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Qatar and Russia to boost economic, trade cooperation

Qatar and Russia to boost economic, trade cooperation

DOHA: H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry has stressed the need for expanding the Qatar-Russia joint partnerships to wider areas of public and private sectors to further stimulate bilateral trade and investments.

Co-chairing the Fourth Session of Russian-Qatari Joint Committee for Economic, Trade and Technical Cooperation held in Moscow, Russia, with Alexander Novak, Minister of Energy of the Russian Federation yesterday, Minister Al Kuwari noted that the close relations between the State of Qatar and the Federal Republic of Russia was deepened after the historic visit of the Amir H H Sheikh Tamim bin Hamad Al Thani to Moscow, recently. The bilateral agreements and MoUs signed by the two countries, coincided with the Amir’s visit, covered several areas including industry, trade, investment, economy, energy, infrastructure and other fields. The agreements included the establishment of a research center for Rosneft International, at the Qatar Science and Technology Park (QSTP).

The Qatari delegation included high-level representatives from the Ministries of Foreign Affairs, Finance, Energy, Municipalities, Environment, Education, Higher Education, Transportation, Communications, Culture, Sports, Qatar Central Bank, Qatar Chamber of Commerce and Industry, Qatar Investment Authority, Qatar Airways, Supreme Committee for Legacy and Legacy, National Tourism Council and General Authority of Civil Aviation, General Authority of Customs, Free Zones Authority, Investment Promotion Agency, Manateq, Ooredoo and Hassad Food.

On the trade cooperation between the two countries, Minister Al Kuwari said that the current data gives confidence that the Qatari-Russian cooperation is on a promising future. The volume of trade exchange between the State of Qatar and the Russia grew by 243.7 percent to reach about QR1.06bn in 2018 compared to QR307.6m in 2017. On Russian investments in Qatar, he pointed out that there are about 50 Qatari-Russian companies with joint investments and one company with 100 percent Russian capital in Qatar. These companies operate in various economic sectors. There is enough scope for further joint level partnership between both the countries in both in the public and private sectors.

Minister Al Kuwari said Qatar attaches great importance to supporting the economies of its various strategic partners around the world, especially the Russian Federation. Qatar has sought to diversify its investments in Russia in strategic sectors. The investment bodies of both the countries are in an ongoing discussions to identify new projects promising to benefit the economies of the two countries and serve common interests.

In his speech, Minister Al Kuwari highlighted the remarkable progress made by Qatar in recent years in implementing its major development plans and establishing itself as one of the most stable, competitive and growth economies in the region.