DOHA: The Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani has expressed hope that the establishment of Qatari-French Economic League (Cadran) would pave the way for the promotion of economic relations between the two nations and allows the business sectors in both countries to tap new investment opportunities.
The Minister who chaired the inaugural meeting of “Cadran” yesterday said France is one of Qatar’s most important strategic investment partners of Qatar. The meeting brought together business leaders and representatives of government agencies from both countries.
Addressing the conference Sheikh Ahmed stressed that the league represents an important milestone in economic relations between France and Qatar and a new building block in bilateral ties. The Qatari-French historic ties have contributed to the promotion of friendly bilateral relations as leaders from both countries stepped up efforts to further strengthen strategic ties.
The minister recalled the historic visit of the Emir H H Sheikh Tamim bin Hamad Al Thani to France in June 2014, which represented an important step in the promotion of bilateral relations.
Sheikh Ahmed highlighted that trade exchange between Qatar and France played an important role in promoting economic relations between the two countries, whereby the total volume of bilateral trade reached QR7.5bn in 2015 compared to QR4.7bn in 2010.
France is one of Qatar’s most important strategic investment partners. Currently, a total of 294 French companies are operating in Qatar, including 66 fully owned French firms and 228 French-Qatari joint companies.
Sheikh Ahmed added that France represents an attractive destination for Qatari investments in various commercial and economic sectors, stressing Qatar’s keenness to invest some of its resources in the economies of its strategic partners where promising investment opportunities exist.
The minister outlined Qatar’s economic diversification strategy, which he said, has contributed significantly to the development of vital economic sectors particularly the private sector. The minister highlighted that Qatar has issued the appropriate laws and regulations to facilitate business procedures and provide an attractive investment environment for various economic projects.
The minister stressed that these indicators bolstered confidence in Qatar, which is considered a safe haven for foreign investments owing to its legislative and regulatory infrastructure that allows the country to build solid economic relations with friendly countries and partners.
The current fluctuation in oil prices and the economic slowdown in some countries coupled with the increasing vulnerability of some emerging economies require all parties to join efforts to weather these global challenges and strengthen their economies.
The meeting kicked off with a speech by Omer Acar, President of Cadran, and was followed by a speech by Emmanuel Macron, Minister of Economy, Industry and Digital Affairs, France.
Macron hailed the launch ‘Cadran’ and highlighted the strong ties between both countries.
Sheikh Faisal bin Qassim Al Thani, chairman of Qatari Businessmen Association, also praised the historic ties between the private sector in both countries. Sheikh Faisal hailed the decision to establish the league, which according to him could play a role in supporting the private sector and businessmen in both countries.
During the meeting, which featured three roundtable discussions, participants touched on macro-economic prospects, Qatar’s efforts to promote economic diversification as part of Qatar National Vision 2030, and the expansion of French-Qatari partnerships to identify new investment opportunities.
Founded in 2015, ‘Cadran’ is an independent non-profit organisation that represents major Qatari businesses operating in France and large French companies operating in Qatar.The Peninsula
