Neerav Patel
Last week, British Foreign Secretary David Lammy visited Doha for the annual Qatar-UK strategic dialogue, with His Excellency Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani. They discussed the full breadth of our relationship, and focused on practical steps to realise the mutual ambition set during the historic state visit of His Highness Sheikh Tamim bin Hamad Al Thani to the United Kingdom in December. The aim is clear: to take our partnership further and higher than ever before.
Central to this is our extraordinary economic partnership. Qatar invests more than £40bn in the British economy, and annual trade is £5.4bn. One recent economic study shows the impact in the UK is even higher and wider.
This is a two-way relationship – jobs, businesses and incomes are flowing in both directions, supporting the prosperity of both of our peoples. One independent consultancy estimate suggests that 20% of all foreign investment into Qatar comes from the UK.
This is a solid foundation upon which to build. Indeed, stability and predictability are central to the British government. Economic growth, through partnership, is the primary focus of Prime Minister Keir Starmer and the entire British Cabinet. They have resolved to make the UK a world-leading economic partner, and we are now delivering.
Just this week, the British economy received two huge votes of confidence. First, the UK struck a landmark Free Trade Agreement with India, the G20’s fastest growing economy. It is the most generous agreement in India’s history, which will make trade between our countries cheaper, easier and faster. Second, the UK became the first country to secure an economic deal with the US Trump administration. This reduces tariffs across a range of sectors, from steel and aluminium to automotives, and cut businesses’ costs in the UK.
The truth is the US and India saw in the UK a country with strong economic foundations. A trusted partner ready to negotiate constructively. An open, outward-looking trading nation that is a global leader in education, healthcare, science, defence, financial and professional services. On technology, the UK is home to a third of Europe’s AI start-up companies, twice as many as any other European country, and is one of only three countries in the world to have a tech sector valued at over $1 trillion. We are keen to work with Qatar on AI and other high-tech areas, exemplified by a joint UK-Qatar AI Research Commission launched during December’s State Visit of H H the Amir to the UK.
Files: Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani and UK's Secretary of State for Foreign, Commonwealth and Development Affairs H E David Lammy address a joint press conference in Doha.
The UK is the most open, stable and connected economy in the world, with cutting-edge businesses, brilliant universities, and a world-leading workforce. It is why global CEOs recently ranked the UK as the second most attractive country to invest in. It is why our growth rate is one of the highest in the G7. And it is why so many Qatari companies and investors choose the UK.
And this government is building on these strengths. Earlier this year the UK announced £13bn of capital investment over the next five years to catalyse private investment, boost growth and drive the UK’s new industrial strategy, which will be launched next month. This follows £100bn of capital investment announced last autumn.
We are ripping up unnecessary regulation to cut the administrative costs on business by a quarter over the next five years. With the offer of certainty, stability, and simplicity, we will give more firms the confidence to expand and invest in the UK. Our new Office for Investment will provide a single ‘front door’ concierge service for top-tier investors.
And we are giving British businesses support, guidance and a platform to bring their goods and services to Qatar, and through it to the global marketplace. This is something we should do together. I want to bring even more British business to Qatar, which is doing so much to show its business-friendly environment and is a springboard to international markets.
Ultimately, the US and India have recognised the huge potential of closer trading relations with the UK. And they are not alone. In Asia, the UK this year became the first European member of the CPTPP. And with Europe, at the first UK-EU Summit on 19 May, we are seeking a new deal with our closest neighbours on growth and security.
And beyond, Britain is building new partnerships with emerging powerhouse markets. I am confident that we can reach a Free Trade Agreement between the UK and the GCC soon, including Qatar, which will increase economic value to our nations by billions annually.
We are approaching one year in the life of this new British government. This is just the beginning. The UK is focused, energised and organised around our growth mission. Our politicians, diplomats and trade negotiators have sent a signal – we are ready to do business.
