Germany is an important destination for Qatar’s large-scale investments in sectors such as automotive, communications, hospitality and banking, among others, the Qatar Chamber’s second vice president said on Sunday, Rashid bin Hamad al-Athba.
At the Qatari-German Business Forum held at the chamber’s headquarters in Doha, al-Athba said Qatari investments in the western European country increased after the visit of His Highness Emir Sheikh Tamim bin Hamad al-Thani in Berlin in 2018, where he announced Qatar’s intention. to invest 10 billion euros in the German economy over the next five years.
Al-Athba said that trade between Qatar and Germany amounted to 1.5 billion euros in 2020, adding that there were more than 150 German companies operating in Qatar in various sectors, such as trade, construction, services, medical and other equipment.
The Qatar-Germany Business Forum was attended by Dr George Milanin, Policy Officer, Defense and Security Industries Division, Federal Ministry of Economic Affairs and Energy; Andreas Berg, Deputy Ambassador at the German Embassy in Qatar; and Saleh bin Hamad al-Sharqi, Director General of the Qatar Chamber.
The meeting brought together representatives of 13 German companies and their Qatari counterparts specializing in sectors such as computer systems and computer security, ICT, cybersecurity, data management, sensors and radars, civil security, firefighting and software solutions.
Al-Athba said that the two countries’ trade in the first half of 2021 amounted to 830 million euros, registering a growth of 23% compared to the same period last year. He highlighted the “close relations” between Qatar and Germany, saying that “all economic and trade aspects are a catalyst for greater cooperation between the private sectors of both sides”.
He highlighted the interest of the Qatar Chamber in encouraging the two sides to forge more economic partnerships by establishing joint ventures and business alliances, noting that there are many sectors in which both sides can cooperate, such as digital economy and technology.
Regarding the investment incentives offered to foreign investors, he said that Qatar has built “sophisticated infrastructure” and many logistics and free zones which offer many opportunities for German companies wishing to invest in Qatar.
Milanin praised the close ties of the two countries and assured that Qatar and Germany maintain “separate economic and trade ties”, adding that “Qatar is an important trading partner for Germany”.
He also praised Qatar’s interest in the digital economy and digitization, citing the many areas that require developed technology, which would pave the way for German companies to strengthen cooperation with their Qatari counterparts.
“Qatar is an important market for German technology companies, which are globally recognized for their high quality and efficiency,” Milanin added.