The work of the third session of the Joint Committee for Economic and Trade Cooperation between Qatar and the United Kingdom was held yesterday, in London, in the context of consolidating trade relations between the two countries.
Sheikh Mohammed bin Hamad bin Qassim Al-Thani, Minister of Commerce and Industry of Qatar, headed the session along with Mr. Ranil Jayawardena, the Minister of International Trade Affairs of the United Kingdom. The Third session of the committee was attended by Mr. Fahd bin Mohammed Al-Attiyah, the Ambassador of Qatar to the United Kingdom, in addition to representatives of a number of relevant authorities, including the Qatar Investment Authority, the Investment Promotion Agency and the Qatar Development Bank.
Strong Strategic Relationships
In his speech, the Minister of Trade and Industry said that the session’s work reflects the depth of bilateral relations between the two friendly countries, and reflects the two sides’ determination to advance cooperation prospects in all fields, including trade investment and commercial partnership.
He also noted that the volume of trade exchange between Qatar and the UK witnessed an increase of 51.4 percent last year to about 4.54 billion dollars compared to 2020, which reflects the position of the UK as one of the most strategic partners of Qatar, and its seventh trading partner. Moreover, Britain is considered a distinguished destination for Qatari investments that have entered into many strategic sectors such as real estate development, hospitality, healthcare, technology and others.
The Minster also pointed out that the number of British companies operating in Qatar has reached more than 1200 companies active in various economic fields, and that the number of British citizens residing in Qatar is currently about 21.500 person.
During the work of the third session of the Joint Committee, the two sides discussed the progress made in the recommendations of the second session of the committee as well as the current projects and plans for their expansion. The parties also reviewed a number of topics related to enhancing cooperation in various fields, including industry, environment, agriculture, transportation, health, education, science and technology.
Moreover, the two sides agreed to take the necessary steps to move forward in the approach of consolidating trade and investment cooperation; with the aim of increasing the volume of trade exchange as well as facilitating the flow of goods, services, and investment.
At the conclusion of the activities of the third session of the Joint Committee, Sheikh Mohammed bin Hamad bin Qassim Al-Thani, Minister of Commerce and Industry of Qatar, and Mr. Ranil Jayawardena, the Minister of International Trade Affairs of the United Kingdom, signed the minutes of the third session of the Joint Committee between the two countries.
In the same context, a memorandum of understanding was signed between Qatar Development Bank and the British Financing Agency, which was signed by Mr. Abdulrahman Hisham Al-Suwaidi, Acting Chief Executive Officer of Qatar Development Bank, and Mr. Fumik Shah, International Director of Establishment at the British Export Finance Agency.
It is worth mentioning that during the past years, the economic, trade and investment relations between Qatar and Britain have achieved a qualitive leap and remarkable development at various levels. The indicators and steps taken by the two countries during the past few years, including the determination to launch a strategic dialogue, have shown that they are keen to give economic relations greater momentum in the coming period, through the search for new partnerships engines that include various fields, in the light of the keenness of Qatar to strengthen and develop its relations with various countries of the world, and greater openness on the global economies. At the same time, Britain seeks to diversify the list of its economic parents, especially after its exit from the European Union, in conformation of the steps made in a historic path of successful partnership between the two countries.