Minister of Commerce & Industry and Acting Minister of Finance, H E Ali bin Ahmed Al Kuwari addressing the Qatari-Russian Business Dialogue, yesterday.
Minister of Commerce & Industry and Acting Minister of Finance, H E Ali bin Ahmed Al Kuwari said yesterday the volume of trade exchange between the State of Qatar and the Russian Federation has increased by 47 percent during the past two years, to reach $296m in 2020, compared to $201.16m in 2019.
The Minister was speaking during the inauguration of the Qatari-Russian Business Dialogue, which was organised on the occasion of Qatar’s participation as ‘Guest Country’ in 24th edition of the St. Petersburg International Economic Forum (SPIEF) 2021.
H E Ali bin Ahmed Al Kuwari, and H E Yury Borisov, Deputy Prime Minister of the Russian Federation, yesterday inaugurated the Qatar-Russia Business Dialogue, which marked the launch of activities in the Qatar Pavilion of the Ministry of Commerce & Industry, and the entities participating under its umbrella.
The Minister affirmed that Qatar’s participation in SPIEF demonstrated the strength and durability of the relations between Qatar and its friend, the Russian Federation. 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.
He further added that the agreements and memoranda of understanding 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.
Al Kuwari pointed that Qatar hosts about 82 companies operating across various vital economic sectors.
He 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 characterized the two countries.
Al Kuwari affirmed in this context Qatar’s keenness and welcoming of Russian private companies and investors. Qatar’s attitude in this regard pours into achieving its National Vision 2030, and benefiting from promising investment opportunities across all sectors.
The State attaches great importance to supporting the economies of its various strategic partners worldwide, especially the Federal Republic of Russia, Al Kuwari said, adding that Qatar has sought to diversify its investments in Russia to include vital sectors to implement development projects in the areas of energy, petrochemical production, retail, the stock market and real estate.
He 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 development and the informal international action program on supporting small and medium-sized enterprises (SMEs) in light of the current global crisis.
The Minister highlighted the development of the Qatari economy, pointing out that 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.
The Minister of Commerce & Industry and Acting Minister of Finance stated that the World Bank confirmed in its latest report the promising growth prospects for the Qatari economy by about three percent and 4.1 percent in 2021 and 2022, respectively, despite the effects of the COVID-19 pandemic.
In the conclusion of his speech, the Minister of Commerce & Industry and Acting Minister of Finance affirmed that Qatar’s participation in the St. Petersburg International Economic Forum 2021 was an important step in consolidating the strategic partnership between the two countries.
On the sidelines of the event, Minister witnessed the signing of a number of memoranda of understanding (MoUs) between the State of Qatar and the Russian Federation in the economic, trade and investment fields. The agreements that have been signed include an MoU between the Investment Promotion Agency (IPA) and BI.ZONE Cybersecurity Company, signed on the Qatari side by Sheikh Ali bin Alwaleed Al Thani, CEO of the IPA; an MoU between Qatar Development Bank (QDB) and RSMB, signed by Abdulaziz bin Nasser Al Khalifa, CEO of QDB; an MoU between the Qatari Businessmen Association and the Russian Union of Industrialists and Entrepreneurs, signed by Sheikh Faisal bin Fahad Al Thani, a Qatari Businessmen Association member; and an MoU between Hassad Food Company and Dimitra Holdings, signed by Eng. Mohammed bin Badr Al-Sada, CEO of Hassad Food Company.
The agreements also included an MoU between the Free Zones Authority and the St. Petersburg Chamber of Commerce, signed by Abdulla Hamad Al-Misnad, Deputy CEO of the Free Zones Authority; and an MoU between the Qatar National Bank (QNB) and VTB, signed by Yousef Al Neama, Executive General Manager and Group Chief Business Officer at QNB.
