DOHA: A Qatar-US business forum held here yesterday witnessed the participation of about 40 US companies and a large number of Qatari businessmen. The two sides discussed means of enhancing mutual investments and boosting trade and economic cooperation between them.
In his address to the forum, First Deputy Chairman of Qatar Chamber Mohammed bin Ahmed bin Towar, praised the trade relations between the private sector in Qatar and America, noting that the volume of trade exchange between the two countries doubled during the past few years to reach more than $5.5bn last year, QNA reported.
He said that a total of 650 American companies are operating in the Qatari market, of which 117 with 100 percent US capital, while 55 companies operate under the umbrella of Qatar Financial Center and the rest are joint US-Qatari partnerships.
The Charge d’Affaires of the US Embassy to Qatar, William Grant, said the forum, which is an annual gathering of businessmen from the two countries, will contribute to inform the Qatari side on US products and open the way to discuss ways to enhance cooperation between the private sector in the two countries, and review business opportunities available in each side.
The US Embassy’s Charge d’Affaires also reviewed the US economy’s promising opportunities, praising the efforts of the two sides to remove all challenges faced by businessmen in both countries, stressing that the US side is keen to remove all obstacles in front of Qatari investors.
Grant pointed out that Qatar and US have great cooperation and clear understanding on many issues, stressing the US support for the Qatari efforts to develop the industrial sector in the country.
Member of the Board of Directors of International Relations at Qatar International Center for Conciliation and Arbitration Sheikh Dr Thani bin Ali Al-Thani, explained the legislative environment in the State of Qatar and the most important legal reforms in this regard. He stressed the state’s keenness to develop its legislation to keep pace with the business climate.
Sheikh Dr Thani also referred to Law No. 11 of 2015 on the regulation of foreign capital investment in economic activity, as well as the law on free zones. He pointed out that the Center has contributed to resolving many arbitral issues since its creation, explaining that the total issues that contributed to solve this year exceeded the value of QR2bn.
Director of Al Dhameen program at Qatar Development Bank Jawahar Ahmed Al Noaimi, presented some of the achievements of the Bank, which reflects its ongoing efforts to achieve sustainable economic diversification and enable Qatari companies to share their experiences with their global counterparts, with the aim of strengthening ties with other countries and regions in the world.
Jawahar revealed that 220 small and medium-sized enterprises received consultative support from Qatar Development Bank, while approximately 58 market data reports were issued to other companies, 46 feasibility reports were completed and the Bank contributed to capacity development through Qatar Business Incubation Center and Bedaya Center, where many training workshops were held with the aim of contributing to SME support.
She added that Qatar Development Bank has achieved a great deal of success in the field of financing services by 2018, providing direct financing amounting to QR 8.7bn, benefiting 298 small and medium-sized companies.