​On the sidelines of his participation in the reception organized by the U.S – Qatar Business Council in WashingtonH.E Minister of Economy and Commerce: “Qatar is keen to further bolster bilateral ties with US across all fields”
 ·        Qatar’s foreign trade sector witnessed remarkable growth last year, with the trade volume increasing by 16% to 103 billion US dollars in 2017, compared to US $ 89 billion in 2016.·        Qatar ranked first in the Arab world and in 20th place globally on the macroeconomic environment index, according to the Global Competitiveness Report published by the World Economic Forum·        Qatari-U.S bilateral relations are all about helping people of both nations overcome challenges and capitalize on opportunities·        According to the latest report released by the World Bank, Qatar’s real GDP growth is expected to increase to 2.8% in 2018, the highest among the GCC countries.·        All economic indicators demonstrate that Qatar overcame the blockade, enhancing the country’s economic competitiveness.
 
H.E Sheikh Ahmed bin Jassem bin Mohammed Al-Thani, Minister of Economy and Commerce, participated on Thursday, June 21, 2018 in the reception organized by the U.S- Qatar Business Council on the sidelines of the SelectUSA Investment Summit which is taking place in Washington.
The ceremony was attended by a number of senior officials and businessmen from both countries and representatives of civil society in the US.
In his opening speech, H.E. the Minister of Economy and Commerce said Qatar is keen on further bolstering bilateral ties with US across all fields, particularly on the economic and investment levels.”
In this context, H.E. stressed that international trade and investment form a key part of Qatar’s future growth and diversification, adding that the US is one of Qatar’s most valued and largest global partners.
H.E Minister of Economy and Commerce said US$24 billion worth of goods were traded in the last five years, noting that 84% of the trade balance is in favor of the U.S, the equivalent of 20 Billion U.S dollars while 16.3% of Qatar’s imports came from US in 2017.
Meanwhile, more than 650 American companies are established in Qatar, including 117 companies 100% owned by U.S citizens, H.E. said, adding that another 30 U.S companies operate under the Qatar Financial Centre.
According to the H.E, Qatar has been increasing its investments in the U.S for many years, creating thousands of jobs across America.  These include partnerships with numerous American companies, such as ExxonMobil, Boeing, ConocoPhillips and Raytheon, H.E noted.
In addition, 15,000 American citizens live in Qatar, where 5,000 highly skilled individuals are currently working in the private sector, H.E. said.
Touching on Qatari investments in the US, H.E. said Qatar Airways alone provided a US$92 billion boost to the U.S. economy through the purchase of 332 American aircrafts, a deal that supports more than 527,000 jobs.
H.E added that US$146 billion worth of exports and orders to Qatar have generated one million American jobs that depend on doing business with Qatar.
Qatar Investment Authority has also pledged to invest US$45 billion for the period from 2015 to 2020. Of that, US$10 billion will be channeled into the infrastructure sector, H.E. said, noting that these investments represent 23% of Qatar’s GDP.
In the oil and gas sector, Qatar Petroleum has also invested $10 billion in an LNG plant in Texas, which H.E said, will contribute to generating 45,000 jobs.
Highlighting investments by the private sector, H.E Minister of Economy and Commerce said private companies have heavily invested in the U.S economy, with more than US$5 billion in the fields of technology, hospitality, real estate and household retail, which contributed to bolstering the US economy.
H.E also pointed out that Qatar spent US$200 million on medical and healthcare for its citizens in 2017, while more 1,200 Qatari students are studying at universities in the U.S.
Touching on the measures that Qatar undertook to counter the illegal blockade imposed on the country since June 5, 2017 with the aim of undermining Qatar’s position as an economically independent and sovereign state, H.E said Qatar has emerged stronger and more independent than ever before.
H.E also noted that the illegal blockade has presented an opportunity for Qatar to make its economy more accessible to the world and bolster its trade relations particularly with the U.S.
H.E. added that Qatar has successfully established direct commercial routes with a number of strategic hubs around the world, diverting trade to its major trading partners.
Qatar is utilizing its available world-class facilities and hi-tech logistics to mobilize its regional agreements with Kuwait, Iraq, Oman, Turkey, Pakistan, India, Azerbaijan and Central Asia, H.E. said. Through these agreements, Qatar aims to expand its trade activities by establishing a sea fleet that connects Qatar with its major trading partners in the world, targeting a market of 400 million population in its first stage, H.E added.
H.E Minister of Economy and Commerce explained that the wise policies adopted by the State of Qatar, which stimulated all sectors of the economy to achieve increased productivity, have reflected positively on the national economy. Qatar’s economy continued its positive performance during the past year, confirming that the country was unaffected by the blockade, H.E. said.
In 2017, Qatar’s total GDP Increased to US$220 billion, compared with US$ 218 billion in 2016, H.E. said, noting that the annual real growth rate at constant price reached around 2% in 2017, which was better than expected.
H.E. added that several international reports have highlighted the remarkable performance of the Qatari economy.
Quoting the latest report released by the World Bank, H.E. added that Qatar’s real GDP growth is expected to increase to 2.8% in 2018, the highest among GCC countries.
Qatar’s foreign trade has also shown remarkable growth, increasing by 16% to reach US$103 billion in 2017, compared with US$89 billion in 2016, H.E. said.
Qatar’s total exports also increased by 19% to reach US$68 billion in 2017, up from US$57 billion in 2016, contributing to a total trade surplus that increased by 40% from US$25 billion in 2016 to US$35 billion in 2017, H.E. added.
H.E Minister of Economy and Commerce highlighted Qatar’s advanced ranking on the latest Global Competitiveness Index, noting that the country ranks first for its stable inflation rates while leading the Arab world and ranking in 20th place globally on the macroeconomic environment index. Globally, Qatar also ranks third for government procurement of advanced technology, fifth for venture capital availability and fifth for the availability of scientists and engineers.
H.E added that Qatar also ranks in advanced positions on the subfactors of the IMD World Competitiveness Yearbook 2018, noting that Qatar ranks third for the labor force,  third for efficiency of government decisions, fourth for transparency, fifth for economic performance and entrepreneurship, seventh for public-private partnerships, eighth for education, tenth for government efficiency and thirteenth for business efficiency.
All these positive indicators, according to H.E, show that Qatar has overcome the blockade by enhancing its economic competitiveness.
H.E added that Qatari-U.S relations extend beyond trade and investment, noting that Qatari-US cooperation is aimed at helping people of both nations overcome challenges and capitalize on opportunities. H.E said Qatar has donated US$100 million to help victims of Hurricane Katrina, which contributed in community development, building houses and hospitals. Qatar also provided US$30 million dollars in aid after Hurricane Harvey.  
H.E Minister of Economy and Commerce concluded by reiterating Qatar’s commitment to its vital strategic economic partnership with the U.S to the benefit of a prosperous Qatar and U.S.
The SelectUSA Investment Summit is a leading event aimed at promoting foreign direct investments in the US with the participation of senior government officials, CEOs, private sector representatives and entrepreneurs. Every edition of the summit focuses on a specific theme related to the US investment environment, overall industry trends and new opportunities. This year’s edition will feature a number of key topics, including promoting global economic prosperity, investments in energy, innovation and technology, workforce development and rebuilding the U.S infrastructure.
SelectUSA Investment Summit is expected to bring together more 3,200 participants, representing 64 international markets and 51 U.S states, with the participation of the U.S Secretaries of Commerce, Treasury and Labor, as well as a number of governors and the U.S Chamber of Commerce officials.