Qatar-Pakistan trade continues to show steady growth

Tribune News NetworkDohaMinister of Finance HE Ali bin Ahmed Al Kuwari inaugurated the Pakistan-Qatar Trade Investment Roundtable during Prime Minister of Pakistan Shehbaz Sharif’s visit to Qatar.In a welcome address on the occasion, Kuwari said, "This session today is a new impetus for the existing and rooted relations, and to strengthen and strengthen the financial and economic fields of mutual benefit between the two brotherly countries.”In his address, the Pakistan’s prime minister highlighted the special nature of Pakistan-Qatar relations based on mutual respect, trust and support. He described Qatar as a reliable partner whose support was sincerely appreciated.Sharif highlighted his government’s firm commitment to providing a friendly environment for business and investments in the country. He stressed that Pakistan was blessed with immense natural and human resources and that Pakistan’s geographical location enabled it to become the region’s premier trade, energy and transport corridor. This unique advantage made Pakistan a market full of promise and opportunities, he said. he underscored that, having a large consumer market with an ever-expanding middle class, Pakistan offered attractive business opportunities for investors in the fields of food security, energy including renewables, agriculture and livestock, information technology, hospitality and tourism sectors.The Prime Minister assured of the Government’s full support to Qatari investors in deepening their footprint in Pakistan. He appreciated the efforts of the organizers in arranging the Roundtable with Pakistani and Qatari businessmen.Earlier, the event opened with a welcome address by the Ambassador of Pakistan to Qatar HE Syed Ahsan Raza Shah.Relations between Qatar and Pakistan have steadily progressed since they were first established in the early seventies, gaining strength through agreements in various fields, including politics, economy, trade and investment, culture and education.In 2021, the bilateral trade volume between the two countries reached over QR10 billion and continues to show steady growth. Building on this deepening economic relationship, a specially curated panel discussion explored opportunities to further bilateral trade and investment between Qatar and Pakistan against the backdrop of Qatar’s ongoing economic diversification agenda.Speaking on the occasion, PBC-Q Chairman Javaid Sheikh said, "The Pakistan Business Council-Qatar is a results-oriented business council, which envisages strong bilateral economic, diplomatic and cultural relations between the brotherly countries of Pakistan and Qatar with a view to enhancing trade volumes and facilitating the development of long-term, mutually beneficial bilateral business partnerships, actively engaging both the Pakistani and Qatari business communities.”The panel also underscored the crucial role of Qatar’s growing entrepreneurial ecosystem to attract and retain international businesses in the country.Addressing the trade relations between the two countries, Mohsin Mujtaba, honorary investment counsellor of Pakistan to Qatar, said, "Pakistan’s exports to Qatar increased 43.91 percent over the last year, reaching a total of $250 million, whereas Pakistan imported just over USD 3bn worth of goods and services from Qatar, primarily driven by LNG, petroleum and petrochemical products, as well as aviation services such as Qatar Airways. Total bilateral trade more than doubled during the fiscal year 2021 at around $3.27 billion compared to $1.57 billion in the preceding year. We will be working in partnership with the Qatar Financial Centre to further promote bilateral trade and investment opportunities between Qatar and Pakistan.”In attendence were QFC Chief Executive Officer Yousuf Mohamed Al Jaida, Sultan bin Rashid Al-Khater, Undersecretary of Ministry of Commerce and Industry, Qatar; Syed Naveed Qamar, Federal Minister for Commerce, Pakistan; Hina Rabbani Khar, Minister of State for Foreign Affairs, Pakistan; Sheikha Alanoud Bint Hamad Al-Thani, Deputy Chief Executive Officer and Chief Business Officer, QFC; Javaid Sheikh, Chairman of Pakistan Business Council – Qatar; Mohsin Mujtaba, Honorary Investment Counsellor of Pakistan in the State of Qatar as well as other dignitaries and members of the business community from both countries.