Qatar-Austria trade exchange exceeds QR786m

Bilateral relations between Qatar and Austria, including the economic and trade ties, are expected to deepen and strengthen in the coming years. The two-way trade exchange between the two countries reached over QR786m ($216m) in 2018, said Sheikh Khalifa bin Jassim Al Thani, Chairman of Qatar Chamber (QC), yesterday.

Addressing the Qatari-Austrian Business Forum, Sheikh Khalifa underscored the depth of relations between both countries at all fields especially in economic and trading aspects, affirming their interest to deepen their investment and trade cooperation and business ties for the good of both countries’ economies.

He also said that Qatar and Austria enjoy strong and multi-faceted relation in economic, political and cultural fields, noting that these relations have significantly developed after the inauguration of Austrian Embassy in Doha in 2011.

The private sector in both sides played a key role in enhancing and promoting these relations with the aim to increase trade exchange, which is still under expectations, he added.

Sheikh Khalifa also said that Austria is an attractive and unique investment destination for the Qatari private sector, assuring that Qatari businessmen were eager to identify investment opportunities available in Austria with a view to establishing joint ventures and partnerships with their Austrian peers in both countries.

There are five Austrian companies operating in the Qatar market with 100 percent capital, where there are 42 Qatari-Austrian companies working in various sectors, including IT, advertising, contracting and tourism.

He expressed the hope for both sides to increase their alliances to include all sectors especially in high-tech industries.

QC Chairman assured that Qatar has benefited from the siege imposed on it from some neighboring countries. It stimulated businessmen to establish more productive projects instead of importing from siege countries.

He praised the governmental steps taken to overcome the siege including updating legislations and economic laws such as Free Zones Law and law of investment of Non-Qatari capital in economic activity.

These measures have contributed to strengthening the competitiveness of national economy that managed to overcome the siege and establishing an attractive destination for foreign investment, he added.

Qatar has adopted a promising and inspiring development plan according to its National Vision 2030. It also has adopted flexible economic policies, established developed infrastructure and logistic and economic zones and provided many investment incentives to attract more local and foreign investment, he said.


Source from: The Peninsula