Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani in a meeting with EU ambassadors to Qatar.
Doha: Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani has underlined the deep historical and strategic ties between Qatar and EU countries, pointing out that the EU is a strategic partner of Qatar and it is in constant contact with the European Commission in Brussels on economic and trade issues.
This came during a meeting between the Minister of Economy and Commerce and the EU ambassadors accredited to the country, headed by Ambassador of Bulgaria to Qatar, Metin Kazak, as Bulgaria is chairing the current EU session.
During the meeting, they discussed and exchanged views on issues of common concern, and aspects of bilateral cooperation, especially in the economic and trade fields, and ways to develop them, as well as enhancing investment opportunities between Qatar and the European Union.
The Minister of Economy and Commerce said that Qatar has played a leading role in bringing together views on the EU-GCC Cooperation Agreement, stressing that Qatar supports all efforts to promote economic and trade relations, both at bilateral and regional level.
The Minister noted that this meeting comes in light of a series of economic challenges witnessed by Qatar following the illegal blockade imposed on it by its neighbouring countries, which aimed at undermining its position as an economically independent and sovereign state, adding that Qatar succeeded in strengthening its position and independence more than ever before.
He added that this crisis has provided the opportunity to make the Qatari economy more open to all countries of the world, stressing that Qatar succeeded in developing direct trade lines with a number of strategic ports, transforming them into the main trading partners of the state.
Speaking about the Qatari economy, the Minister said that the wise policies adopted by the State of Qatar contributed to motivating all sectors of the State to increase their productivity.
It has positively affected the national economy, achieving positive growth rates during the past year, and therefore confirming its flexibility, the Minister added.
He said that the country’s gross domestic product (GDP) in 2017 rose to about $220bn compared to $218bn in 2016, adding that the real growth rate of GDP at constant prices is about 2 percent in 2017, and that according to the latest World Bank reports, Qatar’s real GDP growth is expected to rise to about 2.6 percent this year.
In addition, the Minister pointed out that the contribution of the oil and gas sector in the GDP at constant prices during 2017 amounted to 48 percent, while the contribution of the non-oil sector in the GDP at constant prices was 52 percent, Qatar’s foreign trade grew significantly last year, with trade in 2017 rising 16 percent to $103bn, compared to $89bn in 2016.
He pointed out that Qatari exports rose by 19 percent in 2017 to reach $68bn, compared to $57bn in 2016, and that this reflected on the total trade balance of the state, which achieved a large surplus of about 40 percent, rising from $25bn in 2016 to $35bn in 2017.
In this regard, the Minister of Economy and Commerce said that all economic indicators confirm that Qatar exceeded the imposed siege and that the blockade contributed to enhancing its competitive economic capacity.
It is noteworthy that Qatar and EU countries have close economic and trade relations including investment cooperation and a number of trade and economic agreements. Qatar signed 14 trade, economic and technical cooperation agreements, 12 mutual investment promotion and protection agreements, and the Ministry is chairing 8 ministerial committees with a number of European countries.
The European Union is the second regional partner of Qatar, with a trade volume of QR55bn.
The EU is also the second source of imports to Qatar, with 30 percent of the country’s imports coming from EU countries. EU Residents in Qatar are 50 thousand people.
In terms of investment, about 290 companies with 100 percent European capital operate in Qatar, while the number of companies from the EU countries with Qatari partners is about 1626 companies. In contrast, the EU is a major source of Qatari investment, and the State of Qatar is one of the most important investors in the European Union.
