Qatar-Pakistan trade climbs up 230% to reach $2.6bn in 2018
Qatar’s bilateral ties with Pakistan were further cemented as the trade volume between the two countries has amplified since the unfair blockade was imposed on Qatar in June 2017.
The percentage increase came to 233 percent valued at $2.6 billion in 2018 a noteworthy increase from $782 million in 2016, the Minister of Commerce and Industry, His Excellency Ali Bin Ahmed Al Kuwari revealed during a high-level business forum in Doha yesterday.
Speaking at the Qatar-Pakistan Trade and Investment Conference, Al Kuwari mentioned that Qatar is home to 1,488 companies under Qatar-Pakistan joint capital in energy, contracting, heavy equipment leasing, and plastics sector. Seven Pakistani companies are 100 % Pakistani capital, reported The Peninsula.
The economic and trade relations between Qatar and Pakistan should be further strengthened by means of frequent trade fairs and increased official visits to augment the public-private partnerships within the two countries, Al Kuwari stressed.
Pakistan Professionals Forum Qatar and Embassy of Pakistan in Qatar hosts Pakistan Qatar Trade & Investment Forum 2019 #PQTIF2019 in strategic partnership with @QFCAuthority.@investinpak #investinQatar @SharifHaroon @Asad_Umar pic.twitter.com/dVxKspSPux— Mohsin Mujtaba (@almujtaba) March 11, 2019
Forums involving discussions on Qatar-Pakistan trade and other opportunities open doors to new and innovative ideas, which will further encourage trade and investment, he said, adding that Qatar is now recognized as a regional trade platform owing to its strategic location and world-class facilities.
“Qatar and Pakistan hold strong ties since the 1990s. Our relations have grown stronger due to official visits, such as that of the Prime Minister of Pakistan Imran Khan, who was here in January 2019. This reflected the willingness of both sides to support co-operation in many fields, especially in the economic field on a trade and investment level,” Al Kuwari was quoted to have said by Gulf Times.
The Minister said that Qatar’s foreign trade achieved a surplus of $52bn and a growth of 40 percent in 2018 compared to 2017. The country’s exports grew by 25 percent and the non-oil sectors’ contribution to GDP increased to 52 percent in 2017.
According to World Bank reports, the Qatari economy was expected to grow by 2.7 percent in 2019 and three percent next year, Al Kuwari mentioned.
Pakistan and Qatar will greatly benefit from the agreements in place currently and receive another boost with the establishment of the Qatari-Pakistan business council, he said.
Pakistan’s role in Qatar’s food security and self-sufficiency initiatives, was also acknowledged by the minister who said he hoped the conference will encourage investment partnerships in the fields of industry and agriculture, including other economic sectors.
Pakistan’s adviser to the Prime Minister on Commerce, Textile, Industries and Production, Abdul Razzaq Dawood also present at the forum, stressed that strategic alliances between the two nations can help address Qatar’s food security needs through collaborative efforts in the agricultural sector.
Dawood spoke highly of Qatar’s investment climate in terms of openness, transparency, and equality.
He also urged Qatari and Pakistani private sector to explore opportunities for bilateral projects to boost Pakistan’s exports to Qatar.
He lauded the strong partnership between Qatar and Pakistan under which Pakistan imports gas as well as other petrochemical products from Qatar. This trade relationship has contributed to Pakistan’s industrial growth, Dawood said.
He further noted that “trade volume between Pakistan and Qatar can be enhanced through increased business engagements,” encouraging Qatari investors to consider investing in Pakistan’s real estate, hospitality, petro-chemical, food, and agriculture sectors, among others.
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Cover Image Credit: Qatar Tribune
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That is great, wish to have more and more co operation.
Mon, 11.03.2019, 09.00 hrs