DOHA: The Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani yesterday met the visiting Prime Minister of the German state of Lower Saxony, Stephan Weil, and his trade delegation and reviewed economic ties.
They also discussed ways of further expanding cooperation.
Qatar and Germany share historic relationships and cooperation in many areas, including trade and investments.
As a result, the Europe’s biggest economy has become Qatar’s fifth largest trading partner in terms of imports.
Both countries over the years have singed agreements and memorandum of understandings on consolidating ties and establishing a vibrant economic partnership.
The Minister also addressed a meeting of Qatari businessmen with their German counterparts, attended by Weil and Sheikh Khalifa bin Jassim Al Thani, Chairman, Qatar Chamber, at Museum of Islamic Art.
The Minister highlighted that last year’s visit of the Emir H H Sheikh Tamim bin Hamad Al Thani to Germany created good opportunity to strengthening relations.
“Qatar has become one of the most important investment destinations of Germans. The trade delegation is the result of the Emir’s visit to Germany. We are looking forward to further deepening and expanding areas of cooperation to create sustainable partnerships,” he said.
German firms are playing an important role in Qatar’s development story. The number of active German companies, with 100 percent capital, has increased to 27, in addition to 112 joint companies (with local partnership), working in various sectors of the economy, including trade, construction, services, telecommunications, infrastructure development such as railways, roads, medical and others. Qatar is also strongly contributing to the German economy with huge public and private investments in various sectors of the economy. Many Qatari institutions own stakes, with varying percentages, in several big German holding firms in the automobile, real estate and other sectors.
Qatar also has agreements on exporting liquefied natural gas to Germany, hub of a wide range of world-class manufacturing industries.
The Minister said Qatar is moving forward with its plan to diversify its energy-rich economy and has realised tangible achievements, including enhancing the role of the private sector in various sectors of the economy.
“The existing condition provides a favourable base and opportunity, especially for private businesses, to further expand cooperation. We are optimistic about this meeting and upcoming visits of trade delegations to explore investment opportunities in different areas for mutual benefits by establishing long-term partnerships,” the Minister added. The Peninsula
