Minister of Commerce and Industry stresses Qatar’s keenness to enhance economic, trade ties with Asian countries
In his inaugural speech at the ACD Business Forum, held under the theme ‘AI and New Businesses’ on Wednesday, HE Sheikh Mohammed said that the State of Qatar has close co-operative relations with the ACD countries, covering various fields, especially economic and commercial. These relations have witnessed remarkable development in recent years due to the mutual keenness to strengthen and develop them through high-level official visits and joint investment projects, in addition to the existing co-operation between the private sector in those countries.
HE Sheikh Mohammed pointed out that the State of Qatar, as one of the founding members of the ACD, which includes 35 countries representing more than 56% of the world’s population and 35% of the global GDP, seeks to enhance integration between Asian economies by activating co-operation between the ACD members in areas of mutual benefit. He pointed out the State of Qatar’s keenness to enhance trade and economic co-operation in Asia, where trade exchange between its countries has witnessed remarkable growth, and that Asia has become the world’s second most trade-integrated region.
He added that in 2022, the percentage of intra-Asian trade represented 57% compared to 54% in 2000 of the total trade, and at the international level, trade in goods witnessed an annual growth rate of 5% for Asian countries between 2017 and 2023. This remarkable growth reflects the strength of trade ties between Asian countries and highlights the pivotal role of the region in promoting global trade.
Regarding foreign direct investment, HE the Minister indicated that despite the relative slowdown in some regions, Asia has maintained its flexibility, as incoming foreign direct investment flows to the region increased by 8%, while outgoing flows increased by 18%. This strong performance reflects Asia’s ability to address global challenges and enhances its position as a vital economic and investment hub on the global scene.
He highlighted the success of the State of Qatar in diversifying its economy and supporting non-oil sectors, including digital technology, cybersecurity, financial and logistics services, and renewable energy. It has also achieved major developments in infrastructure over the past years since the launch of Qatar National Vision 2030, which has played a major role in the economic development of various vital sectors in the country, contributing to Qatar occupying 11th place globally in overall competitiveness according to the Global Competitiveness Report issued by the International Institute for Management Development (IMD) for 2024.
He noted that over the past years, Qatar has launched various initiatives to attract foreign direct investment and global talent in various fields, including technology, infrastructure, health, trade, investment, and the financial sector. He voiced his aspiration to diversify and strengthen economic partnerships, giving priority to investments in sectors that provide added value, which opens the way for the business sector in Asian countries to contribute effectively to establishing successful and beneficial investment partnerships for all.
HE the Minister of Commerce and Industry praised the role of several Asian companies operating in Qatar, which have made positive contributions to its ambitious development plans. He voiced Qatar’s welcome to more Asian investments in the coming period, wishing the forum’s work success and that its outcomes would contribute to developing joint Asian action in a way that serves the efforts to achieve sustainable economic development in the Asian countries.
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