Economy Minister Stresses Importance of Boosting Cooperation with Kenya

HE Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohammed Al-Thani has underlined the importance of strengthening bilateral relations between the State of Qatar and the Republic of Kenya and enhancing cooperation opportunities in various fields. He also stressed the importance of agreements and memoranda of understanding (MoUs) signed between the two countries.
According to a statement issued by the Ministry of Economy and Commerce , HE the Minister of Economy remarks on the sidelines of the Qatari-KENYAN Business Forum, which was organized by the Ministry in Nairobi today, aimed at discussing prospects for boosting trade and investment between the two countries, in conjunction with the visit of HH the Emir Sheikh Tamim bin Hamad Al-Thani to Kenya.
HE the Minister said that the value of Qatar's exports to Kenya amounted to about US $ 80 million in 2016. Meanwhile, the value of Kenya's exports to the State of Qatar were about 8 million dollars, noting that the current trade levels do not reflect the potential of the two sides, calling for more to enhance trade and economic relations to benefit the economies of the two friendly countries.
HE the Minister of Economy and Commerce highlighted the importance of the strategic location of the State of Qatar, which has enhanced the country's attractiveness to investments, as well as its advanced infrastructure and its position as the largest natural gas exporter in the world, referring to the achievements of the State during the past years of good growth rates thanks to the contribution of sectors of oil and non-oil in the national economy.
He added that Qatar has adopted programs and policies aimed at establishing an attractive investment environment for various economic projects and achieved growth of about 4 percent in GDP despite the fluctuation of oil prices during the past two years, which confirms the strength of the Qatari economy and its flexibility.
HE the Minister stressed that diversification of the Qatari economy is a major goal for the country, noting that In the period between 2011 and 2015, exports of the Qatari service sector had achieved a fivefold increase. Today, 16% of the country's total exports depend on the services sector and non-oil sectors within the broader economy are constantly increasing to 61 percent of GDP in 2015, HE the Minister said.
HE the Minister noted that during the period between 2011 and 2015, the State of Qatar had invested $ 160 billion in infrastructure development and the state budget has recorded a surplus of about $ 95 billion.
HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said that Qatar had succeeded in developing a world-class infrastructure over the past few years, referring to Hamad International Airport, one of the largest airports in the world with a capacity of 50 million passengers a year in a short time, and the new Doha Port with an estimated capacity of 7.5 million containers, as well as the highways network, and the metro, which consists of 37 stations. 
He noted that the State of Qatar is working on the implementation of the Economic Zones project, which is strategically located near Hamad International Airport, while the second area is next to the new Doha Port , and the third zone is along with the land border. 
HE THE Minister of Economy and Commerce noted that the provision of high-level infrastructure cannot in itself guarantee economic prosperity if the necessary system and the right institutional framework are not available. Qatar is keen to develop a comprehensive approach to attract investors from the Qatar Foundation Which aims at enhancing the contribution of the private sector to economic development. It also aims to develop the framework of public-private partnerships, in addition to the launching of several initiatives aimed at enhancing the contribution of the private sector to economic development HE the Minister revealed that the second phase of the short-term strategy is now being finalized from 2017 to 2022 after the first strategy had been successfully completed. The focus is on sustainable economic growth and effective private sector that leads the march of development and competitive knowledge economy with a global reputation, HE the Minister said. 
HE the Minister noted that the general framework of the new national strategy, which includes achieving specific objectives in terms of productivity enhancement and private sector participation, and priority for sectors of investment have been identified through which Qatar will be able to compete globally. 
The minister expressed the hope that the forum will provide an opportunity to put in place practical mechanisms to develop the level of economic cooperation, increase the volume of trade and investment exchange, and create new partnerships and investments between Qatari businessmen and their Kenyan counterparts. 
For his part, the Kenyan Minister of Commerce and Industry Adan Mohamed said the relationship between the Republic of Kenya and the State of Qatar is growing and developing day by day, citing the Qatari- Kenyan Business Forum as a vivid example of the desire of the two countries to strengthen mutual cooperation, particularly in the fields of business and investment. He expressed hope that the forum would open new horizons for businessmen of the two countries to achieve the aspirations of the leaders of the two countries and their peoples. ",
In a speech at the Qatar-Kenya Business Forum, HE Chairman of the Qatar Chamber of Commerce and Industry (QCCI) Sheikh Khalifa bin Jassem bin Mohammed Al-Thani said that the Forum seeks to strengthen economic and trade relations between Qatar and Kenya. It is held within the framework of HH the Emir's visit to Kenya, and shows Qatar's keenness on enhancing cooperation between the two countries in various fields, he added. 
The Chairman of QCCI noted that Qatar and Kenya established diplomatic relations in 2003. Since then, the relations between the two countries have developed rapidly, he said, pointing out that a number of memorandums of understanding were signed to strengthen bilateral relations, including a memorandum of understanding to prevent double taxation and financial evasion. 
He added that the visit of Kenyan President Uhuru Kenyatta to the State of Qatar in 2014 along with a delegation of Kenyan businessmen played an important role in taking the economic relations to higher levels. During that visit, a number of agreements were signed to facilitate doing business in both countries. 
He stressed the importance of enhancing cooperation in the commercial fields and urging the private sector of the two countries to find partnerships and alliances that promote inter-trade. "With about 4 Qatari-Kenyan companies and two Kenyan companies with 100% capital operating in the Qatari market, we still need more partnerships that strengthen our joint trade relations."   The economy of Qatar has maintained rapid growth in recent years and has become one of the fastest growing economies in the world, he said, adding that GDP growth averaged 6 percent from 2010 to 2016. Despite the decline in oil prices over the past two years and expectations for remaining at current levels, Qatar has achieved good growth rates thanks to diversification of economic activity and increased efficiency of public spending, with the non-oil sector continuing to play a major role in growth. 

Source :QNA