H.E. Mr. Ali bin Ahmed Al-Kuwari, Qatar’s Minister of Commerce and Industry, moderated a high-level roundtable discussion on Brazil’s macroeconomic and business environment. The event was organized by the Ministry of Commerce and Industry on Monday, October 28, 2019 and attended by H.E. the President of Brazil, Jair Bolsonaro, who is currently visiting Doha.

The roundtable brought together a number of Qatari officials, including H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of the Qatari Businessmen Association; H.E. Sheikh Khalifa Bin Jassim Al Thani, Chairman of Qatar Chamber of Commerce and Industry; H.E. Ahmed bin Mohammed Al-Sayed, Minister of State and Chairman of Qatar Free Zones Authority; Mansour Ibrahim Al Mahmoud, CEO of the Qatar Investment Authority; and H.E. Sheikh Ali Bin Al Waleed Al Thani, CEO of the Investment Promotion Agency, as well as a number of senior Brazilian officials including Mr. Ernesto Araujo, Brazil’s Minister for Foreign Affairs, and H.E. Mr. Onyx Lorenzoni, Minister of State and Chief of Staff of the Presidency, along with senior executives from a number of Brazilian companies.

In his opening remarks, H.E. Mr. Al Kuwari praised 45 years of friendly Qatari-Brazilian relations, noting that bilateral discussions have gained momentum in recent years on various levels, driven by the exchange of official visits.

H.E. noted that both sides must build on their potential by developing the appropriate environment to bolster bilateral trade, which amounted to about 575 million dollars last year compared to 385 million in the first seven months of 2019, ranking Brazil as Qatar’s 28th largest trading partner.

H.E. said he hoped the roundtable discussions would pave the way for the expansion of bilateral trade and investment cooperation, in addition to prioritizing investments in areas that add value to the economies of both countries, and promoting cooperation between the Qatari and Brazilian private sectors and enabling businessmen to enter into successful strategic partnerships.

In this context, H.E. emphasized the importance of activating bilateral agreements and signing new agreements on the promotion and protection of mutual investments, double taxation and the prevention of tax evasion, which will positively contribute to enhancing the confidence of Qatari and Brazilian investors.

These agreements would also contribute to strengthening bilateral cooperation, H.E. said, calling on the Qatari-Brazilian Joint Committee, which represents an important platform for dialogue between the Qatari and Brazilian governments, to hold its first session.

On a related note, H.E. praised over 24 Brazilian companies currently operating in Qatar for contributing to the national economy, noting that Qatar seeks to encourage private sector institutions and Brazilian investors to explore the promising investment opportunities provided by the State within the framework of implementing the Qatar National Vision 2030 and hosting the 2022 FIFA World Cup.

In his keynote address, H.E. Mr. Al Kuwari touched on the significant progress that Qatar has achieved in recent years in terms of implementing its major development plans, and cementing its position as one of the most developed economies in the region, driven by significant growth in non-oil sectors, which expanded by 3.2% in 2018.

Quoting the World Bank, H.E. said Qatar’s economy is expected to grow by about 2% in 2019 and 3% in the medium term.

In parallel, Qatar’s foreign trade sector witnessed remarkable growth in 2018, with the trade balance recording a surplus of $ 52 billion, an increase of 40% compared to 2017, while Qatari exports increased by 25% last year, H.E. noted.

These positive indicators demonstrate the success of Qatar’s policies as outlined in the Second National Development Strategy 2018-2022, which focuses on providing support for the private sector given its role in enhancing the competitiveness and diversification of its national economy, H.E. said.

In this context, Qatar has introduced key amendments to business regulations and legislations that allow foreign investors up to 100% ownership in all economic and commercial activities, H.E. noted.

In parallel, Qatar has sought to open its economy to the world by modernizing its infrastructure to bolster trade with its various partners around the world with the support of Qatar Airways, which operates a fleet of more than 230 aircraft that fly to over 160 destinations worldwide including Sao Paolo, H.E. said.

H.E. added that Qatar is seeking to further open its economy through the development of Hamad Port, which plays a pivotal role in linking the nation to the world’s major economies through direct shipping lines, cementing Qatar’s position as a transit hub with links to more than 40 ports in three continents.

H.E. said Qatar also offers access to economic and logistics zones in strategic locations in close proximity to Hamad International Airport and Hamad Port, as well as a high-speed road network designed in line with the highest international standards.

H.E. concluded his remarks by voicing his hope that this roundtable will pave the way for successful investment partnerships that will serve Qatar and Brazil’s shared objectives and interests.

During the meeting, Brazilian officials delivered two presentations on the business environment in Brazil and the investment opportunities that investors and entrepreneurs may tap into.