higher Education, Ministry of Culture and Sports, Qatar Chamber, Qatar Airways, Qatar Development Bank, Qatar Free Zones Authority, General Tax Authority, Qatar General Organization for Standardization, the Investment Promotion Agency of Qatar (IPA Qatar), Qatar Investment Authority, Hassad Food, Widam Food, Baladna and Nebras Power.