The Qatar-UK economic and trade relations, which have a promising potential to grow, should go beyond London across England, Scotland, Wales and Northern Ireland, according to Yousef Ali al-Khater, Qatar’s envoy to the UK.
"There is much more potential for the Qatar-UK economic partnerships to grow not only in London but across England, Wales, Scotland and Northern Ireland," al-Khater told an Ambassadorial e-roundtable, organised by the Arab British Chamber of Commerce, in association with the Embassy of Qatar in the UK.
The investment promotion agency provides a multilateral framework for ensuring long standing success for Qatar, which has been on the forefront on investing in the UK, which is the single largest destination for investment for Doha, according to him.
The envoy highlighted that the South Hook LNG (liquefied natural gas) terminal near Milford Haven, south-west Wales, is a good example of some of bilateral investments between Qatar and the UK. It is Europe’s largest LNG terminal and has been built as part of the Qatargas II project.
Qatar's financial strength, currency stability and long term investment outlook instill confidence internationally and also highlights the resilience in the economy amidst the challenges of the Covid-19 pandemic, al-Khater said.
Highlighting that beyond LNG, the country is undertaking diversification strategy; al-Khater said Qatar will see the launch of the first large-scale solar power plant, the 800MW Al Kharsaah photovoltaic power project.
The Arab British Chamber of Commerce arranged the meeting in the backdrop of the Qatar economy cementing its position as a fast growing hub for international commerce and foreign investment.
In April 2021, Qatar's total exports of goods (including exports of goods of domestic origin and re-exports) were QR20.95bn, showing a stupendous 77.1% surge year-on-year, according to the latest figures of the Planning and Statistics Authority.
Abdulla al-Ghanim, Commercial Attache, Embassy of Qatar in the UK, said Qatar is strongly committed to economic growth diversification, and to develop new opportunities for international companies to explore doing business in Doha.
"There are significant growth opportunities in all sectors of the Qatari economy," he said, highlighting potential areas such as infrastructure and logistics, financial services, technology, advanced manufacturing, entertainment, tourism, pharmaceuticals and agriculture.
Highlighting the value proposition in terms of market access and connectivity; he said the targeted global supply chains include Asia-US trade, where expansion is based on capacity shortage (air freight capacity); Africa-Asia trade, where there is a scope for leveraging geographical position (enhanced air and sea route to Africa); and Asia-Europe trade, where the opportunities lie in specific target industry (air cargo for high tech).