H.E. Minister of Commerce and Industry and Acting Minister of Finance participates in panel discussion organized within SPIEF 2021 in partnership with VTB Bank

June 04, 2021

Doha – Friday, June 4, 2021:

H.E. Mr. Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry and Acting Minister of Finance, participated in a panel discussion, organized in partnership with Russian bank VTB. Under the title “Reset or Overload? Rethinking Multilateralism Among the Ruins of Globalization: A Business Perspective”, the panel formed part of Qatar’s participation as Guest Country at the St. Petersburg International Economic Forum (SPIEF) 2021, which is currently taking place in St. Petersburg.

 

During the discussion, H.E. the Minister spoke about Qatar’s future economic strategy, in light of the fight against the COVID-19 pandemic. H.E. also touched upon the National Development Strategy initiated by the State of Qatar in 2008, as well as programs and reform plans in line with the Qatar National Vision (QNV) 2030.

 

H.E. Mr. Al Kuwari pointed out that flexibility is key to Qatar’s approach to managing this situation, which is similar to what the country had been keen to implement during previous economic conditions. In light of those conditions, proactive thinking and quick adaptation to variables constituted a key pillar in driving progress in Qatar’s national plans and programs, especially in the field of diversification. Furthermore, H.E. Mr. Al Kuwari added that the economic contribution of the non-oil sectors to the national economy had amounted to 66% in the first quarter of 2021.

 

In parallel, H.E. Mr. Al Kuwari added that the country’s energy sector has been able to overcome the repercussions of the pandemic with minimal damage. Production and export operations have not been affected, and Qatar Petroleum has continued to fulfill its obligations towards all contract parties.

 

Qatari-Russian relations are an exemplary model of a strategic partnership, H.E. Mr. Al Kuwari stated. The two countries have a strong historical relationship, founded on mutual respect and common interests, which has witnessed continuous development and prosperity at all levels, especially economical. The volume of trade exchange between Qatar and Russia saw a growth of 47% between 2019 and 2020, and 82 Russian companies are currently investing in Qatar in various fields.

 

To conclude, H.E. the Minister of Commerce and Industry and Acting Minister of Finance called on governments and businessmen to unite to build solutions that will contribute to a better future for all peoples.

 

The panel discussion was attended by H.E. the Deputy Minister of Foreign Affairs of the Russian Federation, Mr. Alexander Pankin; former French Prime Minister, Mr. François Fillon; President of the World Economic Forum, Børge Brende; President and Chairman of VTB Bank, Mr. Andrey Kostin; Founder of RUSAL Group, Mr. Oleg Deripaska; President of Conoscere Eurasia Association, and Chairman of the Board of Directors of Banca Intesa, Mr. Antonio Fallico; and the Chair of the Business 20 (B20) and Vice Chairperson & Chief Executive Officer of Marcegaglia Steel S.p.A., Mrs.       Emma Marcegaglia.

 

During SPIEF 2021, H.E. Mr. Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry and Acting Minister of Finance, met with H.E. Mr. Anton Siluanov, Minister of Finance for the Russian Federation.

 

During the meeting, views on a number of economic and investment issues and developments of common interest were exchanged, in addition to exploring how to enhance cooperation and coordination with the Russian Federation when tacking the repercussions of the COVID-19 pandemic.

 

Qatar is participating in the 24th edition of SPIEF 2021 with a pavilion that includes a number of government agencies, as well as national bodies and institutions, and aims to showcase its leading economic position both regionally and internationally. Qatar’s participation also seeks to highlight the attractive investment environment that the State provides to businessmen and investors from all over the world.

 

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