Qatar-UAE economic relations are strong and developing and the volume of bilateral trade between the two countries reached QR26bn or $7bn in 2015, said Qatar Chamber Chairman Sheikh Khalifa bin Jassem bin Mohammed Al Thani.
The forum discussed available business and investment opportunities in both sides and mechanisms of strengthening trade ties between Qatari, Emeriti businessmen.
Addressing the Qatari UAE Economic Forum kicked off on Monday at Sheraton, Sheikh Khalifa said the volume of trade and investment between the two countries is increasing every year, which reflects the efforts taken by the two sides to boost ties. He outlined the importance of strong ties between Qatar and the UAE.
He added that Qatar and the UAE have a common goal of diversifying their economies and it is the best time to diversify given the low oil prices in the global market.
“Qatar and the UAE are very important destinations for global investment. The two countries share historic relations based on mutual respect and understanding. Qatari market welcomes the investment by the UAE in all fields.” he added.
Mohamed Thani Murshed Al Rumaithi, Chairman of the Federation of UAE Chambers of Commerce and Industry, and Abu Dhabi Chamber of Commerce and Industry, said the bilateral trade between Qatar and the UAE will increase further in coming years due to the positive steps taken by both governments.
He pointed out that despite the remarkable development of the UAE-Qatar economic relations, the trade exchange between the two countries stood at just over $7 billion. There is immense scope to improve this figure, he said adding that the two countries are working to remove hurdles coming in the way of trade.
He said both countries are adopting economic diversification policies and finding new sources of income away from the hydrocarbon sector.
These policies have opened up many investment opportunities, he added.
Two presentations from representatives of the Public Works Authority (Ashghal) and Supreme Committee for Delivery & Legacy (SC) are delivered on the sidelines of the forum.
They highlighted the mega projects are being implemented in Qatar for the preparations of 2022 World Cup and for developing the infrastructure.
It is estimated that there are over 1,074 UAE companies operating in Qatar while the number of Qatari companies working in the UAE is 4,200. In the field of air transport, the number of flights by the two national carriers to Qatar and UAE currently stands at 175 flights a week. The number of Emirati visitors to Qatar is more than 117,000 while the number of Qatari visitors to the UAE is more than 231,000.
This post is also available in: Arabic