Massive Qatari investments in US help boost American job market

Qatar’s massive investments in the US economy have supported the American job market in a big way, according to the latest figures released by the Qatar’s Embassy in the US.

The number of American jobs directly supported by the billions of dollars of Qatari investments in the world’s largest economy has crossed over 500,000, Qatar’s Embassy in the US, tweeted yesterday.

The Qatari embassy, through its official twitter handle, also noted that the bilateral economic cooperation between Qatar and the US has further deepened as a result of aggressive efforts in boosting the ties. The value of Qatar-US economic partnership has reached $185bn (QR674bn).

This massive figure understandably includes the huge investments by Qatar Airways, with nearly $92bn to support the US economy by purchasing 332 US-made planes, providing more than 527,000 jobs alone.

The embassy noted that Qatar, during the official visit of the Amir H H Sheikh Tamim bin Hamad Al Thani to Washington, singed five agreements with the US companies which further helped deepening and expanding the economic ties between the two countries.

Qatar is one of the largest investors in the US economy, which supports more than a million jobs (directly and indirectly). The US is also the largest import destination for Qatar, far ahead than China and Germany, which are at the second and third sources for Qatari imports, respectively.

The bilateral trade volume (in goods) between Qatar and the US stood at nearly $6bn (about QR22bn) in 2018, registering about 40 percent growth (year-on-year) compared to $4.32bn in 2017, according to online data available at the US Census Bureau.

The combined value of two-way trade exchange in goods between Qatar and the US during the first nine months of this year (January-September 2019) has already reached nearly QR20bn ($5.5bn), witnessing a sharp and steady growth (year-on-year) compared to the same period last year. The US trade surplus with Qatar during the first nine months of this year ended September 30, 2019 stood at $2.63bn (over QR9.5bn). The value of US exports (of goods) to Qatar for the period reached $4.03bn, while its imports from Qatar remained at $1.4bn.

The US continues to be the largest import destination for Qatar with the combined value of monthly imports in October 2019 standing at QR1.13bn, according to latest official data available at the Qatar’s Planning and Statistics Authority website.

The Qatari-American relations have been strong and well established for more than 45 years. Qatar has a distinct position on the US relations map as an ally, a strategic partner and a reliable friend of the US. These ties have developed significantly since the 1990s, especially in the fields of economy, investment, defense and culture.

Source from: The Peninsula