• The volume of trade exchange between the State of Qatar and the Russian Federation increased by 47% during the past two years, to reach US $296 million in 2020, compared to US $201.16 million in 2019.

• In its latest report, the World Bank confirmed the promising growth prospects for the Qatari economy by about 3% and 4.1% during 2021 and 2022, respectively, despite the repercussions of the COVID-19 pandemic.

Doha – Thursday, June 3, 2021:

His Excellency Mr. Ali bin Ahmed Al Kuwari, Minister of Commerce & Industry and Acting Minister of Finance, and H.E. Yury Borisov, Deputy Prime Minister of the Russian Federation, inaugurated the Qatar-Russia Business Dialogue, organized for the occasion of the launch of activities in the Qatar Pavilion of the Ministry of Commerce & Industry, and the entities participating under its umbrella – i.e. the Investment Promotion Agency, Qatar Financial Centre, Qatar Development Bank, Qatar Chamber and Qatari Businessmen Association – in the 24th edition of the St. Petersburg International Economic Forum (SPIEF) 2021, themed ‘A Collective Reckoning of the New Global Economic Reality’, a major international event that is taking place in St. Petersburg, Russia, from June 2-5.

The Business Dialogue between the two nations was organized on the special occasion of Qatar being honored with the title of ‘Guest Country’ for the prestigious gathering of SPIEF.

At the outset of his opening speech, H.E. Mr. Al Kuwari affirmed that Qatar’s participation in SPIEF candidly demonstrated the strength and durability of the relations between the State of Qatar and its friend, the Russian Federation. These ties have been reinforced thanks to the care and support of the two nations’ wise leaderships and have culminated in the bureaucratic exchanges between officials from both countries, H.E. added.

H.E. Mr. Al Kuwari further added that the agreements and memoranda of understanding signed between the two countries over past years had also contributed to opening wider prospects for cooperation at all levels, especially at the industrial, commercial and investment fronts, as well as in terms of the economy, energy infrastructure and many other vital areas.

The current position is reassuring that the Qatari-Russian cooperation is headed towards a promising future, given the growth witnessed in the volume of trade exchange, which rose by about 47% over the past two years, to amount to US $296 million in 2020 compared to US $201.16 million in 2019, H.E. mentioned. H.E. Mr. Al Kuwari additionally pointed to the fact that Qatar hosts about 82 companies operating across various vital economic sectors.

H.E. called for exerting more joint efforts, at the levels of both public and private sectors, in order to stimulate trade and investment and support their growth to reflect the huge economic capacities and capabilities that characterized the two countries.

H.E. Mr. Al Kuwari affirmed in this context Qatar’s keenness and welcoming of Russian private companies and investors. Qatar’s attitude in this regard pours into achieving its National Vision 2030, and benefiting from promising investment opportunities across all sectors, H.E. said.

The State attaches great importance to supporting the economies of its various strategic partners worldwide, especially the Federal Republic of Russia, H.E. Mr. Al Kuwari said, adding that Qatar has sought to diversify its investments in Russia to include vital sectors to implement development projects in the areas of energy, petrochemical production, retail, the stock market and real estate.

H.E. Mr. Al Kuwari reaffirmed that Qatar was fully prepared to intensify its cooperation with the Russian side on matters raised at the World Trade Organization, and to support the ongoing negotiations on the emerging issues. The most significant of these matters were e-commerce, investment facilitation mechanisms to serve development and the informal international action program on supporting small and medium-sized enterprises (SMEs) in light of the current global crisis.

H.E. Mr. Al Kuwari highlighted the development of the Qatari economy, pointing out that Qatar had managed in recent years to make remarkable progress in implementing its major development plans. It has established itself as one of the most stable, competitive and flourishing economies in the region, H.E. explained, further stating that the World Bank confirmed in its latest report the promising growth prospects for the Qatari economy by about 3% and 4.1% in 2021 and 2022, respectively, despite the effects of the COVID-19 pandemic.

H.E. Mr. Al Kuwari indicated that Qatar has given the private sector great attention, believing in this division’s role in enhancing the competitiveness and diversification of the national economy. Qatar has been keen to expedite the measures and procedures aimed at supporting the private sector by establishing incentive programs to attract foreign direct investments.

In the conclusion of his speech, H.E. the Minister of Commerce & Industry and Acting Minister of Finance affirmed that the State of Qatar’s participation in the St. Petersburg International Economic Forum 2021 was an important step in consolidating the strategic partnership between the two countries.

Qatar’s participation in the Forum is also an opportunity to highlight the competitiveness of the Qatari economy, and the nation’s firm position at the forefront of countries attracting investments, H.E. Mr. Al Kuwari stated, calling in this context on businessmen and investors from the Russian Federation, and from all countries participating in this global gathering to benefit from the huge and promising investment opportunities available in Qatar, as well as to strengthen partnerships with the Qatari private sector in order to establish successful projects that benefit all nations.
On the sidelines of the Qatar-Russia Business Dialogue, H.E. Mr. Al Kuwari witnessed the signing of a number of memoranda of understanding (MoUs) between the State of Qatar and the Russian Federation in the economic, trade and investment fields.
The agreements that have been signed include an MoU between the Investment Promotion Agency (IPA) and BI.ZONE Cybersecurity Company, signed on the Qatari side by H.E. Sheikh Ali bin Alwaleed Al Thani, CEO of the IPA; an MoU between Qatar Development Bank (QDB) and RSMB, signed by Mr. Abdulaziz bin Nasser Al Khalifa, CEO of QDB; an MoU between the Qatari Businessmen Association and the Russian Union of Industrialists and Entrepreneurs, signed by Sheikh Faisal bin Fahad Al Thani, a Qatari Businessmen Association member; and an MoU between Hassad Food Company and Dimitra Holdings, signed by Eng. Mohammed bin Badr Al-Sada, CEO of Hassad Food Company.

The agreements also included an MoU between the Free Zones Authority and the St. Petersburg Chamber of Commerce, signed by Mr. Abdulla Hamad Al-Misnad, Deputy CEO of the Free Zones Authority; and an MoU between the Qatar National Bank (QNB) and VTB, signed by Mr. Yousef Al Neama, Executive General Manager and Group Chief Business Officer at QNB.
These memoranda of understanding aim to strengthen cooperation between Qatar and Russia, as well as look into ways to enhance dual investments.

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