Qatar woos $5bn US investments

April 03, 2011 - 1:43:01 am

DOHA: Qatar hopes to woo investments worth a staggering $5bn (QR18.25bn) during the two-day forum on business and investment opportunities in the country slated to be held in Washington from April 6 to 7.

This was disclosed recently by the Assistant Foreign Minister for Follow-up Affairs, H E Mohamed bin Abdullah Al Rumaihi, at a news briefing.

The Minister told reporters that during the two-day ‘Qatar Business and Investment Forum’ a number of investment and business deals were expected to be inked between US and Qatari businessmen.

Some 200 Qatari officials, businessmen and women and 400 members of the US trade and industry will be taking part in the key two-day event.

Five contracts are to be signed during the forum between the world’s largest LNG (liquefied natural gas) exporter and the world’s biggest consumer of energy to further trade links between the two sides, the minister said referring to Qatar and the US.

According to Al Rumaihi, education, health, oil and gas, transport, banking, communications and scientific research are some of the key areas in which the above contracts would be inked.

US companies are quite keen to particularly enter the health and water management sectors in Qatar. The US is Qatar’s largest trade partner and this is reflected in the fact that the American Chamber of Commerce and Industry has a chapter in Doha. Trade between Doha and Washington has risen an incredible 340 percent between 2003 and 2009 to $3.2bn.

Such is the importance of Qatar to the US that eight American universities have campuses here—their largest presence outside of their country.

On the sidelines of the April 6-7 event in Washington, ‘Golden Pass’, the LNG terminal in Texas which receives Qatari gas will be inaugurated, said Al Rumaihi.