Qatar and US Business Council pledge economic cooperation

Image of Sheikh Ahmed Bin Jassim al-Thani on 12 July 2017 [Evrim Aydın/Anadolu Agency]

Qatari Minister of Economy and Commerce Sheikh Ahmed bin Jassim Al-Thani and Executive Director of the US-Qatar Business Council Mohammed Barakat have signed a letter of intent to enhance and develop economic trade and investment cooperation between the two countries.

This occurred during a meeting between the minister, the members of the US-Qatari Business Council, and the American Chamber of Commerce, held on the side lines of the 72nd session of the United Nations General Assembly in New York, according to a statement issued by the Qatari Ministry of Economy and the official Qatari news agency QNA.

The letter of intent between the Ministry and the US-Qatar Business Council enables continued investments in Qatar and the US, the provision of assistance to American and Qatari companies in country, programmes aimed at training entrepreneurs, and facilitating the exchange of technical expertise.

The Qatari minister has said that signing the letter is an important milestone in economic and investment cooperation between Qatar and the US that will contribute to strengthening communication between the business sectors of the countries. He believes this will lead to establishing joint projects and facilitating the necessary measures and procedures.

The US-Qatar Business Council Executive Director said that this initiative is an opportunity to exchange information on economic developments and trends in their economies and a means to identify investment opportunities.

Barakat also expressed the desire of US companies to increase their presence in the Qatari market.

In 2016 the volume of trade between Qatar and the US – Qatar’s sixth largest trading partner – reached $5.2 billion in 2016. The value of exports reached $674 million, while the imports amounted to $4.6 billion.

The US-Qatar Business Council is a non-profit private organisation that provides a platform to discuss important economic and trade issues for American companies working and wanting to work in Qatar. It is considered to be the only organisation exclusively dedicated to improving trade relations with Qatar.

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